International real estate firm Savills is delighted to announce the successful completion of the transaction of the Commercial Accommodation of Uptify, No. 31 Yin Chong Street, Mong Kok (the "Property"). The Property was sold on an “as is” basis, with partly vacant possession and partly with existing tenancies, at a transaction price of approximately HKD 43.88 million. The gross area of the Property is about 6,664 square feet.
The Property spans two levels, comprising three ground floor shops and a full-floor shop on the first floor with an independent ground floor entrance. The shop sizes range from approximately 668 to 3,770 square feet. All the shops feature an exceptionally floor-to-floor height of 5 meters and are equipped with their own washrooms and water supplies, providing sufficient electricity and a grease trap. Additionally, the Property is located in the heart of Mong Kok, just a 7-minute walk to the Mong Kok and Yau Ma Tei MTR stations, making it very convenient.
Mr. Jason Wo, Senior Director, Investment of Savills said, "The buyer of is the local established building materials firm, the Lam family, along with the active investor Mr. Laurence Chan, who has recently been involved in the real estate market. They purchased the commercial podium of Uptify for long-term investment. Currently, the tenant of Shop C is a dessert shop operated by the well-known actor Moses Chan, named Auntie Sweet. It is anticipated that once all the shops are leased, the total rental income could reach HKD 250,000, with a return close to 7%. The Lam and Chan families recognized that there has been no new supply of commercial podiums in the Mong Kok area for many years. With the high quality of this property and a price per square foot of only HKD 6,584, averaging slightly below HKD 11 million per shop, they decided to make a decisive move.”