International real estate firm Savills is appointed as the sole agent by order of the owner for the sale of 64.5% shares of 206 – 208 Prince Edward Road West ("The Property"). The Property will be sold as-is, with existing tenancies.
The Property is a 15-storey commercial and residential building, with shop on the ground floor and residential units on the 1st to 14th floors. The portion of the Property being offered for sale comprises gross floor area of approximately 2,313 square feet for the commercial portion and approximately 13,871 square feet of saleable area for the residential portion.
The Property is situated in a prime location at The Flower Market along Prince Edward Road West. It is adjacent to the large shopping center "MOKO" and the prestigious Royal Plaza Hotel. The Prince Edward and Mong Kok East MTR stations are just a short walk away, providing convenient access to transportation.
Mr. Raymond Wan, Chief Senior Director, Investment of Savills, stated, “The Property is being offered for sale for the first time at the owner's instruction. The current valuation of the Property is approximately HK$160 million. The residential portion has an estimated unit price of just over HK$6,000 per square foot, providing an attractive entry point for buyers.
Buyers may consider renovating the Property into a hostel or co-living space, which could capitalize on the increased rental demand in the residential market driven by initiatives such as the "Top Talent Pass Scheme" and the expansion of university quotas for non-local students, as highlighted in the Policy Address. If renovated, the Property could potentially yield a return of over 7%.”
Mr. Billy Chan, Senior Manager, Kowloon Commercial Sales of Savills, said, “The site being offered for sale is located on a major thoroughfare in the Flower Market area, with a stable tenant base. The area is set to benefit from the Urban Renewal Authority's Sai Yee Street and Flower Market Road development plan, which will significantly reduce the number of retail spaces, thereby supporting the value of the Property's retail unit.
Furthermore, the approximately 1.5 million square feet landmark project being developed by Sun Hung Kai Properties on Sai Yee Street is expected to substantially stimulate demand for both retail and residential units in the area upon completion.
Backed by the ongoing development and upgrading of the neighborhood, which will enhance the local environment and bring new vibrancy to the area, this investment opportunity should not be missed by investors.”