HONG KONG SAR - 13 January 2022 - The world's leading real estate services provider, Cushman & Wakefield, having been appointed by the landlord, has successfully co-sold to a buyer more than 80% of the total ownerships of Block 4, Yau Tong Industrial Building, at No. 18 – 20, Sze Shan Street, Yau Tong.
The total purchase price was HK$580 million, equivalent to HK$4,100 per square foot. As more than 80% of the total ownerships of the building have been acquired, the buyer will now unify the property rights through a compulsory sale order prior to redeveloping the building.
The property is located in the Yau Tong integrated mix-use development area. Completed in 1979, it is currently a four-story industrial building. With around 41,800 square feet of site area, the lot has been designated as Residential (Group E). The buyer is expected to redevelop the property into a residential project, with some units enjoying sea views of Yau Tong Bay and Hong Kong East.
Cushman & Wakefield's Associate Director of Capital Markets, Hong Kong, Alfred Kwan, commented, "Yau Tong is undergoing a transformation, with a number of new residential buildings completed, including Maya by Nouvelle, Peninsula East, and Ocean One. A residential site of over 40,000 square feet in Kowloon East, with sea views, is highly exceptional. The completion of this redevelopment project will accelerate Yau Tong's metamorphosis into a high-end residential area."
About Cushman & Wakefield
Cushman & Wakefield is a leading global advisory services firm that delivers exceptional value for real estate occupiers and owners, with approximately 50,000 employees in over 400 offices and 60 countries. In Greater China, a network of 22 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance.
The firm had global revenues of US$7.8 billion in 2020 across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others.
