Hong Kong SAR, 29 August 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 order of the mortgagee to sell a residential redevelopment project at 66 Fort Street and 57 Kin Wah Street, North Point by public tender. The tender closing date is Friday 21 October 2022.
The property is located at the junction of Fort Street and Kin Wah Street, occupying a developable site area of 3,248 sq. ft. with maximum composite plot ratio of 10.2 approximately for redevelopment.
Thomas Chak, Executive Director, Capital Markets & Investment Services | Hong Kong, said: “This site is conveniently situated at the heart of North Point, surrounded by residential buildings with ample community amenities. It boasts a short four-minute walk from the North Point MTR Station. North Point is mainly a residential district, and this boutique-apartment-block redevelopment project is located on a corner plot with a serene neighbourhood. Most of the units enjoy good mountain views after redevelopment.”
North Point has undergone major redevelopment in recent years with various large-scale projects being completed including Harbour North, Victoria Harbour, Novum Point and Fleur Pavilia.
Benefitting from the completion of the Central-Wanchai Bypass and the commissioning of the East Rail Line cross-harbour extension, the area offers high accessibility with a strong transport network. The North Point MTR station, North Point Ferry Pier and the public transportation interchange adjacent to the property for sale connect it well to Hong Kong Island and also the Kowloon area.
Located in Primary School Net 14 and the Eastern District secondary school net, North Point has always been a prime school-net location with traditionally famous local and international schools.
The district has a pipeline of development plans including the ex-State Theatre project already approved for the construction of two commercial and residential mixed-use buildings owned by New World Development, the old building cluster project on Kai Yuen Street with its application under processing and the work-in-progress Kei Wah Court under the home ownership scheme, reflecting the city's strong housing demand. Upon completion of these developments, the area is expected to thrive with more economic activities. The properties in the vicinity may also enjoy a greater appreciation potential.
As redevelopment projects in North Point have always been subject to high interest, this property is expected to be sought-after, attracting the attention of mainland Chinese investors, Hong Kong developers and multinational corporations.
If you would like to know more about this investment opportunity, you can contact our expert Andrew Ng (9660 0937) / Thomas Chak (9238 3128) / Joann Wong (9158 0723).
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