The auction sale of Nos. 70 & 72, 74 and 76 Queen’s Road West, 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$241 million to Emperor Group.
The Property has a registered site area of approximately 3,360.84 square feet and is situated on the south-eastern side of Queen’s Road West, close to its junction with Hollywood Road in Sai Ying Pun District of Hong Kong. The Property re two pairs of 6-storey tenement buildings namely Nos. 70-72 Queen’s Road West and Nos. 74-76 Queen’s Road West which were completed in 1971 and 1967 respectively. Each pair of tenement buildings is served by a common staircase.
The Property falls within an area zoned “Residential (Group A)7” 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 Valuation and Professional Services, said, “Although the government has lowered the threshold for compulsory sales, developers remain cautious about launching new projects due to persistent high interest rates and geopolitical uncertainties. Since the amendment of the compulsory sale ordinance, we have only seen three applications to date, all of which involve developers consolidating adjacent sites for joint redevelopment. We anticipate the total number of compulsory sale applications this year will remain in single digits.”