International real estate firm Savills is appointed as the sole agent for the sale of 12, 147 and 111 – 113 Temple Street (referred to as the "Properties"). The Properties are being sold on an "as is" basis with existing tenancies.
12, 147, and 111 – 113 Temple Street are 4/6-storey tong lau buildings with approximate total saleable areas of 2,415 square feet, 2,337 square feet, and 5,485 square feet, respectively. These properties are tong lau dating back to the 1950s to early 1960s and each of them are separated into single lot. In particular, 12 Temple Street features a unique terrace design from the early 1950s, which holds significant cultural and heritage value. Additionally, the properties enjoy a prime location, with only a few minutes' walk to either Yau Ma Tei or Jordan MTR stations.
147 Temple Street and 111 – 113 Temple Street are located in the vibrant and bustling Temple Street Night Market, which is a popular destination for tourists and known for its lively atmosphere. These ground-floor retail units are currently leased to renowned local restaurant and shops, generating stable rental income.
Mr. Russell Tang, Manager, Kowloon Commercial Sales of Savills, stated, “With the government's withdrawal of all property market cooling measures, the threshold for purchasing entire (en bloc) tong lau has significantly decreased, presenting a great investment opportunity. Investors can now acquire a single lot for just a few tens of millions, offering greater flexibility compared to other types of properties. Each tong lau has its own historical background and architectural features, and owners can consider creating unique artistic murals on the exterior walls, showcasing individuality while creating distinctive photo spots that enhance cultural and heritage value.”
Mr. Tang further mentioned, "In June of last year, the Town Planning Board approved the amendment to the Outline Zoning Plan for Yau Ma Tei, reclassifying the land use of Temple Street (Southern Section) and Woosung Street as "Other Specified Use (Mixed Use)." This reclassification aims to promote residential development while balancing the preservation of cultural heritage. The project also holds potential for collaboration with accommodation operators to meet the growing demand for student and staff accommodations in recent years, contributing to the long-term value preservation of the property.”