The auction sale under the Land (Compulsory Sale for Redevelopment) Ordinance of the property of numbers 472 to 478 Chatham Road North, Kowloon through Savills was held at 10am today on the 10/F, United Centre, Queensway, Admiralty.
The site was sold for the reserve price of HK$300 million to Easyknit International Holdings Limited.
The above property, with a registered site area of about 330.93 sq m (3,562.12 sq ft), is situated on the south-eastern side of Chatham Road North at its junction with Shek Tong Street in Hung Hom District of Kowloon.
Currently built at Nos. 472 and 474 Chatham Road North includes a 5-storey tenement building plus two ground floor shops. The building was completed in 1956 and is served by two common staircases. Meanwhile, currently built at Nos. 476 and 478 Chatham Road North includes a 6-storey tenement building plus two ground floor shops. The building was completed in 1957 and is served by two common staircases.
The property falls within a "Residential (Group A)" under Kowloon Planning Area No. 9 - Approved Hung Hom Outline Zoning Plan No. S/K9/26 gazetted on 10 November 2017.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, commented, "Hung Hom is popular with developers for its many redevelopment opportunities, including the property sold by auction today. It is located in a prime area in Hung Hom with promising demand, as its prospects benefit from the improved profile brought by new redevelopment projects nearby which were completed in recent years, and good accessibility through its proximity to the To Kwa Wan MTR Station, which is part of the highly anticipated Tuen Ma Line and Sha Tin to Central Link that will become fully operational in phases."
Mr. Chan added, "With about 5 or 6 applications so far this year, the number of applications for compulsory sale order is expected to be fewer than last year as developers slow down application under the impact of the pandemic. As for the auction result today, it is within market expectations and gives an indication that developers will have to follow the residential market trends - which have seen an uptick in price in recent months - in their offer should they wish to succeed in their bids."