Cushman & Wakefield Successfully Co-Sell Block 4, Yau Tong Industrial Building More Than 80% of Total Ownerships Sold at HK$580 Million

HONG KONG SAR – Media OutReach – 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.”

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