International real estate firm Savills has been appointed as the sole agent for the sale of No. 39 Morrison Hill Road, Causeway Bay ("The Property"). The total gross area of the Property is approximately 55,238 square feet, with a site area of about 3,112 square feet.
The property is a 26-story boutique hotel, with the ground floor serving as the hotel lobby and drop-off area, the first floor as a café, and the third floor and above comprising guest rooms, totalling 98 rooms with sizes ranging from approximately 176 to 324 square feet. The Property is currently used as a youth hostel, providing a total of 184 beds.
The Property is ideally located in Causeway Bay, one of Hong Kong's most vibrant shopping, entertainment, and dining hubs. It is just a stone's throw away from several major shopping malls, such as Times Square and Hysan Place. Additionally, it is approximately a 5-minute walk to the Causeway Bay MTR station and within a 15-minute drive to various universities, including the University of Hong Kong, the Hong Kong Polytechnic University, and Metropolis University.
Mr. Raymond Wan, Chief Senior Director, Investment at Savills Hong Kong said, “In the recently released policy address, the government announced its aim to attract more local and international students to study in Hong Kong, promoting the "Study in Hong Kong" brand. This initiative is expected to increase the demand for student accommodation. The property is currently used as a youth hostel, with facilities and amenities tailored specifically for young people and students, allowing buyers to save significant time and costs associated with renovation or redevelopment. As a result, it is likely to attract interest from various investors, operators, and private equity funds.”