Tai Tam Road Property with Great Redevelopment Potential for Sale by Public Tender
No. 29-31 Tai Tam Road, Hong Kong, a spectacular site with an area of 41,500 sq.ft., is up for sale by public tender with an indicative price of HK$3.78 billion.
HONG KONG, JUNE 12, 2018 – No. 29 – 31 Tai Tam Road, Hong Kong, a spectacular site with an area of 41,500 square feet, is now up for sale by public tender with an indicative price of HK$3.78 billion. JLL has been appointed the sole agent to sell in unison 100% of the undivided shares of the property. The tender will close at 12:00noon on 29thAugust, 2018 (Wednesday).
Sitting on an elevated podium, with rich, flourishing hills in the background, No. 29 – 31 Tai Tam Road has a spectacular and unobstructed view of the South China Sea. The property offers stunning scenery of the water even from the ground floor level.
Built in 1975, the property comprises two 7-storey apartment buildings with 28 full sea-view units. With an area of approximately 41,500 square feet, the site offers great potential and considerable flexibility for re-development. With a maximum plot ratio of 0.9 for houses, two ultra-deluxe detached houses, each with their unique street number, their own private garden, swimming pool, and private driveway can be built on two contiguous lots.
Alternatively, with a maximum plot ratio of 1.4, two luxury apartment buildings with each unit of approximately 7,000 – 9,000 square feet can be erected. With the two available plot ratios on neighbouring lots, more innovative designs – such as a combination of house/apartment complex – may also be considered.
No. 29 – 31 Tai Tam Road is a rare find in the market. In addition to the tranquil setting and picturesque sea view, the property is also surrounded by a number of International Schools which provide quality education. And with the decent Tai Tam Road readily available, the locality enjoys easy access to central Hong Kong. It is the ideal location for a luxury residential development on South Hong Kong Island.
Hong Kong's land supply for luxury developments has been particularly tight. The Government's land sale records show that merely two plots for low-density residential development on the Island South were sold over the past five years. The latest transaction prices of up to HK$151,000 psf and HK$129,000 psf for houses and apartments, respectively, at Mount Nicholson on The Peak show that demand for ultra-luxury homes in a luxury residential market remain robust and will continue to rise.
The tender sale of No. 29-31 Tai Tam Road offers an unrivalled opportunity for the redevelopment of a luxury residential property. It will undoubtedly attract keen interest from both investors and end-users.
For enquiries, please contact: Danny Chan, Regional Director of Capital Market at JLL, firstname.lastname@example.org, 2846 5770 / 9081 3876
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