Savills has been appointed the Sole Agent for the public tender sale of Capella HTR, 47 Hung To Road in Kwun Tong. The tender closing date is scheduled for 9 October 2015 (Friday) at 3pm.
Savills has been appointed the Sole Agent for the public tender sale of Capella HTR, 47 Hung To Road in Kwun Tong. The tender closing date is scheduled for 9 October 2015 (Friday) at 3pm.
The property is a 15 storey industrial building built in 1984. The gross area of the site is 10,000 sq ft and the approved gross floor area is 109,974 sq ft.
Located in the heart of East Kowloon the property is only 5 minutes on foot from Kwun Tong MTR station. A number of new office developments were recently completed in the area including Landmark East and COS Centre. The redevelopment programme of previous KMB facilities will soon begin as well. Property in the area has great investment potential and Kwun Tong is becoming the business hub of Kowloon East. The maximum height of the property is approximately 160m upon redevelopment and therefore most floors will offer great sea views.
James Siu, Head of Kowloon Commercial Sales, Savills said, “Thanks to the government’s Kwun Tong revitalisation project, Kowloon East is now well developed and is becoming another CBD similar to Central. Increasing numbers of financial institutions and insurance companies have moved their headquarters to Kowloon East and we expect to see more local and international firms moving out to Kwun Tong. “
Siu continued, “The property at 47 Hung To Road is the only industrial building for sale en block on the market in this area. This is a rare opportunity which will almost certainly attract investors. Also, the government has announced plans to redevelop the playground on Tsun Yip Street into the Kwun Tong Industrial Culture Park. The park with a total area of 7,125 sq m is expected to be completed by the end of 2017 and this could be another feature of the said property.”
In fact, the price of newly established commercial buildings in Kowloon East is increasing, for example the selling price of the COS Building on 52-56 Tsun Yip Street is HK$15,000 sq ft. Some buildings in Central are asking for a similar price, therefore more investors will begin investing in Kowloon East. In addition, it is expected the low interest policy will continue and banks are offering a more relaxed mortgage policy, which will encourage investors to invest in the property market. With the well planned Kai Tak Cruise Terminal, it will definitely further enhance Kowloon East as a leading business and tourist spot in the city.
It is worth mentioning that in the 2011-2012 Policy Address, the Government will deploy around HK$12 billion in building the Environmentally Friendly Linkage System (EFLS). Through this system, it is expected to link the entire district to enhance connectivity within Kowloon East with other districts in the city. Upon completion, Kowloon East’s beauty including commercial, leisure and tourism will definitely be unveiled.