International real estate consultancy Savills has been appointed as the sole agent for the sale of 4 floors of Victory Factory Building, 16 Wong Chuk Hang Road, the 4,5,8,10/F with parking spaces no.1,6,7,10. Each floor has a site area of 8,790sq ft and a total gross area of 35,160 sq ft. The property can be sold with vacant possession in a short time and each floor can be sold independently.
International real estate consultancy Savills has been appointed as the sole agent for the sale of 4 floors of Victory Factory Building, 16 Wong Chuk Hang Road, the 4,5,8,10/F with parking spaces no.1,6,7,10. Each floor has a site area of 8,790sq ft and a total gross area of 35,160 sq ft. The property can be sold with vacant possession in a short time and each floor can be sold independently.
Developers spot the opportunities as South Island Line is starting soon
According to information from the MTR, the South Island Line will commence its service in 2016. The South Island Line will create a connection between Admiralty and the Southern District of Hong Kong, via MTR stations at Heung Yip Road in Wong Chuk Hang. This will increase the traffic between Wong Chuk Hang and the central business districts as well as creating huge potential for building offices and hotels in the area.
Many developers have identified this golden opportunity and have started looking at basing their businesses in the area. At the moment, Wong Chuk Hang possesses several Grade A office towers including One Island South developed by Wheelock Properties, Southmark Tower developed by Tai Cheung Holdings and Global Trade Square completed in 2014. W50 is a new commercial project developed by Sun Hung Kai Properties. Almost all units were sold after being on sale for 1-2 months. The units were sold for nearly HK$2 billion and the rental price per sq ft. reached HK$16,000, which is the highest in the area. All units of One Island South were sold within a month in 2011. The market price has now doubled. The performance of the sale of Global Trade Square was positive as well. It is expected that the price of industrial buildings will increase again before the commencement of the South Island Line.
Recent active transactions in the area
Investors have also noticed the investment potential in the area and was reflected in recent transactions in Wong Chuk Hang. Unit B on a high-level floor of Shui Ki Industrial Building, 18 Wong Chuk Hang Road, was sold for HK$27 million, with a price of HK$6,900 per sq ft. In addition, the transaction price of parking spaces in the building reached HK$2 million. The 10/F, 30 Wong Chuk Hang Road (site area is 6,761 sq ft) was sold at a price of HK$7,000 per sq ft. This shows that investing in the area is becoming increasingly popular.