The Wharf wins Lung Cheung Road site at HKD 12.45 b
The Lands Department announced that the tender for a residential site at the junction of Lung Cheung Road and Lion Rock Tunnel Road, Kowloon Tong, has been awarded to Alpha Pioneer Limited (parent company: The Wharf Holdings), at HKD 12.451 billion. It has a site area of about 121,200 sq ft. Based on the maximum permissible GFA of 436,400 sq ft, the accommodation value reached HKD 28,531 per sq ft.
Commercial block in Hung Hom to be converted into hotel
Get Nice Holdings purchased a commercial block, Hung Hom Commercial Center, at 270-274 Chatham Road North from the Chinachem Group at HKD 350 million last year. Get Nice Holdings has submitted an application for converting 5/F-14/F of the block into hotel use to the Town Planning Board. The project will cover a GFA of 28,895 sq ft, providing 89 guestrooms.
Bonham Circus in Sheung Wan sold en-bloc for HKD 1.7 b
It is reported that Bonham Circus, a commercial block at Bonham Strand, Sheung Wan, was sold en-bloc for HKD 1.7 billion or HKD 19,318 per sq ft. The property has 29 storeys with a total GFA of 88,000 sq ft. Commercial market has become active in Sheung Wan, unit prices for both Grade A and Grade B office buildings are trending up. The unit price for the above transaction is close to HKD 20,000 per sq ft despite it is a Grade B office building.
Shop at Hennessy Road transacted for HKD 60 m
According to market news, 1/F, Hip Sang Building, 107-115 Hennessy Road, Wan Chai, with an area of 4,716 sq ft, has been changed hands for HKD 60 million or HKD 12,723 per sq ft. The buyer, Mr. Francis Law Sau Fai is an experienced investor. The shop has been leased to Sang Kee Restaurant at HKD 156,600 per month, representing a yield of 3.13%.
(Sources: Vigers Research and market news)