Savills Hong Kong announces that it has been appointed as the sole agent for the sale of No.6 Somerset Road, Kowloon Tong by public tender.
Savills Hong Kong announces that it has been appointed as the sole agent for the sale of No.6 Somerset Road, Kowloon Tong by public tender. The tender will close at 12:00 noon on 26th August 2009.
Sam Mock, Deputy Senior Director of Investment, said the property is a rare house lot in Kowloon Tong, a traditional luxury residential district. Currently standing on the site is a 2-storey building with a garden and a spacious garage. The site area is approximately 9,920 sq.ft. It is currently zoned as “Residential (Group C)1” and is suitable for a detached house. With a plot ratio of 0.6 times, the site will allow for a gross floor area of around 5,952 sq.ft.
The property is situated at the west side of Waterloo Road, along the tranquil Somerset Road. Properties nearby are mostly low density luxury house. Residents enjoy a top notch community and a prestigious school network. It is conveniently located and is within a minute walking distance to Kowloon Tong MTR station, taxi stand and bus stops. Festival Walk, a major shopping mall in the district, is also in the proximity, enabling residents to enjoy high quality dining, shopping and entertainment facilities.
With the current low interest rate and limited supply of luxury housing sites, house lots in the traditional residential districts are the most sought-after by end users as well as investors. Quite a number of transactions have been recorded in the Kowloon Tong area over the last few months. One example is the odd number house in Stafford Road which was sold in May.The site area is approximately 5,190 sq.ft. The transaction price is around HK$61 million, which is said to be higher than the price in 1997 when the property was bought by the original owner. With a plot ratio of 0.6 times, the site will allow for a gross floor area of approximately 3,114 sq.ft., that translates into a price per sq.ft. of around HK$19,600.