news

Sale by public tender for building in a prime location in Hong Kong

HONG KONG: No.88 on Stanley Main Street (pictured), Hong Kong has been put up for sale by public tender.

The eye-catching building in blue is located on prime land and has a site area of about 948 sq ft and an existing gross floor area (GFA) of 1,586 sq ft, said its appointed sole agent Colliers International in a press statement on Monday, Oct 4.

The property is zoned as “Residential (Group A) 1”, and has been approved by the Town Planning Board to develop a 10-storey hotel building, with a GFA of not greater than 8,355 sq ft.

Stanley Main Street is a popular getaway destination among locals and tourists, and is easily accessible, said Reeves Yan, manager, investment services at Colliers International Hong Kong.

The property, which also boasts a grand sea view, is to be sold on an “as-is” basis with existing tenancy. It is currently occupied by The Boathouse, a popular pub and restaurant.

“The approved hotel scheme represents a great redevelopment potential of the property. With the existing secured lease to a quality tenant as well as the approved hotel scheme, the property is a valuable opportunity offering potential buyers the options of earning a stable rental income and redevelopment into a brand new building,” said Yan.

The tender will close at noon on October 29, 2010.
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE