Rare residential site in Ho Man Tin for sale by tender
HONG KONG, 8 November 2021 – JLL has been appointed as the sole agent for the sale of over 83% ownerships of a property at 4-12 Tin Kwong Road, Ho Man Tin in Kowloon. The tender will close at noon on Tuesday, 16 December 2021 and it is estimated to be valued at a range between HKD 1.45 billion and HKD 1.6 billion after the project has completed the land premium payment. It translates to an accommodation value of approximately HKD 20,000 to HKD 22,000 per sq ft.
Located in a traditional high-end residential area in Kowloon, the property at 4-12 Tin Kwong Road is built under the Civil Servants' Co-operative Building Society Scheme. It is the only residential lot in the first section of Tin Kwong Road. With a site area of approximately 14,580 sq ft, such a large-scale residential property in this area is rarely seen in the market. Surrounded by verdant mountains and sports fields, the property enjoys exceptional privacy coupled with a green and open view. In addition, it enjoys outstanding connectivity with Hong Kong Island, Kowloon and New Territories districts due to its location within eight minutes walking distance of To Kwa Wan MTR Station with many buses and minibuses serving various routes passing by.
According to Ho Man Tin Outline Zoning Plan, the site is zoned as "Residential (Group B)" and intended for medium-density residential developments after settling the land premium. With a plot ratio of five, the maximum gross floor area is 72,900 sq ft.
James Wong, Senior Director of Capital Markets at JLL, said: "The property is situated at a prime location and offers great redevelopment value, and with the sales of over 83% undivided shares, it reached the compulsory sale threshold, providing developers with an excellent opportunity to purchase such a high-quality residential site. It also sits on the top tier – 34 School Net with many prestigious schools within easy reach, including Heep Yunn Secondary School and King George V School, which will be very popular among families and flat-for-flat buyers."
"The government recently sold the site at 79 Broadcast Drive in Kowloon Tong for HKD 1.6083 billion or HKD 22,465 per sq ft, a sign that developers are keen on sites in Kowloon's traditional luxury residential districts. We expect the site will be sought after by many developers and investors," Wong added.
For any enquiries regarding this property, please contact James Wong at 9107-9525, Raymond Ho at 9789-3531, or Alan Tam at 9198-3529.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.