Savills, together with its Hong Kong Investment Team, is delighted to announce the successful acquisition of 41 – 45 Pau Chung Street, To Kwa Wan, on behalf of Grand Ming Group Holdings Ltd.
The transaction price is HK$320 million and the Purchaser intends to develop a mid-scale residential project on the site.
Spearheaded by the Urban Renewal Authority, the revitalization of To Kwa Wan has led to large redevelopment projects by prominent developers such as Sun Hung Kai Properties, Henderson Land and New World Development. Situated within minutes of the newly established MTR To Kwa Wan Station, the Property is strategically located in the heart of the up-and-coming district. The Property comes with foundation works already completed. It is expected to give rise to a residential project with a gross floor area of approximately 31,330 square feet.
This transaction adds to a series of deals closed for Grand Ming Group by Savills in the past 12 months, including the retail space of Railway Plaza in Tsim Sha Tsui for HK$206.8 million and an additional bare-site in Luen Fat Street, Fanling, for HK$140 million.
Mr. Peter Yuen, Managing Director, Head of Investment & Sales of Savills, who led the deal, commented: “We are very pleased to have facilitated another successful deal on behalf of our client. This latest acquisition presents a rare opportunity for a residential site already primed for development in To Kwa Wan. The Property is also poised to benefit from the partly-launched Shatin to Central Link and the opening of Exhibition Centre Station on Hong Kong Island expected next year.”