Knight Frank, a global property consultancy firm, has been appointed as the sole agent for the sale of a prime residential/ commercial redevelopment site, 80% undivided shares of Nos. 3-13 Nga Tsin Long Road in Kowloon City, Kowloon (“the Property”), through public tender. Market valuation is in the region of HK$650,000,000. The tender closing date is 29 September 2020 (Tuesday) at 12 noon.
The Property is centrally located on the west of Nga Tsin Long Road, near a junction to Nga Tsin Wai Road. The Property is situated within the Primary One Admission School Net 41, where a number of renowned schools are located in the area, including Diocesan Preparatory School, La Salle Primary School and Maryknoll Convent School (Primary Section) etc. Completed in 1967, the Property is a 6-storey tenement building deemed for commercial and residential use. With a site area of 7,030 sq. ft. or thereabouts, the Property is zoned as “Residential (Group A) 2” use under outline zoning plan and the maximum building height is 80m above Principal Datum. The maximum redevelopment GFA is approximately 63,270 sq ft.
The Property is located at the heart of Kowloon City. Developments within the vicinity are mainly residential buildings and local restaurants, which bring in high pedestrian flow. In addition, the Property benefits from its superb transportation network, all public transports are amply available along Prince Edward Road West, and Exit B2 of Sung Wong Toi MTR Station under construction is only one block away.
In July 2020, Kai Tak Area 4B, Site 4, Kai Tak, Kowloon was sold in the region of HK$7,040,000,000, which is equivalent to an Accommodation Value of HK$12,256 psf (approx.).
In September 2019, Nos. 1-21C Whampoa Street and Nos. 80-86 Baker Street was sold at HK$2,137,000,000 by auction, which is equivalent to an Accommodation Value of HK$12,038 psf (approx.).
It is a rare opportunity to acquire a redevelopment site in one of the most popular residential / commercial districts in Kowloon Peninsula.