64% undivided shares of 122 Tung Choi Street in Mongkok release for sale
HONG KONG, 17 January 2022 – JLL has been appointed as the sole agent for the sale of 64% undivided shares of a half block composite residential building at 122 Tung Choi Street in Mongkok, offering a rare opportunity for long-term investment and potential redevelopment. The building will be sold in vacant possession. The market estimates the building is worth over HKD 90 million.
The seven-storey building was completed in 1958 and shares a common staircase with the neighbouring building at 124 Tung Choi Street. The site area is approximately 900 sq ft. The building comprises a ground floor retail shop of approximately 900 sq ft in gross area, with a frontage of approximately 9.5 ft. Apartments on 1/F-6/F have a total saleable area of about 3,786 sq ft, about 631 sq ft for each unit. Total floor area of the building is approximately 4,686 sq ft.
The building is surrounded by large shopping malls such as T.O.P., Langham Place, MOKO and Sin Tat Plaza. Situated in the core shopping and entertainment area in Mongkok, the building is well-served by public transport. It is only a few minutes' walk from Mongkok MTR Station and is next to a minibus station which provides multiple overnight routes to and from Kowloon East.
Raymond Fung, Executive Director of Capital Markets at JLL in Hong Kong, said: "The property for sale is a rare half block building in the area, suitable for long-term investment and has redevelopment potential at the same time. The apartments on the upper floors can be renovated into loft-style units with high-end furniture or for co-living for rental purposes. For the shop on ground floor, it is suitable for various trades and has high retail footfall. We expect it will attract interest from investors."
Retail transactions in Mongkok have been active recently. Investors are proactively buying core retail shops for long term investment. For example, the ground floor shop of No. 5 Fife Street, with a saleable area of 900 sq ft, sold for HKD 59.7 million last year, with a unit rate of HKD 66,000 per sq ft. The ground floor shop of No. 61 Tung Choi Street also sold last year for HKD 45 million, equivalent to a unit rate of HKD 57,000 per sq ft.
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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.