International real estate firm Savills is delighted to announce the successful completion of the transaction of the Shop E on G/F, Glamour Garden, No.1-5 Chik Fai Street, Tai Wai (the "Property"). The Property was sold on an “as is” basis at a transaction price of approximately HKD 25 million. With the saleable area of the Property is about 180 square feet, the price per square foot equates to approximately HKD 138,888.
The Property is situated in a prime location in Tai Wai, adjacent to several large residential complexes such as Grandeur Garden, and benefits from strong consumer demand and high foot traffic. The property boasts an excellent location with a well-developed transportation network, requiring only about a 4-minute walk to the MTR Tai Wai Station. Additionally, with serval bus routes in close proximity, the property is well-positioned to attract and maintain a stable customer base, indicating significant potential for commercial development.
Mr. Jason Wo, Senior Director, Investment of Savills said, " This transaction marks another successful sale of a retail distressed property following the sales of Uptify in Mong Kok, reflecting the continued market demand for quality retail properties. The shop previously generated a monthly rental income of HKD 140,000, resulting in a rental yield of 6.72% based on the sale price, demonstrating significant investment value. The Tai Wai area has seen rapid development in recent years, and as new residential projects continue to be completed, consumer spending power in the area is steadily increasing, driving demand in the retail market”