_Knight Frank and Colliers appointed as joint sole agent for the Sale of Hotel Ease ‧ Mong Kok

Knight Frank Hong Kong, a leading independent global property consultancy, and Colliers, a leading diversified professional services and investment management company (NASDAQ:CIGI, TSX: CIGI) have been appointed today as the joint sole agent for the sale of “Hotel Ease ‧ Mong Kok” at 60 Portland Street, Mong Kok (The property).

"Hotel Ease ‧ Mong Kok" is a 29-storey hotel with a site area of about 4,053 sq ft and a gross floor area of about 50,357 sq ft. The hotel lobby is located on the ground and first floor, with guest rooms situated across the 5th and 32nd floor. The hotel offers 199 modern and cosy guest rooms, and the upper floors enjoy a magnificent view of the Victoria Harbour.

Willis Mak, Executive Director, Head of Private Clients, Greater China at Knight Frank said, "The Hong Kong government announced in 2023 Policy Address that it would increase the quota for non-local undergraduate admissions at eight subsidised universities to 40% starting from the next academic year. In addition, the number of mainland students at self-financed institutions has also increased, a strong demand for student accommodation can be expected, especially in areas near the campuses. The property is well-located next to the Yau Ma Tei MTR station. The Hong Kong Polytechnic University, Hong Kong Metropolitan University, City University of Hong Kong, and Hong Kong Baptist University are all accessible within 20 minutes of public transport. The new owner can consider renovating the hotel and converting it into student accommodation. It is worth mentioning that many students are willing to pay a year's rent in advance to secure the accommodation, which can generate stable and considerable rental income for the owner, with a relatively low investment risk. Investors should seize this opportunity to enter the market."

Thomas Chak, Co-Head of Capital Markets & Investment Services of Colliers Hong Kong commented, "The property is only a one-minute walk from the Yau Ma Tei MTR station, nearby the cross-border bus terminal, with various transport options connecting different parts across Hong Kong, as well as the Hong Kong International Airport or multiple ports (such as Lok Ma Chau, Huanggang, Shenzhen Bay, etc.). It is also only a 10-minute drive to the Hong Kong West Kowloon High Speed Rail Station, which closely links Hong Kong and Chinese mainland. The property is located in the core business district, surrounded by many commercial buildings and hotels, with famous restaurants nearby and Langham Place just 5 minutes away. It is just a few steps away from all daily necessities." 

With the increasing number of non-local students, the hotel project on Wuhu Street in Hung Hom was purchased by a fund a few years ago and converted into student accommodation. It was fully rented out in the last academic year and even had a waiting list. Recently, the Hong Kong Metropolitan University announced the purchase of a new hotel at 84-102 Wuhu Street in Hung Hom for student housing purposes and named it MU88 in response to the continued growth in housing needs of non-local students.