Property at Rose Street in Yau Yat Chuen sold by public auction
Located at an upscale low-density residential area
HONG KONG, 3 November 2022 – JLL today announced that the building at Nos. 23A, 23B, 24A, 24B, 25A, 25B, 26A, 26B, 27A, 27B, 28, 29A, 29B, 30A, 30B, 31A, 31B, 32, 33A, 33B, 34A and 34B Rose Street in Yau Yat Chuen, 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 afternoon to Bremont Investment Limited for HKD 2.075 billion. JLL was the auctioneer.
The 55-year-old property, which comprises 12 contiguous blocks (i.e. Nos 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33 and 34), is a 3-storey residential building over a single storey carport. Each residential block is served by one common staircase. According to the approved building plans, there are a total of 66 residential units and a total of 66 car parking spaces in the building. The site is zoned as Residential (Group C)7 under Approved Shek Kip Mei Outline Zoning Plan No. S/K4/31 and it has a site area of about 38,960 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 and notices.
Cynthia Li, Senior Director of Projects Strategy and Consultancy Department at JLL, said: "Rose Street in Yau Yat Cheun is an upscale low-density residential area which is particularly popular among investors. The location offers convenient transportation with a 10-minute walk to Kowloon Tong or Shek Kip Mei MTR stations, or a drive to Central within 15 minutes. Given the scarcity of sites in the urban area and persistent appetite for premium residential land, we believe the property's value, as a traditional residential area of Kowloon, will continue to see growth potential. This transaction was a rare opportunity for developers to invest in this area."
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.