Three buildings with redevelopment potential up for tender
Properties offer high redevelopment potential and investment value
HONG KONG, 23 May 2022 – JLL has been appointed as the sole agent for the tender sale of three commercial and residential properties in Hong Kong with high potential redevelopment opportunities in Central, Sai Ying Pun and Ma Tau Kok. Tender of the three properties closes on Tuesday noon, 5 July 2022. The market estimates the properties to be worth a total of HKD 550 million.
The property up for tender in Central is Winning House. It is located at Nos. 26 and 28 Hollywood Road and was completed in 1958. The property is a six-storey composite building with approximately 7,828 sq ft of salable area. It includes two shops on the ground floor, six office units on 1/F, 2/F, 3/F, and four residential units on 4/F and 5/F. Located at the core area of Central District, it is close to Tai Kwun and Lan Kwai Fong and only a few steps from the Central-Mid-Levels Escalator. The site has been zoned as "Residential R(A)" under the Approved Sai Ying Pun & Sheung Wan Outline Zoning Plan No. S/H3/34. The property offers a rare opportunity for redevelopment and investment.
The second property is located at No. 38 Centre Street in the traditional residential district of Sai Ying Pun. It is a six-storey half block residential building completed in 1971 with a retail shop on the ground floor. With a saleable area of 3,291 sq ft, it offers potential redevelopment opportunity to merger with the neighbouring lot.
The third property is an eight-storey half block residential building completed in 1959 with a retail shop on the ground floor, providing a saleable area of 4,810 sq ft at No. 73 Tam Kung Road, Kowloon. The property has been zoned as "Residential (A)" under the Draft Ma Tau Kok Outline Zoning Plan No. S/K10/28.
All three properties will be sold on an "as-is" basis and subject to existing tenancies and/ or licences. The bidders are welcome to submit bids for any of the three properties or all properties.
Joseph Tsang, Chairman at JLL in Hong Kong, said: "The above three properties are put up for sale by the same owner, all with redevelopment potential, and with Ma Tau Kok and Sai Ying Pun being key areas of community redevelopment in recent years, the area's supporting facilities and livelihood will be improved, and coupled with convenient transportation links, the properties are suitable for investors to buy to let or for redevelopment for sale. We expect the properties will attract strong interests from developers and investors."
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