Savills appointed sole agent for sale of the whole floor of serviced apartments at Convention Plaza, Wanchai

Andy Lam, Associate Director of Investment, said the property has a total gross floor area of approximately 21,180 sq.ft. It comprises flat nos. 01 – 19 (there is no flat no. 2).  Unit sizes range from around 543 to 2,472 sq.ft., in studio to three-bedroom layouts. With 95% occupancy, the subject property provides a stable rental return of over a million Hong Kong dollars per month.

The renovation of the whole floor was just finished a year ago. Every unit is luxuriously appointed and well-equipped, offering a modern and stylish quality living for the prestigious tenants. Convention Plaza is situated in a superb location as it is within the commercial centre of Wanchai district, next-door to the 6-star Grand Hyatt, and connects to the Hong Kong Convention and Exhibition Centre (HKCEC) and Renaissance Harbour View Hotel. 

Convention Plaza is also conveniently located with a few minute walk to the Wanchai MTR station, and is a mere 5-minute drive to Central. Moreover, an exit of the Central-Wanchai Bypass and Island Eastern Corridor Link will be constructed near the HKCEC. The MTR’s Shatin-Central Link will also have a station at Convention Plaza named “Exhibition”. With these excellent transportation junctions in the future, the property has enormous potential for appreciation.

According to Andy Lam, at market rental prices of HK$55 per sq.ft., the expected total rent received each year could reach HK$14 million, achieving a yield of over 4%. This unique whole floor serviced apartments is the only whole floor property of this sort currently available for sale in the market. He believes that this is truly what long-term investors are looking for and will attract fierce bidding from the market.