Old building in To Kwa Wan applied for compulsory sale
An old building at 58-70 Lok Shan Road, 18-20 Ha Heung Road and 1-9 Mei Wa Street, To Kwa Wan applied for compulsory sale. Henderson Land owned around 85% of the ownership. The site has an area of 10,196 sq ft, and the market valuation was about HKD 699 million. It is expected to be redeveloped for commercial and residential purposes with the neighboring old buildings.
Commercial site in Kai Tak planned to convert into hotel use
Nan Fung Development has submitted an application for the commercial site 2, Area 1F, Kai Tak to the Town Planning Board, suggesting to convert 4-storey office area into hotel use. The project will cover a GFA of 59,200 sq ft, providing 73 hotel rooms.
Chung Pak Commercial Building sold at HKD 360 m
Entire Chung Pak Commercial Building, 5 Sze Shan Street, Yau Tong, with a total GFA of 49,794 sq ft, has been transacted at HKD 360 million or HKD 7,230 per sq ft.
Special Unit of The Summa sold with a loss of HKD 13.75 m
Duplex Special Unit, Tower 1, The Summa, Mid-Levels West, with a saleable area of 2,235 sq ft, a rooftop and a terrace, has been changed hands at HKD 86 million or HKD 38,479 per sq ft. The original owner purchased the unit at HKD 99.75 million in 2014, making a book loss of HKD 13.75 million and a 13.8% depreciation in five years.
(Sources: Vigers Research and market news)