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Colliers appointed as the sole agent for the sale of a redevelopment property in Kowloon Tong

Hong Kong, 29 July 2019 – Colliers International (NASDAQ: CIGI; TSX: CIGI), a leading global real estate services and investment management company, has been appointed as the sole agent by order of the owners for the sale of Orion Court, 17 Ede Road, Kowloon Tong (81.25% undivided shares) through public tender. The tender closing date will be on 9 August 2019 (Friday).

Orion Court is a four-storey civil servant co-operative building, with a total of 16 units. The property was completed in 1960, the saleable area of each floor is approximately 1,200 sq.ft. and  current total saleable area of the building is approximately 20,219.10 sq.ft. The units for sale represent 81.25% undivided shares of the lot.

“The property is located in the high-end precinct of Beacon Hill, Kowloon Tong. It enjoys a pleasant and discreet residential environment. It is only a five-minute drive to the MTR Kowloon Tong station, bringing more convenience to travel between Hong Kong and Mainland China. The total number of units for sale is 13, representing 81.25% undivided shares of the lot. Amongst the units for sale, five of them with premium paid and alienation restrictions were removed. For the other eight units, the amount of premium for removing the alienation restrictions was confirmed last week. With reference to data from Town Planning, the property has a maximum plot ratio of 3. Its maximum development gross floor area is approximately 60,000 sq.ft, and the maximum number of storeys is 13,” said Kenny Kwok, Senior Director of Colliers’ Capital Markets and Investment Services.

Last year, Wharf Holdings won a government tender for a site at Lung Cheung Road for 10 billion, with HK$28,531 per sq.ft. It reflects the confidence investors have in the district and that there is still a great demand for residential sites. Colliers believes that many Hong Kong and China developers and investors will be attracted to bid for the tender of this property.

Should you need further information on the properties, please feel free to contact Mr. Kwok (9099 8486), Senior Director of Colliers International’s Capital Markets and Investment Services.