June Chen

A redevelopment project in Quarry Bay, once held by Chinese developer Agile group (3383) is up for sale, with the acquisition cost at HK$3.3 billion, according to Savills which was commissioned by the receiver to sell the project.

The project, located at 992 to 998 King's Road and 2 to 16 Mount Parker Road, has a maximum of about 448,000 square feet of gross floor area.

The real estate services company said that upon completion, the project is expected to offer more than 500 residential flats and 190 car parking spaces - and it will attract many homebuyers for personal or investment use as it is located in the urban area of Hong Kong Island - where the supply of new residential properties is scarce. It is also near Taikoo Place.

Meanwhile, an old building at 291-293 Castle Peak Road in Cheung Sha Wan was sold by compulsory auction at a reserve price of HK$120 million to Paliburg (0617) .

Regal REIT (1881) said Paliburg plans to redevelop the old building along with other ones at 301-303 Castle Peak Road.

The merged site area could reach 5,260 sq ft.

As buildings at 301 Castle Peak Road and 303 Castle Peak Road are Grade II historic buildings, the developer is working with the government on the details of their conservation schemes to preserve historic buildings.

In the commercial market, Eco Tree Hotel at 160 Des Voeux Road West will be sold by public tender with an estimated value of HK$588 million, according to CBRE. The hotel is owned by the Ma Ah Muk family.

CBRE said the property is suitable for conversion into student accommodations as the hotel is connected to MTR Sai Ying Pun Station, only one stop away from the University of Hong Kong Station.

In the residential market, a 468-sq-ft flat with two bedrooms and a study in Mount Regency in Tuen Mun was rented by a student from the mainland at HK$18,500 per month, marking a new high in the area for the same type of unit, according to the Midland.

In other news about residential properties, a new project in Ho Man Tin, One Princeton, developed by Excel Billion, released its sales brochure yesterday.

The project offers a total of 80 flats in one building, and the area of two-bedroom units start from 423 sq ft.

The developer said the project will be launched as early as this month.

Agile group's former site in Quarry Bay is up for sale