Rare Industrial En-block in Chai Wan Up for Sale
Great potential to merge with buildings nearby and redevelop into a mega logistic centre or data centre
HONG KONG, 13 September 2022 – JLL has been appointed as the sole agent for the sale of Asia One Tower at 8 Fung Yip Street in Chai Wan, the en-bloc industrial building in the district available for sale. The market estimates the property to be worth about HKD 1.08 billion.
Completed in 1982, Asia One Tower is a 13-storey building with a penthouse occupying an approved gross area of approximately 159,593 sq ft with a site area of 15,392.52 sq ft. There are car parking spaces and a loading bay area on the G/F and the remaining floors are for godown or industrial uses.
According to the Chai Wan Outline Zoning Plan S/H20/25, the site is zoned as "Industrial" and allows a maximum development plot ratio of 12. If the applicant applied to add an extra 20% of GFA, the site could yield a total gross floor area of approximately 221,652 sq ft.
Located at a traditional industrial zone in Chai Wan, the property offers convenient transportation links to various districts on Hong Kong Island, as well as in Kowloon and the New Territories, via the Island Eastern Corridor and Chai Wan MTR station. Kwai Chung Container Terminal a short 20-minute drive away and drive time to the airport and various mainland China transport ports is a mere 40 minutes, showcasing the one hour living circle in the Greater Bay Area. In addition, the property is adjacent to the China Motor Bus redevelopment project, which has enormous development potential.
Raymond Ho, Executive Director of Capital Markets at JLL in Hong Kong, said: "Properties in Hong Kong Island usually hold high redevelopment and investment value but are relatively rare in the market. It is particularly rare to see an en-block industrial building with good accessibility and near the major redevelopment project up for sale, and it is also one of the few industrial buildings in Chai Wan on the market. It is suitable to develop the logistic centre, warehouse, and mini-storage. The property holds significant potential to merge with the two buildings nearby to redevelop into a mega logistic centre or data centre, and once the China Motor Bus redevelopment project completes, the commercial and transportation facilities will be greatly enhanced, resulting in further appreciation of the properties in the area. We believe this property would be a desirable option for developers and investors looking for quality investment or redevelopment opportunities."
Please contact Mr. Ho at 9789-3531 or Mr. Tam at 9198-3529 for more information about the property.
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