Savills has been appointed as the agent for the tender sale of 40-42 La Salle Road, Kowloon Tong. The market price for the property is approximately HK$370 million.
Savills has been appointed as the agent for the tender sale of 40-42 La Salle Road, Kowloon Tong. The market price for the property is approximately HK$370 million.
Located on La Salle Road, Kowloon Tong, the property is very close to one of the area’s largest and most popular parks - Kowloon Tsai Park. The luxury residential site area is approximately 10,143 sq ft and the gross floor area is 18,257 sq ft. Discreetly located within a tranquil environment, the property lies within a prime school catchment area, ideal for those starting a family.
According to market research, the Kowloon Tong district has seen buoyant transactions volumes. This indicates strong demand while the supply of these quality sites is relatively low, supporting prices. Latest transactions of residential sites in Kowloon Tong:
09/2016 4 Kent Road $218,000,000 $33,678
09/2016 14 Kent Road $253,800,000 $39,343
08/2016 12 Kent Road $260,000,000 $40,217
06/2016 1 Suffolk Road $180,000,000 $35,672
11/2016 2B Durham Road $243,000,000 $19,099
It is worth noting that in October this year, Kerry Property bought a residential site in Beacon Hill in Kowloon for a premium of HK$7.2688 billion, fetching aa A.V. of HK$21,200 per sq ft. This implies a positive outlook for the residential market.
Sam Mock, Senior Director of Investment of Savills said, "The supply of residential sites in urban districts is limited and newly completed flats tend to exceed HK$50,000 per sq ft, but despite this, sites are highly sought after.
The potential for investment and self-use is particularly substantial when the property is located at a prime location such as this.” With a market value of up to HK$375 million and based on the development of the highest plot ratio, the asking A.V. of 40-42 La Salle Road is around HK$20,000 per sq ft.