M1 North Point Hotel sells for HK$183 mn

The M1 North Point Hotel sold for HK$183 million. The property has a gross floor area of ​​approximately 30,244 square feet, at a price of HK$6,051 per sq ft, and offers a total of 92 guest rooms.

North Point has become a prime location for high-quality student accommodation and long-term rental apartments, with its convenient connections to major central business districts and numerous tertiary institutions.

The CBRE facilitated the transaction. 

As the government promotes Hong Kong as an international hub for post-secondary education, it is attracting a large influx of overseas and mainland students. 

Daniel Mok, senior director, capital markets, CBRE, stated that demand for high-quality student accommodation, serviced apartments, and boutique hotels remains strong.

Coupled with the robust recovery of the tourism industry, it attracted bids from various buyers for the M1 Hotel.

Mok believes that the project is expected to open for pre-rental and occupancy by the next semester with a brand-new look.

The seller noted that the ideal transaction price demonstrates the scarcity of quality hotels.