International real estate firm Savills has been appointed as the sole agent for the sale of the boutique hotel located at 130–132 Portland Street, Mong Kok ("The Property"). The total site area of the Property is approximately 12,668 square feet, with a net site area of about 1,153 square feet, to be sold on 'as-is' basis with existing leases and licenses.
The Property opened in 2019 and is a 16-story boutique hotel, with retail spaces on the ground and first floors currently occupied by a vegetarian restaurant and Linko Residence @ Mong Kok. The third floor and above consist of guest rooms, totalling 38 rooms, with sizes ranging from approximately 113 to 172 square feet, and a floor-to-ceiling height of 2.975 meters. The current use of the Property is as student accommodation.
The Property is in an excellent location, situated in the bustling shopping, entertainment, and dining hub of Mong Kok, just a stone's throw from major shopping malls like Langham Place. Additionally, it is only about a 3–5 minute walk to the Mong Kok and Yau Ma Tei MTR stations. The Property is also close to universities such as The Hong Kong Polytechnic University, City University of Hong Kong, Baptist University, and Metropolitan University, making it highly suitable for student housing.
Mr. Tommy Chan, Senior Director and Deputy Head of Investment & Sales at Savills Hong Kongsaid, “The intended price for the Property is approximately HKD170 million, and it is currently operated by a well-known co-living operator, featuring modern design and fully furnished. Buyers can save a significant amount of time and costs on renovations and start generating rental income immediately, which is rare in the market. Moreover, student accommodation is one of the most sought-after property investment projects in recent times, expected to attract numerous investors, operators, and private equity funds.”