Savills has been appointed as sole agent for the tender sale of two prominent Savills has been appointed as sole agent for the tender sale of two prominent residential sites in Kowloon Tong, namely 5-7 Somerset Road and 5 Rutland Quadrant. Tender closing date: 26 September 2017 (Tues)
Savills has been appointed as sole agent for the tender sale of two prominent Savills has been appointed as sole agent for the tender sale of two prominent residential sites in Kowloon Tong, namely 5-7 Somerset Road and 5 Rutland Quadrant. Tender closing date: 26 September 2017 (Tues)
5-7 Somerset Road – indicative price: HK$500 million
The site area totals 17,410 sq ft, with No.5 at 9,216 sq ft and No.7 at 8,194 sq ft. The plot ratio is 0.6 and the site is to be sold with vacant possession.
5 Rutland Quadrant – indicative price: HK$300 million
The site area is 10,293 sq ft and falls within school area 41. The plot ratio is 0.6 and the site is to be sold with vacant possession. Frances Chow, Director of Savills Realty who is leading the project, said, “the two sites are owned by the same owner who has some weight in the local community. Both sites are rare in Kowloon Tong, in particular 5-7 Somerset Road which is a corner lot with a frontage up to 241 feet offering more space and light. Right behind 5 Rutland Quadrant, there comes the Rutland Quadrant Garden.” It is worth mentioning that the last transactions on Somerset Road and Rutland Quadrant took place in 2014 and 1999 respectively. This shows how rarely such sites come to the market.