Following the successful sale of 6 Fook Lee Group projects, Fook Lee Group has appointed International real estate consultancy Savills to dispose a residential and commercial composite property in San Lau Street, which is in the same district as the recently sold Fook Chi Building.
Following the successful sale of 6 Fook Lee Group projects, Fook Lee Group has appointed International real estate consultancy Savills to dispose a residential and commercial composite property in San Lau Street, which is in the same district as the recently sold Fook Chi Building.
Only a short walk to the nearly-complete Shatin-Central Link Station, the property is a 18-storey residential-commercial building completed in 2004, with a site area of approximately 1,768 sq ft and a total gross floor area of approximately 13,240 sq ft. G/F to 2/F are for non-domestic use and it is “one unit per floor” from 4/F to 17/F for domestic use.
Stimulated by the Shatin-Central Link, the To Kwa Wan area has seen great development over the past few years, with well-known project such as Chatham Gate, Star Ruby and The • Met Focus. The projects launched earliest from 2012 were sold at a price ranging from approximately HK$13,000 – HK$21,000 per sq ft, according to the Land Registry.
Upcoming launches also include a ultra-luxury residential development by Sun Hung Kai, the Homantin Hillside jointly developed by Nan Fung Group and Wing Tai Properties, a residential site by Bonds Investment Group and L The • Harbour 18 by Yau Lee Group which is currently for sale.
Jonathan Chau, Director of Investment, Savills, who is responsible for this project, said, “This is yet another significant project from Fook Lee Group, who we have assisted in disposing a portfolio of their properties last year. The subject premise’s rents are far under the market rate, which will offer a strong yield upside in the long-run. From a potential purchasers perspective this property offers a signature view of the Ko Shan Park and Ko Shan Theatre, combined with a small consideration at an affordable unit price, this property could be an attractive opportunity to many.”
Tender closing date is 30 April 2015 at 12 noon.