A small shop in Tsim Sha Tsui has been sold for HK$100 million, a high-value transaction that has rarely been seen in recent years.

The sale comes at a time when more mainlanders are expected to flock to the city to shop as well as scout for property now that the border has fully reopened.

The property is on the ground floor of Majestic House, No 80 Nathan Road.

The 300-square-foot shop was sold for about HK$330,000 per sq ft to CLC Land. It is located opposite Exit B1 of Tsim Sha Tsui Station and the Park Lane shopping boulevard.

The property is currently leased to a camera store for HK$300,000 a month.

Meanwhile, in the residential market, Wheelock Properties' Koko Rosso in Lam Tin is expected to launch the first round of sales Friday after 156 units in the first two price lists were 22 times oversubscribed with 3,500 checks.

Koko Rosso unveiled its second price list yesterday for 68 flats with the cheapest priced at HK$5.77 million.

Minmetals Land (0230) also disclosed the fourth price list Montego Bay in Yau Tong, which includes 69 units at an average price of HK$21,471 per sq ft after discounts.

In Happy Valley, Kerry Properties (0683) put the first batch of 10 units of The Aster up for sale, with prices starting at HK$17.93 million after discounts.

And Sun Hung Kai Properties (0016) plans to reveal the first price list of Phase 2B of Novo Land in Tuen Mun today and offer no less than 146 units.

In other news, Stewart Leung Chi-kin, the chairman of the Real Estate Developers Association of Hong Kong and Wheelock Properties, said the government should remove stamp duties in its new budget due tomorrow, adding that "the Earth will not stop spinning" if the duties are scrapped.

The shop is located in Majestic House. SING TAO

TST shop sold for a lofty $100m