The auction sale of Nos. 227B & 227C Hai Tan Street, Kowloon under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills was held today. The Property was sold at the reserve price of HK$120 million to Regal Hotels Group.
The Property has a registered site area of approximately 2,321.67 square feet (215.69 square metres) and is situated on the south-eastern side of Hai Tan Street between its junction with Kiu Kiang Street and Yen Chow Street in Sham Shui Po district of Kowloon Peninsula. The Property is a 6-storey tenement building with ground floor occupied as shops. The building was completed in 1960 and served by one common staircase.
The Property falls within an area zoned “Residential (Group A) 6” under Kowloon Planning Area No.5 – Draft Cheung Sha Wan Outline Zoning Plan No. S/K5/38 gazetted on 28 January 2022.
Mr. Charles Chan, Managing Director of Savills (Hong Kong) Valuation and Professional Services, commented, “Mergers, acquisitions and redevelopment of old buildings are the main sources of residential supplies, therefore, we believe lowering the compulsory sale application threshold will accelerate the pace of redevelopment in run-down districts. We hope that the Development Bureau could put forward a more concrete suggestion on revising the legislation on compulsory sale.”