International real estate firm Savills is appointed as the sole agent by order of the receiver for the sale of the residential side at 992-998 King's Road & 2-16 Mount Parker Road ("The Site"). The site area is approximately 50,000 square feet, with a maximum buildable gross floor area of approximately 448,000 square feet. The expression of interest submission deadline is scheduled at 12:00 noon on 27 September 2024 (Friday).
The Site enjoys a prime location, being adjacent to the approximately 7 million square feet of Grade-A office buildings in Taikoo Place, as well as Cityplaza and Kornhill Plaza, providing comprehensive lifestyle amenities. It is only a 5-7-minute walk to Quarry Bay and Taikoo MTR stations, offering the convenience of two nearby stations. Additionally, the site backs onto scenic hills, and the future development is expected to offer both greenery views and panoramic city vistas, creating an overall environment that is vibrant yet tranquil.
Mr. Raymond Wan, Chief Senior Director, Investment of Savills, stated, “The Site has completed the compulsory sale and site amalgamation procedures. The first phase of site formation has also been completed, and the Lands Department has already issued the Basic Term Offer. Buyers will not need to worry about complex planning and land grant processes, as they can seamlessly proceed with the subsequent development upon acquisition of the site.”
Mr. Tommy Chan, Senior Director, Investment of Savills, said, “The acquisition costs of Agile for the site was around HK$3.3 billion. Upon completion, the project is expected to provide over 500 residential units and more than 190 car parking spaces. With scarce new residential supply in the urban areas of Hong Kong Island, coupled with its proximity to Taikoo Place, the development is expected to appeal to both owner-occupiers and investors, offering promising returns that investors should not miss out on.”