Kowloon site put up for tender at 35pc discount

Melody Chen

A residential site in Kowloon City is being sold by public tender with an estimated value of around HK$195 million, down 35 percent from its 2022 valuation, joint sole agents Colliers and CBRE said.

It was previously tendered in mid-2022 with a market valuation of about HK$300 million.

The site at 93 and 95 Hau Wong Road is around 3,042 square feet and offers a gross floor area of about 27,378 sq ft, translating to a value of around HK$7,123 per sq ft.

It is near the Kai Tak Development Area, suggesting significant future property appreciation potential, said Thomas Chak, head of capital market and investment services at Colliers.

The site is potentially suitable for a boutique mixed-use residential project.

The tender will close on March 18.

The site is a five-minute walk from Sung Wong Toi MTR station on the Tuen Ma Line and near a redevelopment by the Urban Renewal Authority - the Nga Tsin Wai Road/Carpenter Road Development Scheme.

The URA had proposed to offer HK$14,599 per sq ft to eligible property owners of the scheme plan last year.

In other news, Kowloon Development (0034) and Henderson Land Development (0012) secured full ownership of a Tai Kok Tsui building for HK$286 million through a forced auction yesterday.

The six-story building at 24-30 Fuk Chak Street, completed in 1964, has four shops on the ground floor and residential units above.

The site has the potential to be redeveloped into a 25-story building offering approximately 92 residential units, according to estimates.