Savills acts as auctioneer for the sale of two properties located at 704 & 706 King’s Road, 14 Healthy Street East, 1 Nation Street, 708 & 710 King’s Road and 3 & 5 Nation Street
Savills acts as auctioneer for the sale of two properties located at 704 & 706 King’s Road, 14 Healthy Street East, 1 Nation Street, 708 & 710 King’s Road and 3 & 5 Nation Street
The auction sale of 704 & 706 King’s Road, 14 Healthy Street East, 1 Nation Street, 708 & 710 King’s Road and 3 & 5 Nation Street through Savills was held yesterday. The properties were sold for the reserve price of HK$421 million.
The above property is situated to the south of King’s Road, east of Healthy Street East and north of Nation Street, which is a private right-of-way, in the North Point district of Hong Kong Island.
Currently erected on the site are two nine-storey commercial/residential buildings with retail shops on the G/F and residential units on the upper floors. The buildings were completed in 1960. The properties fall within an area zoned “Commercial/Residential” under the Approved North Point Outline Zoning Plan No. S/H8/24. The properties are to be sold with partly vacant possession and partly subject to tenancies, and on an “as-is” basis.
Charles Chan, Managing Director of Valuation and Professional Services, Savills said, “the entire development consists of 14 buildings and this auction of the last two concludes the last batch of the Kut Cheong redevelopment project. The ownership rights for most of the buildings in this development have been successfully acquired and only four buildings’ ownership rights have needed to go through the compulsory auction procedure.”
Commenting on the slump in the number of acquisitions this year, Charles said as the Government resumes selling land, developers usually go for an “easier way” – that is to bid for sites instead of enduring lengthy auction procedures. In addition, with the effects of the BSD and SSD, developers are tending to be more cautious in acquiring sites.
Another auction (unrelated to the properties above), which involves the sale of Nos. 999, 1001, 1003, 1005, 1007, 1009, 1011 & 1013 King’s Road, Hong Kong will take place on 3 July (Thursday) at 10am through Savills. More details will be disclosed later.