• Commercial Redevelopment Site for Sale by Public Tender

    4 January 2012

    4 January 2012, Hong Kong – Colliers International has been appointed by order of the owner as the sole agent to offer a rare commercial redevelopment site at 38 Wong Chuk Hang Road for sale by public tender. The tender will close at 12 noon, 17 February 2012 (Friday). 

    The existing structure of the Property is an 11-storey industrial building, boasting magnificent mountain views and overlooking picturesque Sham Wan.  With the lease modification executed and land premium paid in October 2010, the approximate 10,900 sq ft site can be redeveloped into a Grade A office building with a maximum gross floor area of 163,494 sq ft. 

    Strategically located at the heart of Wong Chuk Hang, the Property stands to benefit from multiple positive spill-overs as a result of gazetted infrastructure enhancement for the district. 

    “The scheduled opening of the MTR South Island Line (East) in 2015 is a major catalyst that will transform Wong Chuk Hang into a new commercial hub in Hong Kong.  Upon its completion, core business districts such as Central and Admiralty, where the new Government headquarters in Tamar are located, are a mere 8 minute and 5 minute ride away, bringing endless business opportunities to the Property.  Meanwhile, major hubs across the harbour such as Tsim Sha Tsui will be reachable in just 12 minutes as well,” said Willis Mak, Senior Director of Investment Services at Colliers International. 

    According to Mak, the future Wong Chuk Hang MTR Station which is part of the South Island Line (East) will be located opposite to the Property connected by a pedestrian footbridge. “Excellent transportation links as such have significant impact on the potential of any properties. In the case of the Property, the upside is further magnified as the Wong Chuk Hang Station will also include a complex offering a plethora of retail, dining and entertainment facilities.” 

    Yet another upside for the Property lies in its proximity to Ocean Park – one of Southeast Asia’s largest oceanaria and
    theme parks.

    Willis Mak estimates that the value of the Property would be in a range between HK$650 million and HK$700 million. Based on the maximum gross floor area of 163,494 sq ft upon redevelopment, the accommodation value of the Property ranges from HK$3,976 to HK$4,282 per sq ft. 

    The Property is to be sold on an “as-is” basis.   Interested parties please contact Willis Mak (9022 6693) or Reeves Yan (9463 9892) for more information.

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