JLL Appointed as Sole Agent for the Sale of an En-bloc Composite in West Kowloon
HONG KONG, 30 March 2023 – JLL has been appointed as the sole agent for the sale of an en-bloc composite building, Ming Fai Building, No. 56 Yen Chow Street, Sham Shui Po. The Property is estimated to be worth around HKD 180 million.
Located in the corner of Yen Chow Street and Tai Nan Street, the 14-storey composite building was completed in 2001 and is comprised of retail shops on both ground floor and 1st floor, with 24 residential units from 2nd to 13th floor. The Property is to be sold on an "as is" basis with existing tenancies.
The building is just 3 minutes away from Sham Shui Po MTR station and 10 minutes away from Nam Choeng MTR station, offering excellent seamless connection to the rest of the city on Tung Chung line, Tuen Ma line and Tsuen Wan line. On top of the well-established amenities such as Dragon Centre, Golden Computer Arcade and V Walk, it is also surrounded by a wide range of small boutiques, specialty cafes and restaurants.
Lydia Poon, Senior Director of Capital Markets at JLL in Hong Kong, said: “On top of the various large-scale residential redevelopments nearby led by developers such as New World Development, Vanke, and Paliburg, URA is set to commence the district study in Sham Shui Po soon to foster the redevelopment process. With accessibility to both Nam Cheong and Sham Shui Po station, the demand of accommodation in this location from students and office workers is enormous. Despite the reasonable existing rental status, there shall be great potential in rental growth if converting into student housing. Along with the ongoing transformation in the area, I am very optimistic about the price appreciation potential of this investment."
For any enquiries regarding this property, please contact Lydia Poon at 6091-2210 or Edwin Cheng at 6489-2800.
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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.