Savills

SOLE AGENT

High Potential Retail Podium with Carpark in Tseung Kwan O For Sale

Contacts

Savills Appointed as Sole Agent for the Tender Sale of the Retail Podium and Car Park of ALTO RESIDENCES in Tseung Kwan O.

 

International real estate firm Savills is appointed as the sole agent for the tender sale of the retail podium and car park of Alto Residences at 29 Tong Yin Street, Tseung Kwan O ("The Property"). The total gross area of the retail podium is approximately 102,582 square feet, providing 135 car parking spaces, 19 motorcycle parking spaces and 9 loading and unloading bays. This is the first public sale of the property since its completion in 2018. The property is sold as “as is” basis with existing tenancies and tender closing date is scheduled at noon on January 15, 2024 (Monday).

The retail component of the property comprises four floors: G/F, 1/F, B2/F and B1/F.  These floors are currently occupied by a variety of prestigious dining and retail establishments, including fitness and yoga centres, pet-friendly restaurants, European restaurants, an international beauty spa centre, and an international kindergarten. This diverse mix of tenants caters to affluent, young consumers who are willing to spend generously.

Furthermore, parking spaces are in high demand in the Tseung Kwan O area. As a result, the parking aspect of the project is an essential amenity for both local residents and visitors from other areas. The presence of reliable parking facilities significantly enhances the property's appeal and it generates a consistent rental income. Currently, it yields a net income of over HK$ 2.9 million per month.

The property is located next to the Tseung Kwan O Waterfront Park, the latest leisure and dining hotspot on the waterfront in the district. It is adjacent to major transportation networks, with only a 5-minute walk to the Tseung Kwan O or Tiu Keng Leng MTR station. The area has a well-rounded lifestyle, including a waterfront promenade, pet park, bicycle path, and jogging track. With the opening of the Tseung Kwan O - Lam Tin Tunnel and Tseung Kwan O Cross Bay Bridge, the above improved facilities not only serve about 410,000 population in the Tseung Kwan O area but also attract customers from outside areas such as Sai Kung, Lam Tin, Kowloon East, and even Hong Kong Island East, creating an immense demand for retail and parking spaces in the area.

Savills

Alto Residences, Commercial Accommodation & Public Vehicle Park.

 

Investment Highlights:

  • New Immigration Headquarter and Government Office will be operated soon, together with a 418,000 sf Central Park; Extremely High Potential on Retail Demand.

  • 93 % Occupancy Rate with Superior and Stable Tenant Profile.

  • Trendy Leisure Shop & Services Spots; With Promenade, Pet Garden and Cycling Track nearby, attracting potential customers beyond Tseng Kwan O District.

  • Benefit from the completion of TKO-LT Tunnel & TKO Cross Bay Link, 12 mins drive to Island East.

Property Information:

  • Property Address:
    Commercial Accommodation & Public Vehicle Park of Alto Residences, No. 29 Tong Yin Street, Tseung Kwan O, New Territories

  • Occupation Permit Year:
    2018

  • Gross Area:
    102,582 sq. ft. 

  • Car Parking Spaces: 
    Commercial Carpark: 85 CPS + 9 MPS
    Public Carpark: 50 CPS + 10 MPS

  • Property Number:
    INV20230797S

  • Advertisment Date:
    Oct 2023

Location