Tang Shing-bor land pegged for retail tower
Property tycoon Tang Shing-bor has sold a block of land next to Times Square shopping mall for a total of HK$950 million (US$122 million).
Previously the Causeway Bay land housed two buildings, and the sale paves the way for it to be redeveloped into a 34,500sqft (3200sqm) retail tower, reports the Hong Kong Economic Times.
The buyer of the Percival Street site is believed to be Hysan Development, which owns Hysan Place mall and neighbouring Lee Garden properties.
Real-estate intelligence website Mingtiandi says the deal is another sign of Hong Kong’s robust commercial property market and the rising popularity of the “Ginza-style” vertical shopping-mall format.
Dubbed Hong Kong’s “shop king”, Tang had been gradually buying up parts of the two adjacent buildings, culminating with his $250 million purchase last year of the 1100sqft ground-floor Kung Wo Tong tea shop. Before this, the billionaire founder of real-estate investment firm Stan Group had paid more than HK$100 million to acquire full ownership of the neighbouring five-storey building, since demolished.
Market analysts predict the new owner will redevelop the combined site into a retail tower modelled after the high-rise buildings dominated by retail and nightlife offerings in Tokyo’s upscale shopping district Ginza, says Mingtiandi.
Meanwhile, the Percival Street sale marks the third major disposal in less than four months for Tang, who is said to have had property transactions worth a total of $5.9 billion since July.