Property at the junction of Pan Hoi Street and King's Road in Quarry Bay sold by public auction under Land (Compulsory Sale for Redevelopment) Ordinance
Provides residential development potential
Hong Kong, September 19, 2023 – JLL today announced that the buildings at Nos. 16, 18, 20, 22, 24, 26, 28, 30, 32, 34, 36, 38, 40, 42, 44, 46, 48, 50, 52, 54, 56, 58, 60, 62, 64, 66, 68, 70, 72, 74, 76, 78, 80, 82, 84, 86, 88, 90, 92 & 94 Pan Hoi Street and Nos. 983, 983A, 985, 985A, 987 & 987A King's Road in Quarry Bay (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 morning to Wealth First Limited for HKD 6.31 billion. JLL was the auctioneer.
The Property comprises an eleven-storey tenement building at Nos. 983-987A King's Road and Nos. 16-22 Pan Hoi Street, a nine-storey tenement building at Nos. 24-38 Pan Hoi Street and seven pairs of eight-storey tenement buildings at Nos. 40-42 and 44-46 Pan Hoi Street; Nos. 48-50 and 52-54 Pan Hoi Street; Nos. 56-58 and 60-62 Pan Hoi Street; Nos. 64-66 and 68-70 Pan Hoi Street; Nos. 72-74 and 76-78 Pan Hoi Street; Nos. 80-82 and 84-86 Pan Hoi Street; and Nos. 88-90 and 92-94 Pan Hoi Street.
The eleven-storey building is served by four common staircases with basement permitted for use as stores for non-domestic purpose, ground floor permitted for use as shops for non-domestic purpose and a tenement for domestic purpose and upper floors permitted for use as tenements for domestic purpose.
The nine-storey tenement building is served by four common staircases. The ground floor is permitted for use as shops for non-domestic purpose and tenements for domestic purpose and upper floors are permitted for use as tenements for domestic purpose.
Each pair of the seven pairs of eight-storey tenement buildings is served by two common staircases, with shops at the front portion of the ground floor for non-domestic purpose and "Chinese type apartments" at the rear portion of the ground floor and the upper floors for domestic purpose.
The site is zoned as "Residential (Group A)" under approved Quarry Bay Outline Zoning Plan No. S/H21/28. It has a site area of 43,881 sq ft.
The Property is being sold partly with vacant possession and partly subject to existing lettings, tenancies and licences (if any) and on an 'as is' basis but subject to the existing building orders and notices.
Cynthia Li, Senior Director of Project Strategy and Consultancy Department at JLL in Hong Kong, said: "Quarry Bay has strong potential for capital appreciation and rental income due to the popularity of the area created by decentralisation in recent years. Given the scarcity of supply in the area, the project is likely to benefit from rising property prices in the future. In addition, the area's proximity to the central business district and its modern amenities make it an attractive location for tenants. The size of the site would offer great opportunities for a developer to deliver a large-scale project to meet the demand in the region."
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