The auction sale under the Land (Compulsory Sale for Redevelopment) Ordinance of the property of 24-30 Man On Street (Kowloon Inland Lot Nos. 10043, 9512, 9534 and 9555), Kowloon (The Property), through Savills was held at 11am today on the 10/F, United Centre, 95 Queensway, Admiralty. The Property was sold for the reserve price of HK$270 million to Henderson Land Development.
The Property, with a registered site area of about 3,206.16 square feet (297.86 square metre), is situated on the eastern side of Man On Street, at its junctions with Fuk Lee Street in Tai Kok Tsui District of Kowloon.
Currently erected on the site are two pairs of 6-storey tenement buildings completed in 1958 with retail shops on ground floor. Each pair of the buildings is served by a common staircase.
The Property falls within an area zoned "Residential (Group A)" under the Draft Mong Kok Outline Zoning Plan No. S/K3/33 gazetted on 16 April 2021.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, commented, "Compulsory sale and acquisition of aged buildings have been popular in Tai Kok Tsui in recent years. In addition to Man On Street, acquisitions have been made to the aged buildings in nearby streets such as Tai Kok Tsui Road, Ka Shin Street and Pok Man Street by developers, bringing about more and more new residential supply in the district. In addition to the improved transportation infrastructure of West Kowloon , it is expected that the local amenities will also be enhanced continuously, allowing a more favourable development of the outlook of the residential market in West Kowloon."