(17 September 2019, Hong Kong) The buildings at Nos. 1, 1A, 3, 5, 7, 7A, 9, 9A, 11, 11A, 11B, 11C, 15, 15A, 17, 17A, 19, 21, 21A, 21B and 21C Whampoa Street, as well as Nos. 80, 82, 84 and 86 Baker Street, Kowloon were sold by public auction under the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance of the Lands Tribunal this morning to South Crown Development Limited for HKD 2.137 billion. JLL was the auctioneer.
The land lots of the properties are sub-Section 10 of Section A of Hung Hom Marine Lot No.1, Section A of Sub-Section 12 of Section A of Hung Hom Marine Lot No.1, Section B of Sub-Section 12 of Section A of Hung Hom Marine lot No.1, the Remaining Portion of Sub-Section 12 of Section A of Hung Hom Marine Lot No. 1 and Sub-Section 14 of Section A of Hung Hom Marine lot No.1.
The properties, which occupy a total site area of 19,725 sq ft, are expected to provide a total attributable floor area of approximately 177,525 sq ft after being redeveloped.
The purchaser of the property and the purchaser’s successors in title will be subject to the conditions specified in Schedule 3 of Land (Compulsory Sale for Redevelopment) Ordinance and the conditions specified in the Order for Sale and any subsequent directions made by the Lands Tribunal (if any).
Cynthia Li, Senior Director of Capital Markets at JLL, said: “Land shortage is a prominent problem in Hong Kong that is challenging to resolve. The land supply in urban districts continues to grow more limited by the day. Despite the recent softening in market sentiment, developers are likely to remain keen in buying old buildings in urban areas for redevelopment.”
