International real estate consultancy Savills has been appointed as the sole agent for the tender sale of the following properties in Ho Man Tin:
• 85% ownership of 9-11 Liberty Avenue• 95% ownership of 13 Liberty Avenue• 94% ownership of 5A-5D Victory Avenue• 10 units at 4A-4D Liberty Avenue
International real estate consultancy Savills has been appointed as the sole agent for the tender sale of the following properties in Ho Man Tin:
• 85% ownership of 9-11 Liberty Avenue
• 95% ownership of 13 Liberty Avenue
• 94% ownership of 5A-5D Victory Avenue
• 10 units at 4A-4D Liberty Avenue
9 – 11&13 Liberty Avenue
The site area of 9-11 Liberty Avenue and 13 Liberty Avenue are approximately 4,701 sq ft and 2,445 sq ft respectively, a total of 7,146 sq ft. The site can be used for mixed use development with a maximum plot ratio of 9 and a plot ratio of 7.5 for residential development projects. The space can be used for mixed use development with 8 retail shops on the ground floor, commercial units on the 1st floor while the remaining floors are for residential units. Tucked away in the tranquillity of the neighbourhood yet set on the most accessible street in Ho Man Tin, business owners and investors are sure to be attracted to this property.
5A – 5D Victory Avenue
With a site area of approximately 4,915 sq ft, the maximum plot ratio of the site for mixed usage is 9 and for residential projects it is 7.5. The property is conveniently positioned next to the 9-11 & 13 Liberty Avenue with a little passage way connecting the two buildings - ideal for mixed development use where investors may look to acquire both sites.
4A – 4D Liberty Avenue – total 10 residential units
These units represent a total of 27.7% property ownership providing a great opportunity for long term investment use. The building is over 50 years old and owners can together apply for compulsory tender sale for redevelopment.
Savills Hong Kong Investment Director Pat Lee said, “The owner holds these properties for years and there is a shortage of such a large site in the area. It is expected that prices of the street floor shop may reach HK$32,000 per sq ft while prices for residential units will be at HK$8,500 per sq ft. The average prices will be at HK$11,000 and HK$12,000 per sq ft. which is extremely reasonable in the residential property market, especially within the Kowloon area.
Lee continued, “Each of those 3 properties has its own uniqueness. The Liberty Avenue properties have great potential in the commercial market as there are total 8 retail shops. The combination of Liberty Avenue and Victory Avenue spaces are over 50 years old and owners have over 80% ownership allowing for compulsory tender sale for redevelopment.
Tender Closing Date: Thursday at 12noon, 27th October 2016