URA’s Mong Kok project receives 41 Expressions of Interest
The Urban Renewal Authority (URA) received a total of 41 Expressions of Interest for the redevelopment of the Reclamation Street/Shantung Street project in Mong Kok yesterday, setting the second highest number of applications received in history. The project has a site area of 15,000 sq ft and is expected to provide 187 residential units plus a 22,400 sq ft of commercial GFA.
Unsuccessful tendering of The Excelsior
Mandarin Oriental International announced yesterday that it has examined the proposals of the acquisition of The Excelsior, Causeway Bay but they were not up to expectations and transaction requirement. The company will continue to review other options, including a redevelopment of the hotel into a commercial building at the same location.
Villa on Bowen Road sold for HKD 400 m via equity transfer
According to market sources, a villa on Bowen Road, Mid-Levels, Hong Kong Island, has been changed hands via equity transfer. The transaction price was about HKD 400 million, or HKD 85,000 per sq ft with a saleable area of 4,680 sq ft. The previous villa transaction in the same district was already three years ago and the transaction price was about HKD 450 million for a villa on the same street.
Office leased out after industrial revitalisation
Kwai Hing Industrial Building, owned by foreign funds, has been transformed to an office building named EDGE through industrial revitalisation. Three and a half floors of the building have been leased out. The 2/F to 4/F with a GFA of 75,000 sq ft have been leased to DHL, whilst another logistic company leased a half floor. The asking rent of the remaining three and a half floors is about HKD 24 – HKD 25 per sq ft.
(Sources: Vigers Research and market news)