International real estate consultancy Savills has successfully disposed of Lung Tang Building, located at No. 204 Hing Fong Road, Kwai Fong. The marketing campaign received an excellent response from both corporate and individual investors. The sale price exceeded HK$400 million and was beyond the owner’s expectations.
International real estate consultancy Savills has successfully disposed of Lung Tang Building, located at No. 204 Hing Fong Road, Kwai Fong. The marketing campaign received an excellent response from both corporate and individual investors. The sale price exceeded HK$400 million and was beyond the owner’s expectations.
Meanwhile, Savills has been appointed sole agent for the tender sale of three properties, all owned by the same owner.
• Whole Block of WOON YIN BUILDING, Nos. 168-170 Hennessy Road, Wanchai
• Whole Block of HENNESSY COURT, Nos. 333-335 Hennessy Road, Wanchai
• Whole Block of TANG TAT BUILDING, Nos. 214-216 Yee Kuk Street, Shamshuipo
Woon Yin Building is a commercial-residential composite building, which has rarely come to the market. The building is located in the heart of Wanchai, capturing most pedestrian flow in the locality. A 14-storey building with a G/F shop and approved cockloft, the upper floors from 1-12/F of Woon Yin Building offer 24 domestic flats. The existing total gross floor area of the building is about 22,368 sq ft with a plot ratio of about 11.7. The building is immediately adjacent to the MTR exit and is readily accessible via the footbridge to Wanchai North. With the completion of the Shatin-Central Link, the building will benefit from even better transport links.
Hennessy Court is strategically located between Wanchai and Causeway Bay and faces Ta Kung Pao Building. Currently standing on the site is a 14-storey commercial-residential block with a G/F shop, 1-2/F offices while 3-13/F provides two domestic flats per floor. The building was built in 1979 with an existing area of 12,054 sq,ft and a site area of 1,868 sq.ft, representing an existing plot ratio of approximately 6.5.
Tang Tat Building is a 9-storey tenement block with shops on G/F while 1-7/F has three flats per floor, and enjoys views of both Yee Kuk Street and Lai Chi Kok Road. The existing area is about 13,541 sq.ft with a site area of about 2,100 sq.ft,, representing a plot ratio of about 6.4.
Raymond Lee, CEO Greater China of Savills said that, “the owner of this portfolio has been holding the properties for decades for rental income. Woon Yin Building was actually built by the owner. After discussions with family members, the owner appointed Savills as sole agent to dispose of the properties and share in the sale proceeds. The sale price is expected to exceed HK$900 million.”
James Siu, Head of Kowloon of Savills said that “potential purchasers may consider redeveloping Woon Yin Building and Hennessy Court into new iconic commercial buildings of about 28,000 sq ft with a plot ratio of around 15, subject to approval. Redevelopment to smaller units could be a winning strategy and achieve a much higher unit rate than typical larger units in the same locality. Successful examples in the market are W50 and W668 developed by Sun Hung Kai and The Star developed by Galaxy.”