Savills and Jones Lang LaSalle (JLL) have been appointed joint sole agents for Tungtex Building at 203 Wai Ying Street, Kwun Tong, Kowloon.
Savills and Jones Lang LaSalle (JLL) have been appointed joint sole agents for Tungtex Building at 203 Wai Ying Street, Kwun Tong, Kowloon.
Tungtex Building sits on a land area of approximately 10,000 sq ft, with a total GFA of approximately 105,833 sq ft. The property is a 13-storey building with floor areas between 7,000 sq ft and 9,000 sq ft, as well as underground parking spaces. Most of the floors are currently being used by the owners while some of them have been leased. The property is located on Wai Yip Street, next to the newly built commercial project developed by Sun Hung Kai Properties and is only a 20-minute drive to Central and Tsim Sha Tsui. According to government information, a bridge will soon be built in the area to connect to Kai Tak Cruise Terminal and Hoi Bun Road, and a traffic increase is expected to be seen.
Savills and JLL said, “Tungtex Building meets the requirements for the revitalisation programme. The buyer can keep the property for self use, convert it into an integrated office/retail building or convert it into a hotel (subject to government approval) as a long-term investment. The Development Bureau is also proposing to build a monorail in Kowloon East, and with the opening of the Kai Tak Cruise Terminal, the industrial properties in Kwun Tong will definitely be more attractive to investors. The government is planning to turn Kwun Tong from a traditional industrial area to a tourist area. Benefiting from the resources put into the redevelopment of the area, the completion of the hotels and office buildings, and the convenience of the transportation network, the overall environment of Kwun Tong will greatly be improved.”
Savills and JLL added, “The price of industrial properties in Kwun Tong rose in 2013. In January, Cheung Fai Industrial Building was sold for HK$4,900 per sq ft and Candy Novelty House was then sold for HK$5,800 per sq ft, representing an 18% increase. Based on the current market situation, the market value for Tungtex Building is approximately HK$600 million.”