(13 May 2024, Hong Kong) JLL has been appointed the sole agent of the sales of Hotel COZi Harbour View at 163 Wai Yip Street in Kwun Tong through the submission of Expression of Interest (EOI). It offers a rare opportunity to acquire a large-scale hotel with the potential to convert into private student accommodation. All Expressions of Interest should be submitted to JLL by 3pm on 18th June 2024 (Tuesday).
Completed in 2007, Hotel COZi Harbour View is a 32-storey hotel that occupies a site area of 19,050 sq ft. It is a rare large-scale hotel in the district with a total gross floor area of approximately 235,300 sq ft, offering 598 guestrooms. The hotel is ideally located near the MTR Kwun Tong station, providing convenient access to multiple university campuses, with Lok Fu, Kowloon Tong, and Ho Man Tin, all within a 30-minute subway ride. Additionally, there are large shopping malls in the district, providing convenient options for living, dining, and entertainment.
The property could continue to be used as a hotel. In close proximity to the Kwun Tong Promenade, it offers captivating views of the Kai Tak Cruise Terminal on the mid to high-level floors. Kwun Tong is one of the major business districts in the city, covering the bustling commercial area of Kwun Tong with a total gross floor area of 13.6 million sq ft as well as the neighbouring Kowloon Bay business district with a total gross floor area of 11.2 million sq ft for office space. With the consistent growth in business activities within the district, the shortage of hotels will become more noticeable, which presents a potential for higher appreciation. Oscar Chan, Head of Capital Markets at JLL in Hong Kong, said: “Rental prices for private student accommodations in Hong Kong have recorded double-digit growth over the past two years, with an even faster increase of 15% in the past 12 months. The rental growth for student accommodations outweighs that of private residential properties. This significant increase reflects the continuous shortage of student housing supply and the rapid growth in the number of non-local students, driving rental prices upward. As a result, the investment prospects for private student accommodations are optimistic. The sale of the Hotel COZi Harbour View in Kwun Tong presents a potential opportunity for conversion into student dormitories, capitalising on the continuously growing market demand. As such, we believe it will attract the substantial interest from investors.”
For further information, visit jll.com.