Savills Hong Kong has been appointed sole agent for the tender sale of a vacant, newly renovated commercial building in Kowloon, complete with retail and F&B spaces.
In How Ming Street, the property has an indicative price of HK$1.38 billion (US$176.8 million).
It is a five-minute walk from Kwun Tong MTR Station, in a developed commercial district with few properties available for sale. The building’s ground floor is for retail shops. An escalator connects to the first floor, suitable for F&B outlets, as are the next three floors. Other types of retail outlets and offices are good fit starting from the fifth floor.
Since the government launched its project to energise Kowloon East, the area has been developing rapidly, says Savills head for Kowloon James Siu. “Property transactions are still very active in the area with the recent acquisition of Maxwell Industrial Building by Law’s Group for $1.39 billion, and LVGEM (China) Real Estate Investment’s purchase of 8 Bay East for a record $9 billion.”
He says How Ming Street is a major thoroughfare in the area with a Holiday Inn Express hotel to open nearby soon. A former bus depot is also being redeveloped.
