International real estate firm Savills is delighted to announce the successful completion of the transaction for the residential portion at 206 – 208 Prince Edward Road West (the "Property"). The Property is being sold as-is with existing tenancies for approximately HKD 73.51 million. The buyers include Max Poon of Owl Square Group, Laurence Chan, the Chairman of the listed company AL Group, and related parties. The 1st to 14th floors are residential, equipped with elevators, and a total of 16 residential units are included in this sale, with a total saleable area of approximately 13,871 square feet.
Investment team of Savills Hong Kong said, "The average price of each residential unit in this sale is approximately HKD 4 to 5 million, with a unit price of about HKD 5,300. The buyer recently successfully acquired the entire residential building at 96 Ma Tau Wai Road for the purpose of developing co-living spaces and student apartments, reflecting the continued market demand for similar types of properties."
Mr. Max Poon, founder of Owl Square Group stated, "This acquisition includes a total of 16 high-quality residential units, each with an area of approximately 874 square feet. The units are well-designed with clear layouts, and it is anticipated that after reconfiguration and renovation, the future return rate could exceed 10%. This will continue to add new locations for the group and provide residents with a high-quality lifestyle."
Mr. Laurence Chan, Chairman of AL Group Limited continued, "This year, approximately HKD 300 million worth of residential properties have been acquired, totalling over 50 residential units, including those at 108 Austin Road, Tang Fung Street at Tin Wan, 96 Ma Tau Wai Road, and 206 - 208 Prince Edward Road West. This is the fourth acquisition this year, and the Property purchased is for private investment. It is located next to the Mong Kok East MTR Station, adjacent to the traditional luxury residential area of Kadoorie Hill, the large shopping centre 'MOKO,' and the Regal Plaza Hotel, making it a prominent location in the area with very convenient transportation."