Savills has been appointed as sole agent for the tender sale of over 43% of shares, equalling 51 units of Luso Apartments.
Savills has been appointed as sole agent for the tender sale of over 43% of shares, equalling 51 units of Luso Apartments.
Luso Apartments, located at 5 Warwick Road, Kowloon Tong, currently accommodates four 10-storey towers, offering a total of 117 units. The site spans an area of approximately 125,970 sq ft. Based on a plot ratio of 3, a maximum gross floor area of up to 370,000 sq ft can be developed.
Located in a traditional luxury residential area, Luso Apartments offers tranquillity and privacy, looking over the Kowloon Peninsula and Lion Rock. The property enjoys a comprehensive school network, including such renowned schools as La Salle Primary School, Maryknoll Convent School and Diocesan Boys’ School.
Patrick Chau, Deputy Senior Director, Residential Development and Investment, Savills, said, “apart from the excellent location, the property offers great rebuilding potential that may attract the interest of developers. In addition, transactions of properties and sites in Kowloon Tong started to get active this year. For instance, a site at Lung Cheung Road, Beacon Hill was sold to Kerry Properties earlier for an AV of HK$20,500 per sq ft. Also, a luxury house at 1 Ede Road, spanning a saleable area of 4,412 sq ft was sold for HK$362.9 million (HK$82,253 per sq ft), signifying buyers’ investment momentum for this prestigious area.”