HONG KONG SAR, 28 June 2022 – Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) is pleased to announce it has been appointed as sole agent by the landlord for the sale of a residential site on 470-478 Chatham Road North, Hung Hom, Kowloon, Hong Kong by way of expression of interest.
Located at the junction of Chatham Road North and Shek Tong Street in Hung Hom with an area of 4,700 square feet, it is a rare site for sale with vacant possession and is approved for construction of a residential building with around 180 units. The development site is being sold with the approved plans.
Thomas Chak, Executive Director, Capital Markets & Investment Services | Hong Kong, commented: “The Hung Hom area has long been mainly a residential area. It is a rare opportunity to have a corner plot put on sale that comes with the approval for construction of a residential project offering more than 180 units and a total approved gross floor area of approximately 42,000 square feet. Adjacent to two MTR stations along the Tuen Ma Line, this conveniently located site is within 3 and 8 minutes’ walking distance from To Kwa Wan and Ho Man Tin station respectively.”
In recent years, MTR Corporation has been actively developing new railway extensions, such as the East Rail Line and Tuen Ma Line, further connecting Hong Kong Island, Kowloon and the New Territories. Hung Hom, Ho Man Tin, To Kwa Wan and the nearby areas have become key transportation hubs, with easy access to the airport and to and from mainland China.
From last year till now, the area saw a few sizable deals of hotel and residential properties, such as Hotel Sáv on 83 Wuhu Street, which was bought by an international fund together with a local well-established family at HK$1.65 billion. As for the residential market, in addition to two projects under Henderson Land including a massive redevelopment project in Whampoa, Hung Hom costing about HK$10 billion and the Bailey Street project worth of HK$8.189 billion, Kerry Properties won the tender for a large-scale residential redevelopment project on Hung Fook Street at HK$5.5878 billion and CK Asset was awarded the Kai Ming Street / Wing Kwong Street project at HK$5.996 billion, just to name a few. These transactions reflected developers' confidence in the market's prospect and the strong demand for residential land. The completion of a number of large-scale projects is likely to bring economic benefits to the area with the properties in the vicinity enjoying a greater appreciation potential.
As this site is up for sale on a vacant possession basis and located in Hung Hom, an area which investors have always had their eye on, it will definitely draw the attention of many mainland Chinese and Hong Kong developers as well as multinational corporations.
If you would like to know more about this investment opportunity, you can contact our expert Mr. Chak (9238 3128).
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