The auction sale under the Land (Compulsory Sale for Redevelopment) Ordinance of the property of 26-48 Ming Fung Street (New Kowloon Inland Lot Nos. 4556, 4566 and 4470), 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$805 million to Wang On Properties.
The above property, with a registered site area of about 9,630 sq ft (894.65 sq m), is situated on the northern side of Ming Fung Street between its junction with Sheung Fung Street and Fei Fung Street in Wong Tai Sin district of Kowloon Peninsula.
Currently erected on the Property are: Kin Fung Mansion (Nos. 26-32A Ming Fung Street) is an 8-storey commercial/residential building with retail shops on ground floor. The building was completed in 1965 and is served by two common staircases. Fung Wong Mansion (Nos. 34 & 36 Ming Fung Street) is a 6-storey commercial/residential tenement building with retail shops on Ground Floor. The building is completed in 1964 and is served by one staircase. Currently erected on Nos. 38-48 Ming Fung Street are six 6-storey commercial/residential tenement buildings with retail shops on Ground Floor. The buildings were completed in 1962 and each pair is served by one common staircase.
The Property falls within an area zoned "Residential (Group A)1" under Kowloon Planning Area No. 11 – Approved Tsz Wan Shan, Diamond Hill & San Po Kong Outline Zoning Plan No. S/K11/29 gazetted on 16 December 2016.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, commented, "Acquisition of aged buildings in the Ming Fung Street area has been active in recent years. If approved for development as a single site, the subject property in this compulsory sale could provide a GFA of more than 70,000 square feet, which is a substantial level of supply in urban area in Hong Kong."
Mr. Chan expected the number of compulsory sales in 2022 to be similar to the level of this year, while Mainland developers will be increasingly seen at compulsory sales in order to acquire land sites in urban areas.