Property at Grampian Road sold by public auction

HONG KONG, 23 September 2022 – JLL today announced that the building at Nos. 28A and 28B Grampian Road, Kowloon (the "Property") was sold by public auction pursuant to an Order for Sale made by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance this morning to Gold Focus Holdings Limited for HKD 404.25 million. JLL was the auctioneer.

The Property is a three-storey residential block over a garage level and is served by two common staircases. The site is zoned as Residential (Group B) under Approved Ma Tau Kok Outline Zoning Plan No. S/K10/28 and it has a site area of about 10,070 sq ft.

The Property was sold partly with vacant possession and partly subject to existing lettings, tenancies and licenses (if any), on an 'as is' basis but subject to the existing building orders.

Cynthia Li, Senior Director of Projects Strategy and Consultancy Department at JLL, said: "Grampian Road is an upscale low-density residential area which is particularly popular among families due to its location within the prestigious school network of School Net No. 41 in Kowloon City. Given the scarcity of sites in the urban area and persistent appetite for residential land, we believe properties located in the traditional residential areas of Kowloon continue to hold investment value and this transaction was a rare opportunity for developers to invest in this area."