Prominent international real estate firm Savills is appointed the sole sales agent for the tender sale of a redevelopment site on 72-76 Queen's Road East (Marine Lot No. 25 R.P.), a rare en-bloc redevelopment opportunity situated in the primearea in Wai Chai.
The property occupies a site area of approximately 2,114 square feet and an existing total gross floor area of approximately 12,201 square feet. The public tender will close at noon, 13 January 2022 (Thursday).
Situated on a Class B site with a potential plot ratio of 10 for the redevelopment project, the existing property is a 10-storey composite building including six residential floors over a commercial podium with a shop on the ground floor, and offices on the first floor to the third floor. It is opposite to an exit of the MTR Admiralty Station, and is surrounded by Grade A offices and boutique residences which form a uniquely vibrant yet stylish part of Wan Chai.
Mr. Keith Chang, Senior Director, Realty Investment of Savills, commented, "Upcoming Grade A office projects and new infrastructure facilities such as flyover and subway will boost the connectivity as well as business prospects of this part of Wan Chai, which will be attractive to investors and end users alike. En-bloc redevelopment opportunities are rare to come by in core urban areas in Hong Kong, and unit price of similar residential projects near the 72 Queen's Road East area could reach HK$35,000 to HK50,000 per square foot, according to recent transactions at Eight Star Street which is nearby."