Rare investment option in Yau Tsim Mong District with redevelopment value
News release
24 July 2022
Over 80% of shares in property at core residential zone in Kowloon up for sale
HONG KONG, 25 July 2022 – JLL has been appointed as the sole agent for the sale of 83.96% shares of the property at Nos. 16, 16A, 18, 20, 22 and 22A Tak Cheong Lane in Kowloon. The market estimates the property to be worth about HKD $180 million.
Completed in 1965, the property is an eight-storey mixed-use building with site area of 3,688.43 sq ft and saleable area of 18,557 sq ft. Located at the core residential zone in Yau Tsim Mong District, the property offers convenient transportation links with Yau Ma Tei MTR station within three-minutes walking distance.
Zoned as "Residential (A)" under the Yau Ma Tei Outline Zoning Plan No. S/K2/23, the site allows a maximum plot ratio of 7.5 for residential development and a maximum plot ratio of 9.0 for residential cum commercial development. The property will be sold on "as-is" basis and subject to existing tenancies and/ or licences. It could be transacted via partly asset sales and partly equity sale.
Joseph Tsang, Chairman of JLL in Hong Kong, said: "Developers have been actively acquiring old buildings with redevelopment potential, and properties in core areas are the most sought after. The property is located in the core residential area of Kowloon hence we believe the project will attract market interests given its great investment value and rare redevelopment opportunity."
For more information, please contact Ms. Li at 2846-5799.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.