Savills appointed as the sole agent for the public tender sale of 47 Cumberland Road, Kowloon Tong

Savills Hong Kong has been appointed the sole agent for the public tender sale of 47 Cumberland Road, Kowloon Tong, closing on 9 March 2012 (Friday) at 12 pm. Spanning a site area of 12,957 sq. ft. and with a maximum redevelopment gross floor area of approximately 7,774 sq. ft., the property is located in a traditional luxury residential area. 

Gabriel Cheng, Deputy Senior Director at Savills Investment said “the property is located in an area with a top-tier school network, including Maryknoll Convent School, Diocesan Preparatory School and La Salle College. In addition, it is only a short drive to other districts and several recreational clubs are just around the corner. This property is a gem on the market.”

Kerry Properties won the bid for 1 Ede Road, Kowloon Tong on 31 August 2010 by paying a higher-than-expected price of HK$1.285 billion with an accommodation value of HK$16,587 per sq. ft. In addition, Chinachem won the bid for 3-5 Ede Road on 12 October 2010 with a record high within the Kowloon Tong area of HK$1.63 billion.

As single house lots are scarce within the Kowloon Tong area, especially with sites that are over 10,000 sq. ft., 47 Cumberland Road is particularly desirable for investors and local wealthy families.