International real estate firm Savills is appointed as the sole agent for the sale of 9/F, Rykadan Capital Tower, 135 Hoi Bun Road Kwun Tong with 4 private car parking spaces (referred to as the "Property"). The total gross floor area is approximately 12,029 square feet and the Property are being sold with vacant possession.
Since the announcement of the demolition of the Kowloonbay International Trade & Exhibition Centre (KITEC), end-users in the area have been actively inquiring about properties for self-use. At the same time, the area has also seen cases of tenants turning into buyers. This month, units A-E on the upper floors of COS Centre were transacted, purchased by ASUS Technology (Hong Kong) Limited.
Mr. Asa Poon, Associate Director, Investment of Savills, stated, “In addition to enjoying a 180-degree view of Victoria Harbour and the Kai Tak Cruise Terminal, the property also has a practical layout, making it an ideal choice for corporate self-use. The asking price for this property is quite attractive. After deducting the 4 private car parking spaces, the price per square foot will be approximately HK$7,500. This represents a significant discount compared to the HK$232.5 million purchase by the Protection of Wages on Insolvency Fund Board of the entire 21st floor unit of the adjacent C-Bons International Center last September (at around HK$13,900 per square foot). Besides, the current market rent of this property is approximately $25 per square foot, and the estimated rental yield is expected to reach as high as 4%. Therefore, this sale is an absolute must-consider for investors seeking rental income or for companies looking for self-use premises and should not be missed.”