The auction sale of Tsui Wah Building, Nos. 120 - 122 High Street, Hong Kong under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills was held today. The Property was sold at the reserve price of HK$525 million.
The Property has a registered site area of approximately 4,967 square feet (461.45 square metres) and is situated on the southern side of High Street between its junctions with Pok Fu Lam Road and Western Street in Sai Ying Pun District of Hong Kong Island. The Property is a 12-storey residential / commercial building with retail shops on Ground Floor. The building was completed in 1968 and is served by a passenger lift and two common staircases.
The Property falls within an area zoned “Residential (Group A)8” under Hong Kong Planning Area No. 3 – Approved Sai Ying Pun & Sheung Wan Outline Zoning Plan No. S/H3/34 gazetted on 13th November 2020.
Mr. Charles Chan, Managing Director of Savills (Hong Kong) Valuation and Professional Services, said, “The property is located in the Mid-levels West of Hong Kong Island, adjacent to prestigious schools such as The University of Hong Kong, King's College, St. Paul's College, with a few minutes’ walk from Sai Ying Pun MTR Station, which is an unprecedented opportunity for urban development.”