Facing over 40,000 sq ft of greenery park with excellent redevelopment value.
News release
29 August 2022
Rare Single-Lot House in Kowloon Tong for Sale
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HONG KONG, 30 August 2022 – JLL has been appointed as the sole agent for the sale of the property at No. 4 Rutland Quadrant in Kowloon Tong. The market estimates the property to worth about HKD 280 million or HKD 45,315 per sq ft.
Completed before 1945, the property is a two-storey house (5,721 sq ft, saleable) with spacious private garden with a site area of 10,298 sq ft. Located at the peaceful, yet prime luxury residential area in Kowloon, the property offers convenient transportation links with Kowloon Tong MTR station and Festival Walk within a few minutes' walking distance.
The site is zoned as "Residential (Group C)1" under Approved Kowloon Tong Outline Zoning Plan No. S/K18/2, and it allows a maximum plot ratio of 0.6 for residential development. The property will be sold on "as-is" basis and with vacant possession.
Raymond Ho, Executive Director of Capital Markets at JLL, said: "Kowloon Tong is a low-density residential area within the prestigious school network of School Net No. 41 in Kowloon City, which is extremely popular amongst parents. The property for sale fronts on Rutland Quadrant Park and has a rare and unobstructed view of the open and permanent landscape. With a site area of over 10,000 square feet, the project is highly flexible and has excellent development potential, which is likely to attract many developers and end-users."
Rex Tam, Senior Director of Capital Markets at JLL, said: "Single-lot houses in Kowloon Tong are precious, and typically held by long-term owners. The adjacent site, No. 5 Rutland Quadrant, with a similar site area and saleable area, was sold in August 2018 at HKD 290 million or HKD 46,956 per square foot for redevelopment. The transaction is a good reference for the sale of this property. It is estimated that the transaction price this time will be of a similar amount."
Please contact Raymond Ho at 9789-3531 or Rex Tam at 9367-6699 for more information about the property.
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 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.