The majority owner of 1-3 Jones Street in Causeway Bay successfully acquired the property under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction today at the reserved price of HK$26.4 million.
The majority owner of 1-3 Jones Street in Causeway Bay successfully acquired the property under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction today at the reserved price of HK$26.4 million.
The site area of the above-mentioned property is approximately 1,151.75 sq.ft. (107 sq.m.). Currently standing on the site is a 6-storey commercial / residential building completed in 1960. Charles Chan, Managing Director of Savills Valuation and Professional Services, was the auctioneer. Soundwill Holdings, the majority owner who acquired approximately 92 per cent interest in the property, was the only party registered to make bids at the auction.
Charles Chan said, as the global economy is seriously affected by the financial tsunami, the local property market is no exception, with falling transaction prices and volume. Developers who intend to acquire old buildings for redevelopment are becoming more cautious. Under the negative outlook of the market, it would be easier for developers and individual landlords to agree on an acquisition price. Some developers might also hold a wait-and-see attitude and slow down the acquisition process. Therefore Chan expects that the number of cases for compulsory sale will decrease next year.