Property investment firm Winland Group has put two adjoining buildings at 315 and 317–321 Nathan Road in Jordan, as well as the entire 13th floor of Bank of America Tower, up for sale through CBRE – with a combined market value of more than HK$1.05 billion.
The properties will be sold via public tender, with the closing date set for September 25, according to real estate services provider CBRE.
The Nathan Road properties in Yau Tsim Mong District, valued at about HK$818 million, have a combined gross floor area of over 110,000 square feet, offering potential for large-scale refurbishment or redevelopment. The site is just a one-minute walk from Jordan MTR Station Exit A and is in close proximity to the West Kowloon High-Speed Rail Station, Temple Street Night Market, and several renowned hotels.
Sam Mock, executive director of capital markets at CBRE Hong Kong, said demand for student accommodation has surged following the government’s policy to develop the city into an international education hub. The recent “Hostels in the City Scheme” has eased regulations to encourage conversions of commercial buildings into student hostels, creating new investment opportunities, he added.
“We expect more hotel transactions in the coming months,” Mock said. “Large-scale refurbishment and redevelopment projects along Nathan Road in Yau Tsim Mong are rare, and the offering of No 315 and 317–321 Nathan Road presents strong investment appeal, whether for student accommodation or redevelopment.”
The Bank of America Tower property, meanwhile, has a gross floor area of about 13,880 sq ft and is being offered partly tenanted and partly vacant. The indicative price is around HK$236 million, or about HK$17,000 per sq ft, slightly below the building’s historical transaction range of HK$18,000 to HK$21,000 per sq ft, which CBRE said makes it attractively priced.
Zac Wong, senior director of capital markets at CBRE Hong Kong, said the property is located in the core business district of Central and is a rare full-floor Grade A office with panoramic views of Victoria Harbour and the cityscape.
The Grade A office market in Hong Kong has rebounded this year, Wong added.
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