Rykadan Capital sells over 85% of first batch of 23 WCH Grade A office units

HONG KONG, 19 April 2023 – 23 Wong Chuk Hang Road (23 WCH), a Grade A office building developed by Rykadan Capital Asset Management, has recently been completed. JLL has been appointed as the sales strategy consultant for the project. The first batch of units were put up for sale earlier this year, and about 85% of the units were sold in the space of a month, realising more than HKD 700 million at a maximum price of HKD 16,300 per sq ft.

23 WCH is conveniently located a short 5 minutes’ walk from MTR Wong Chuk Hang Station. It takes just 8 minutes by rail to MTR Admiralty Station, which connects to the Island Line and East Rail Line, and the property is only 9 minutes and 13 minutes from Central and Tsim Sha Tsui by road, respectively.

Wong Chuk Hang boasts beautiful natural landscapes and a vibrant historical and cultural background. 23 WCH benefits from the thriving urban development of Wong Chuk Hang while remaining closely connected to the neighbouring lush green mountain scape.

The newly completed premium commercial development is 27 storeys high and offers a Grade A office standard with a floor plate ranging from 747 sq ft to 1,327 sq ft, and an extra high floor-to-floor height of 4.75 metres, making the space flexible and suitable for a variety of purposes.

23 WCH was designed by the Jerde Partnership, a leading international architectural firm with over 40 years of experience. The project has won several prestigious design awards for its top aesthetics and conceptual excellence, including first place in the Rethinking The Future Awards for Interior Workplace (Concept), Gold in the APR IID Design Awards, and Gold in the MUSE Design Awards.

Norry Lee, Senior Director of Projects Strategy and Consultancy Department at JLL in Hong Kong, said: "The "Invigorating Island South" initiative has helped transform the Southern District into a new landmark for arts and culture, tourism, historical preservation and residential purposes. Wong Chuk Hang has the geographical advantage of Hong Kong Island and is a key location for the development of the project, evolving into a new key destination for business and tourism on Hong Kong Island. With its prime location, 23 WCH is close to MTR Wong Chuk Hang Station, providing easy access to all business districts in Hong Kong, and has huge potential for value appreciation. The property is a rare investment opportunity for commercial buildings in the area and is believed to be favoured by investors for rental or self-use."

Ken Lee, Assistant Vice President, Investments, Rykadan Capital Asset Management, said: "Wong Chuk Hang has been rapidly evolving since the opening of the South Island Line. The potential of the location has attracted well-off families, seasoned investors and developers alike. They have taken the active role of revitalising and converting existing buildings into modern commercial properties with the completion of a large number of residential units, which are set to further accelerate Wong Chuk Hang's transformation. The project received an overwhelming sales response when it launched in the market. About 55 office units of the 65 units available in the first round of launch were sold and generated over HKD 700 million. The average price of the units sold was about HKD 14,200 per sq ft, with one unit fetching HKD 16,300 per sq ft, which showed the market recognition." 

^{(Left to right) Norry Lee, Senior Director of Projects Strategy and Consultancy Department at JLL in Hong Kong, and Ken Lee, Assistant Vice President, Investments, Rykadan Capital Asset Management.}