International real estate firm Savills is appointed as the sole agent by order of the owner for the tender sale of 31 Cambridge Road, Kowloon Tong ("The Property"). The Property is currently a two-storey residential property with ample parking space. The site area is approximately 5,485 square feet, with a maximum redevelopment area of around 9,873 square feet. The property will be sold as-is, with the public tender closing at 12 noon on September 26, 2024 (Thursday) (unless it is sold or withdrawn prior to the tender closing).
The Property is situated in an extremely prime and exclusive location. It is nestled in the tranquil and low-density residential enclave of Kowloon Tong, on the serene stretch of Cambridge Road. The environment is peaceful and quiet, yet it is only a 10-minute walk away from the large-scale shopping mall Festival Walk and the Kowloon Tong MTR station.
It is also located within the prestigious school network of Kowloon Tong, with renowned local and international schools such as La Salle College, Maryknoll Convent School, American International School, Australian International School, Hong Kong Baptist University, and City University of Hong Kong in the vicinity. It is also adjacent to several prestigious social and recreational clubs, including the Kowloon Tong Club, Kowloon Tsai Home Owners Association, and Yau Yat Chuen Garden City Club.
Mr. Terry Tan, Senior Manager, Residential Sales - Development and Investment of Savills, stated, “The recent secondary market transactions for villas within housing estate along Lung Kui Road have recorded a unit price of around HK$48,000. The price for a first-hand property is even higher, reaching up to HK$86,000 per square foot. This current Property is being offered at an indicative price of HK$330 million (at an accommodation value of approximately HK$33,000 per square foot).
However, this Property is a single lot in the heart of Kowloon Tong, and it enjoys the flexibility and autonomy to be redeveloped and designed without the constraints of an estate or building's deed of mutual covenant. The Property has tremendous potential and an excellent value proposition.
The site can be redeveloped into a private detached house of nearly 10,000 square feet over 3 levels, allowing for extensive and imaginative interior design concepts within the spacious private space. Additionally, the current owner has held the property for over 70 years and is now offering it for tender sale, which is expected to generate significant interest. This opportunity is a must-see for both end-users and investors.”