The auction sale through Savills of numbers 999-1013 King’s Road was held yesterday. The property was sold for the reserve price of HK$660 million.
The above property, with a site area of about 5,404 sq ft, is situated at the north of King’s Road at its junction with Westlands Road in the Quarry Bay District of Hong Kong Island.
The above property, with a site area of about 5,404 sq ft, is situated at the north of King’s Road at its junction with Westlands Road in the Quarry Bay District of Hong Kong Island. Currently built on the property is a single storey building at No.999 King’s Road and a 9-storey commercial / residential building. The property comprises a basement and a ground floor which is used for retail, whilst upper floors from Nos. 1001-1013 King’s Road used for residential purposes. The property falls within a “Commercial” area zone. The Property is to be sold subject to existing lettings and tenancies, if any, and to be sold on an “as it is” basis.
Charles Chan, Managing Director of Valuation and Professional Services, Savills said, “The auction today marks the completion of the Kam Shan House Project. The site can be developed for commercial usage with a plot ratio of 15 times at most. Based on the transaction price of HK$660 million, the average price is approximately HK$8,142 per sq ft.”
Charles said that the amount made from compulsory auctions are likely to be less, as in most cases about 60 to 70 per cent of developers manage to agree on the settlement with the owners for redevelopment projects. The government resumes selling land and also the effects of the BSD and SSD, where developers are tending to be more cautious in acquiring sites.
Since the owners are currently applying to the Final Court of Appeal for the compulsory auction, the auction date for the sales of Nos. 58 & 60 Shanghai Street is to be confirmed.