The auction sale under the Land (Compulsory Sale for Redevelopment) Ordinance of the property of Nos. 9-14 Yiu Tung Street, Kowloon, through Savills was held at 11am today on the 10/F, United Centre, Queensway, Admiralty. The site was sold for the reserve price of HK$524 million to Henderson Land Development.
The above property, with a registered site area of about 717.67 sq m (7,725 sq ft), is situated on the north-eastern side of Yiu Tung Street, between its junctions with Shek Kip Mei Street and Nam Cheong Street, in Sham Shui Po District of Kowloon.
Currently erected on the property are three pairs of 4-storey composite buildings completed in 1952. The ground floors of the said buildings are occupied as shops. Each pair of the buildings is served by a common staircase.
The Property falls within an area zoned "Residential (Group A) 7" under the Approved Cheung Sha Wan Outline Zoning Plan S/K5/37 gazetted on 16th December 2016.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, commented, "Through the process of redevelopment, buildings aged 60 years or above which are situated at the core areas in Kowloon present good opportunities for developers to optimise land resource through redevelopment of the existing buildings, where the plot ratio is lower than the statutory limit. The property at Nos. 9-14 Yiu Tung Street is set to become a new focus of residential supply in the Kowloon West market alongside the nearby properties acquired by Henderson Land Development."