The auction sale of Nos. 47-57 Staunton Street, Sheung Wan under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills was held today morning. The Property was sold at the reserve price of HK$529 million to Wheelock Properties.
The Property has a registered site area of approximately 4,333.55 square feet (402.60 square metres) and is situated on the north-eastern side of Staunton Street between its junctions with Elgin Street and Aberdeen Street in Sheung Wan. Currently erected on the Lots are Nos. 47 and 49 Staunton Street, which is a pair of 7-storey commercial / residential composite buildings completed in 1968, and Nos. 51, 53, 55 and 57 Staunton Street, namely Wah Yee Mansion, which is a block of 6-storey commercial / residential composite completed in 1971.
The Property falls within an area zoned "Residential (Group A)" 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. Ricky Wong, Managing Director of Wheelock Property commented that this was the company's second site acquisition through compulsory sale this year, after No. 15 Ventris Road. The site on Staunton Street will be developed into a prime residential project at the core of the CBD where supply is tight. On recent proposals about lowering the compulsory sale application threshold for old buildings, Mr. Wong welcomed new measures from the government which would help speed up urban renewal while ensuring fair treatment with regard to owners' interest. He also commented on the recent performance of the residential market, where prices softened in the first quarter under the impact of the pandemic. He said prices have begun to recover some of the lost ground in the second quarter, and the strong demand amid tight supply should ensure support for home prices, despite the onset of rate hike and other external factors.