The auction sale under the Land (Compulsory Sale for Redevelopment) Ordinance of the property of Ko Shing Building (Nos. 78-80 Queen's Road West and Nos. 265-267 Hollywood Road), Sheung Wan, Hong Kong, 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$259 million to Emperor International Holdings Ltd.
The above property, with a registered site area of about 199.18 sq m (2,144.00 sq ft), is situated on the southern side of Queen's Road West, at its junction with Hollywood Road in Sheung Wan District of Hong Kong.
Currently erected on the Property is a 10-storey tenement building with shops on ground and first floors. The building was completed in 1966 and is served by two common staircases.
The Property falls within an area zoned "Residential (Group A)7" under Hong Kong Planning Area No. 3 - Approved Sai Ying Pun & Sheung Wan Outline Zoning Plan No. S/H3/34 gazetted on 13 November 2020.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, commented, "Sheung Wan is one of the old urban districts in Hong Kong where the many buildings aged more than 50 years (Ko Shing Building was completed in 1966, for one) could be turned into valuable land resource via compulsory sale and subsequent redevelopment."