State Theatre Building approved for compulsory sale
The Lands Tribunal approved the application of compulsory sale of State Theatre Building in North Point. The reserve price reached HKD 4.776 billion, and was the largest compulsory sale in the city. The site has an area of 36,200 sq ft, and New World Development owned around 98% of the ownership.
Tender opens for Kowloon City site
According to market news, the tender for 80% ownership of 3-13 Nga Tsin Long Road, Kowloon City was opened, and will be closed on 29 September. The site has an area of 7,030 sq ft, it has been identified as the use of “Residential (Group A) 2”, and a total GFA was about 63,270 sq ft. The market valuation was about HKD 650 million.
No. 8 Deep Water Bay Drive transacted at HKD 179 m
Unit D, mid-floor, Tower 2, No. 8 Deep Water Bay Drive, Southern District, with a saleable area of 2,865 sq ft, has been transacted at HKD 179 million or HKD 62,478 per sq ft.
Villa at Marinella sold with a loss
Odd No. House, Marinella, Aberdeen, with a saleable area of 3,408 sq ft and a 255-sq-ft-garden, has been transacted early this month at HKD 100 million or HKD 29,343 per sq ft. The original owner bought the villa at HKD 138 million in 2016, the actual loss was about HKD 70 million if including the stamp duties of HKD 32.43 million at the time of purchase.
(Sources: Vigers Research and market news)