International real estate firm Savills has been appointed as the sole agent by Tang's Family for the sale of a portfolio of prime located at the COS Centre on 56 Tsun Yip Street, Kwun Tong ("The Property"). Developed by Billion Development and Project Management Ltd, COS Centre was completed in 2015 and is adjacent to AIA Kowloon Tower and AXA Tower. The property for sale consists of nine shops in the COS Centre, with a total gross floor area of approximately 18,427 square feet, and a frontage of approximately 83 feet. a high-quality commercial property in the area, with the majority of tenants being F&B, including a popular restaurant that often attracts long queues of customers.
Kwun Tong used to be a traditional industrial area, but in recent years, the pace of redevelopment in the area has accelerated, making it one of the major sources of supply for commercial buildings. Among them, the former KMB bus factory site on How Ming Street, which is being redeveloped by Sun Hung Kai and Kerry Properties, is expected to be transformed into two commercial buildings and a shopping mall, scheduled to open at the end of 2024, providing approximately 1.15 million square feet of commercial space. This part of Kwun Tong is undergoing a quiet transformation, presenting a refreshing change from its previous dilapidated appearance.
Ms. Sharon Fong, Senior Director, Investment of Savills, stated, "Kwun Tong district has developed rapidly in recent years. The ground-floor restaurant at Unit A of 60 Tsun Yip Street, with a gross floor area of 2,047 square feet, was sold for HK$36 million in April last year, with a transaction price per square foot of HK$17,587. In addition, the Hong Kong government also purchased Shop B on the 1st floor of the same building in May this year, with a gross floor area of approximately 4,229 square feet, at a transaction price of HK$46 million, with a price per square foot of HK$10,877, reflecting the government's choice of the location as a base. The property for sale is attractively priced and should not be missed by investors."