(9 Sep 2022, Hong Kong) The auction sale of Nos. 124 & 126 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$210 million.
The Property has a registered site area of approximately 2,798.84 square feet (260.02 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. Currently erected on the Lots are Nos. 124 and 126 High Street, which an 8-storey commercial/ residential building with shop on Ground Floor. The building was completed in 1966 and is served by 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 13 November 2020.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, said, “It is expected that around 20 compulsory sales will be granted in 2022, which is similar to the number as last year. We hope the government could speed up the process of lowering the threshold for compulsory sale and the urban redevelopment at the soonest, and to improve the overall environment and quality of living in run-down districts.”
