International real estate firm Savills has been appointed as the sole agent for the tender sale of Tin Ping Square and Carpark, 48 Tin Ping Road, Sheung Shui ("The Property"). The Property comprises a two-storey shopping centre with estate retail shops, together with a car park providing 471 parking spaces. The total gross area of the retail portion is approximately 98,500 square feet. The Property will be sold on an as-is basis with existing tenancies, with the tender closing at noon on 16 July 2026 (Thursday).
Positioned as a neighbourhood shopping centre, Tin Ping Square benefits from a substantial and stable local customer base, serving over 20,000 residents from Tin Ping Estate, On Shing Court and nearby private housing.
All shops have been leased with 100% occupancy, anchored by a number of long-standing tenants, including established chain brands that have operated for over a decade, such as McDonald’s, Fairwood, PARKnSHOP, and Watsons. In addition to retail and dining offerings, the Property has in recent years attracted 24/7 FITNESS, along with the Tin Ping Elderly Centre being the largest tenant by leased area, further strengthening the tenant mix. This well-balanced and resilient tenant profile effectively caters to the daily needs of the surrounding community. Such essential, needs-based retail demand is generally less susceptible to economic cycles, making the Property highly defensive in nature.
In addition to the stable rental income from the shopping centre, the car park provides another reliable source of revenue. The ratio of households to private car parking spaces at Tin Ping Estate and On Shing Court is relatively high, at approximately 14.5:1, resulting in strong and consistent parking demand, which has driven steady year-on-year growth in parking fees. Furthermore, the current owner invested approximately HKD 110 million in a comprehensive refurbishment of the Property two and a half years ago, revitalising the shopping centre’s image and significantly enhancing its asset value.
Mr. Peter Yuen, Managing Director of Investment at Savills Hong Kong said, “Tin Ping Square and Car Park represents a highly defensive, income-generating asset. It currently generates a total monthly rental income of approximately HKD 4.2 million, delivering a yield of over 6%, making it a quality ‘cash cow’ investment in the market. Moreover, the asset has already undergone enhancement works, meaning that the new purchaser will not require significant capital expenditure in the short to medium term. It is therefore expected to attract strong interest from investors seeking stable, long-term returns.”