Savills News

Nos. 68A, 68B, 68C, 70, 70A, 70B & 70C To Kwa Wan Road, Sold for HK$1,213.4 Million through Savills

The auction sale of Nos. 68A, 68B, 68C, 70, 70A, 70B and 70C To Kwa Wan Road, Kowloon under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills was held today. The Property was sold at the reserve price of HK$ $1,213.4 million to Henderson Land Development Company Limited.

The Property has a registered site area of approximately 12,290.12 square feet (1,141.78 square metres), including a right of way of 941.31 square feet (87.45 square metres) and is situated on the north-western side of To Kwa Wan Road between its junction with Chi Kiang Street and Lok Shan Road in To Kwa Wan District of Kowloon. The Property is a 9-storey commercial / residential composite building completed in 1960 and is served by eight common staircases.

The Property falls within an area zoned "Residential (Group A) " under the Kowloon Planning Area No. 10 – Approved Ma Tau Kok Outline Zoning Plan No. S/K10/28 gazetted on 25 March 2022.

Mr. Augustine Wong, Executive Director of Henderson Land Development Company Limited, said, “Henderson Land's successful bid is the third site in the entire redevelopment project, with total area of approximately 32,220 square feet. The application of compulsory sale of the remaining site (about 10,000 square feet) is in progress, if it can be successfully obtaining a sale order, it will be considered for redevelopment together; otherwise, it will be developed separately. Meanwhile, the government can consider lowering the compulsory sale threshold to 70%, but it can be handled flexibly according to the special circumstances and conditions."

Mr. Charles Chan, Managing Director of Savills (Hong Kong) Valuation and Professional Services, said, “The resumption of quarantine-free travel may not directly impact developers' acquisition projects, as the number of compulsory sale applications is mainly related to the direction of the property market. The adverse factors are mainly related to the interest rate hikes, rising construction costs, conflicts between China and the United States, and the epidemic etc. Therefore, believe that the adverse factors must be eliminated in order to uplift the overall momentum of the property market.”

Recommended articles