International real estate firm Savills is delighted to announce the successful completion of the transaction of an en-bloc residential building at 96 Ma Tau Wai Road (the "Property"), Hung Hom. The Property is being sold “as-is” basis with existing tenancies for HKD 26 million. The Property is acquired by Max Poon of Owl Square and related parties.
The Property for sale is an 11-storey residential building (excluding the ground floor), with saleable areas ranging from 538 square feet to 575 square feet, and a total usable area of approximately 6,288 square feet. This Property is ideally located in Hung Hom district, about a 6-minute walk to Ho Man Tin MTR Station, and is served by various bus routes connecting to different areas. Additionally, the Property faces Hung Hom Plaza, offering comprehensive amenities.
Mr. Jason Wo, Deputy Senior Director, Investment, Savills Hong Kong said, "The Property is a distressed asset, originally listed at HKD 50 million, and ultimately sold for about a 50% reduction, with a unit price of approximately HKD 4,000 per square feet.
The buyer is a relatively new residential investor who previously successfully acquired a set of 12 Tong lau units from Pofield at an unit price slightly below HKD 4,000 per square feet. This demonstrates their keen market insight and ability to seize investment opportunities. It is believed that there will be more successful investment cases in the future."
Mr. Max Poon, founder of Owl Square Group stated, "The project is located in a prime area of Hung Hom, close to various residential communities, Hong Kong Metropolitan University, and The Hong Kong Polytechnic University, with comprehensive amenities. The group plans to reconfigure and renovate the Property, expecting a return of up to 12%, to develop co-living and student accommodation."