Savills, the sole agent of 11-15 Chai Wan Kok Street, Tsuen Wan successfully sold the building for HK$173 billion, their first commerical transaction in 2014.
Savills, the sole agent of 11-15 Chai Wan Kok Street, Tsuen Wan successfully sold the building for HK$173 billion, their first commerical transaction in 2014.
Since the introduction of a number of stamp duties early last year, the residential and the industrial property markets took a hit in both the number of transactions as well as value. James Siu, Head of and Senior Director of Savills said, “The block trade relies on the unique investment perspective that the buyer needs to be able to see potential in the property, in order to take an interest”.
The building with approximately 16,000 sq. ft. could be developed into a 15 storey building after paying land premiums. Conveniently located near West Tsuen Wan Hong Kong Rail station, it is approximately an 8-10 minute walk to the station. The new building enjoys predominantly mountain views with some sea facing units, offering a unique opportunity for a large scale development project in Tsuen Wan.
Previously an old style industrial building, the new building benefits from the fact that most of the factories have moved north across the border and those remaining in the area tend to lease their property. Based on the current total gross floor area of 40,000 sq. ft., the average price is approximately HK$4,383 per sq. ft. This is a building in the right location with the right price and is definitely a good investment opportunity.