Large-scale redevelopment project in Tsim Sha Tsui up for tender

Hong Kong, 29 July 2026 – JLL has been appointed by the receivers as sole agent for the sale by public tender of 85% undivided shares in Nos. 61, 63, 65, 67, 69, 71, 73 and 75 Granville Road, Tsim Sha Tsui. Representing a once-in-decades opportunity to acquire a sizeable redevelopment site of over 12,000 sq ft in the district, the property will be offered on an "as-is" basis, with a combination of existing tenancies and vacant possession. The site is well suited for redevelopment into a hotel, Ginza-style commercial building, office building, or residential project, subject to Section 16 approval from the Town Planning Board. The tender will close at 12 noon on Wednesday, 16 September 2026.

The property currently comprises eight adjoining five-storey mixed-use buildings with a site area of approximately 12,342 sq ft and a total saleable area of approximately 34,000 sq ft. The portion offered for sale comprises six ground-floor retail units (some with cocklofts) and 28 residential units located on the first to fourth floors, with sizes ranging from approximately 665 sq ft to 1,227 sq ft. The property is surrounded by older walk-up buildings, offering potential for site amalgamation. If combined for future redevelopment, the enlarged site area of more than 30,000 sq ft is poised to become a striking landmark in the district.

Located on Granville Road in the heart of Tsim Sha Tsui's core commercial and tourism district, the property benefits from close proximity to a diverse range of retail, dining, hospitality and entertainment amenities, and is within walking distance of major landmarks, including Mira Place, K11 Art Mall and The ONE. As one of Tsim Sha Tsui's most established retail corridors, Granville Road enjoys a vibrant commercial environment and consistently attracts strong footfall from both local residents and visitors.

The site offers significant redevelopment flexibility and substantial development potential, upper floors of the future redevelopment could enjoy open views of Victoria Harbour. Under the current Approved Tsim Sha Tsui Outline Zoning Plan No. S/K1/28, the property is zoned "Commercial (6)", allowing commercial redevelopment without the need for lease modification or payment of a land premium. Based on the maximum plot ratio of 12, the site could be redeveloped into a project with a maximum gross floor area of approximately 148,104 sq ft. Given the scale, the site is particularly well suited to a mixed-use hotel development, with the potential to deliver approximately 400 hotel rooms, or a student accommodation scheme with a retail podium providing around 800 bedspaces. Alternatively, prospective purchasers may seek Section 16 Planning Approval from the Town Planning Board for residential development. Based on a plot ratio of 9, the site could accommodate a development with a maximum gross floor area of approximately 111,078 sq ft.

Oscar Chan, Head of Hong Kong Capital Markets at JLL, said: "Tsim Sha Tsui continues to benefit from the steady recovery of Hong Kong's tourism sector, supporting sustained demand for quality hotel accommodation. Additionally, the city's limited supply of student accommodation is also underpinning long-term demand, strengthening the site's medium- to long-term development prospects. More importantly, the ownership shares offered for sale have reached the statutory threshold required for a compulsory sale application, providing a high degree of certainty for purchasers seeking to consolidate ownership and pursue a redevelopment scheme. Given the site's rare scale, prime location and broad range of redevelopment options, we expect strong interest from local and overseas developers, hotel operators, student accommodation providers and institutional investors."

Lydia Poon, Senior Director, Capital Markets at JLL, added: "Only a very limited number of large redevelopment sites of over 10,000 sq ft have been made available in Tsim Sha Tsui's core district over the past few decades. Referencing redevelopment transactions in the area, the en bloc property at 37-39 Carnarvon Road, with a site area of approximately 2,875 sq ft, was sold in 2024 for HKD420 million, reflecting an accommodation value of HKD12,174 per sq ft. This highlights continued investor appetite for core urban assets offering repositioning or redevelopment potential. The subject property is significantly larger than the above transaction and is poised to become a focal point in the district upon redevelopment."

For more information, please contact Oscar Chan at 5348-0312 or Lydia Poon at 6091-2210.