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Colliers appointed as sole agent to sell a redevelopment site at Pak Tin Par Street, Tsuen Wan

An over 7,760 sq. ft. site approved for the construction of a 24-storey commercial building


HONG KONG, 21 September 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 to sell a redevelopment site at 46-48, Pak Tin Par Street, Tsuen Wan by way of expression of interest.

The site is located in the traditional industrial area in Tsuen Wan West and occupies an area of 7,767 sq. ft. Approval has been secured for the construction of a commercial property with approximately 24 storeys and a 2-storey car park. The site is to be sold with vacant possession and inclusive of the approved building plans.

Andrew Ng, Senior Associate Director, Capital Markets & Investment Services | Hong Kong, said: “Once a traditional industrial area, Tsuen Wan West has gone through rapid development in recent years. Being transformed into an industrial and commercial hub, the area has a seamless mix of modern industrial and commercial buildings and residential projects with a wider range of community amenities when compared with other districts, making it a preferred choice for many investors.

As the government reactivated the revitalisation scheme for industrial buildings a few years ago, many property owners have stepped up efforts to convert their industrial assets or to retrofit for data centre purposes. The area has multiple built and ongoing revitalisation of industrial assets and newly constructed modern commercial buildings, offering significant investment opportunities and a higher upside potential for property prices in the neighbourhood. The market has also seen many data centre development projects in recent years, and one of the examples is the Central Textiles factory revitalisation project by Goodman. Now as the largest data centre in Hong Kong, the site will have a total of four buildings with two completed and leased by two major global customers, while the remaining two are due for completion in 2024.

The asset benefits from strong connectivity by all major modes of transportation and is just a 12-minute walk from Tsuen Wan MTR station and a 15-minute walk from Tsuen Wan West MTR station. Tsuen Wan has become a key transportation hub of the western part of the New Territories with convenient highway connectivity to wider Hong Kong. It is approximately a 30-minute drive away from the Hong Kong International Airport and also offers easy access to the Greater Bay Area and many Chinese mainland cities via the Hong Kong-Zhuhai-Macao Bridge.

As redevelopment sites in Tsuen Wan have been highly sought-after recently, this site presents a rare investment opportunity and is on a vacant possession basis. It is expected that the asset will attract many mainland Chinese and Hong Kong developers as well as multinational corporations.”

If you would like to know more about this investment opportunity, you contact our experts Andrew Ng (9660 0937) / Justin Ho (5348 6259) / Joann Wong (9158 0723).

 


Media Contact:

Alex Kaihau
Director, Marketing & Communications, Hong Kong
Alex.Kaihau@colliers.com
+852 2822 0692

Nora Wong
Senior Manager, Marketing & Communications
nora.wong@colliers.com
+852 6105 1336

 

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Andrew Ng

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Andrew has joined Colliers as Senior Associate Director of Capital Markets in Feb 2021. He joined the industry since 2010 from commercial leasing, then to Capital Market. Andrew posseses strong rapport and client relationship with many established PRC State and Private-Owned developers, real estate funds and local private investors.

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Justin Ho

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Joann is currently a Manager of Capital Markets & Investment Services at Colliers Hong Kong.  She has over 10 years of commerical real estate market experience in Hong Kong.

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