International real estate firm Savills has forged the transaction of an en-bloc residential building at 68 Robinson Road ("The Property"), which was sold to a joint venture between rental accommodation provider Weave Living and LaSalle Investment Management ("LaSalle") for HK$275 million. The property is set to provide 25 two-bedroom units upon major refurbishment.
Located on Robinson Road, one of Hong Kong's most sought-after residential streets in the prime Mid-Levels district where the CBD and Soho area are within easy reach, the property was held by its original owner for nearly 70 years before being sold to Weave Living and LaSalle through the agency work of Savills. This is the fourth acquisition of Hong Kong properties by Weave Living and a welcome return for LaSalle to the local property market.
Mr. Raymond Lee, Chief Executive Officer, Greater China of Savills, commented, "While investors may be sitting on the fence amid the negative impact of the fifth wave of pandemic in Hong Kong and the rate hike cycle, the latest transaction of 68 Robinson Road speaks volume of the huge potential of prime properties in Hong Kong that can even attract investors like LaSalle to make a long-awaited return."
Ms. Maggie Chu, Deputy Managing Director, Greater Bay Area – Project Sales/Leasing of Savills, said, "The Mid-Levels district has always been popular among professionals looking for properties to rent or buy. The property at 68 Robinson Road is great value for money with its huge potential for development and will be a gem in the buyer's portfolio."