International real estate firm Savills is appointed as the sole agent by the receivers for the sale of entire block of Kimball Industrial Building,155 Wai Yip Street and circa. 88.9% undivided share of South China Factory Building,157-159 Wai Yip Street, Kwun Tong (excluding 3/F) (referred to as the "Properties"). Kimball Industrial Building and South China Factory Industrial Building are nine-storey and eight-storey buildings respectively, with the ground floor being used for warehousing and the upper floors for office spaces. The total site area is approximately 17,280 square feet, and the Properties are being sold on vacant possession and an "as is" basis.
The Properties are located on Wai Yip Street, offering a prime location that is approximately a 10-minute walk from Ngau Tau Kok and Kwun Tong MTR stations, providing convenient access to both MTR lines. Additionally, the area has benefited from the government's strong promotion of the " Energizing Kowloon East" attracting local developers and global corporations to invest in projects such as The Millennity by Sun Hung Kai Properties and the redevelopment project of Crystal Industrial Building by Crystal International Group, further enhancing the commercial atmosphere in the Kwun Tong and Ngau Tau Kok areas.
Mr. Raymond Wan, Chief Senior Director, Investment of Savills, stated, “Properties in the Kwun Tong district have always been a target for investors. With the current opportunity of the mortgagee's sale, the indicative price of the property is approximately HK$510 million, with approximately HK$4,000 per sq. ft.. Taking reference from the recent transaction of 105 Wai Yip Street, another industrial building in the same area, which was sold for approximately HK$137 million in January this year, with approximately HK$6,591 per sq. ft.. In comparison, the property being offered for sale now is more reasonably priced, making it an ideal choice for users or investors. Don't miss out on this opportunity.”
Mr. Tommy Chan, Senior Director, Investment of Savills, stated, "The Properties represent a rare opportunity to acquire fully connected industrial buildings in Kwun Tong, suitable for use as a food factory. With various redevelopment projects and the completion of new commercial buildings, we believe that the value of properties in the area will continue to rise. Moreover, benefitting from the government’s revitalization policy for industrial buildings, the maximum gross floor area can reach up to 248,832 sq. ft. upon redevelopment after land premium supplementation, the Properties have significant redevelopment potential."