Property at Nos. 72 to 76 Lok Shan Road and Nos. 72 to 76B To Kwa Wan Road in Kowloon sold by public auction under Land (Compulsory Sale for Redevelopment) Ordinance
Hong Kong, June 8, 2023 – JLL today announced that the building at Nos.72, 74 and 76 Lok Shan Road and Nos. 72, 72A, 72B, 72C, 74, 74A, 74B, 76, 76A and 76B To Kwa Wan Road in 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 morning to New Fortress Investment Limited for HKD1.071 billion. JLL was the auctioneer.
The Property is an eight-storey commercial and residential composite building served by four common staircases. The ground floor has 10 shops for non-domestic use and 3 tenements for domestic use. The first to seventh floors have 13 tenements per floor for domestic use. The site is zoned as "Residential (Group A)" under draft Ma Tau Kok Outline Zoning Plan No. S/K10/29. It has a site area of 10,287 sq ft.
The Property was 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: “To Kwa Wan is one of the popular destinations for developers to acquire old buildings as they could gain extra gross floor area from the redevelopment and with the commencement of the MTR Tuen Ma Line, the high connectivity has made the location even more attractive to developers."
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