Source: Media Outreach
HONG KONG SAR – Media OutReach – 13 January 2022 – The world’s leading real estate services provider, Cushman & Wakefield, having been appointed by the landlord, has successfully co-sold to a buyer more than 80% of the total ownerships of Block 4, Yau Tong Industrial Building, at No. 18 – 20, Sze Shan Street, Yau Tong. The total purchase price was HK$580 million, equivalent to HK$4,100 per square foot. As more than 80% of the total ownerships of the building have been acquired, the buyer will now unify the property rights through a compulsory sale order prior to redeveloping the building.
The property is located in the Yau Tong integrated mix-use development area. Completed in 1979, it is currently a four-story industrial building. With around 41,800 square feet of site area, the lot has been designated as Residential (Group E). The buyer is expected to redevelop the property into a residential project, with some units enjoying sea views of Yau Tong Bay and Hong Kong East.
Cushman & Wakefield’s Associate Director of Capital Markets, Hong Kong, Alfred Kwan, commented, “Yau Tong is undergoing a transformation, with a number of new residential buildings completed, including Maya by Nouvelle, Peninsula East, and Ocean One. A residential site of over 40,000 square feet in Kowloon East, with sea views, is highly exceptional. The completion of this redevelopment project will accelerate Yau Tong’s metamorphosis into a high-end residential area.”
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