International real estate firm Savills has successfully completed the sale of three distressed properties on behalf of a bank and a receiver. The portfolio includes Shop H on G/F, Ming Sau Building, Nos.91A – 91H Chun Yeung Street, North Point; Shop L19 & L20 on G/F, Grandeur Terrace Shopping Centre, No.88 Tin Shui Road, Tin Shui Wai ; and Factory Unit E, 14/F of Block A, Marvel Industrial Building, Nos. 25 – 31 Kwai Fung Crescent, Kwai Chung. All properties were sold on an “as-is” basis with vacant possession, with a total transaction price of approximately HKD 56.64 million.
The two wet market shop units located at Chun Yeung Street in North Point and Grandeur Terrace Shopping Centre in Tin Shui Wai have gross areas of approximately 1,200 square feet* and 710 square feet* respectively. Both are situated within established residential neighbourhoods with high population density and strong pedestrian flow. As for Unit E, 14/F of Block A, Marvel Industrial Building, it has a gross area of approximately 2,430 square feet*. The property is in close proximity to Kwai Fong MTR Station, Metroplaza, and Kwai Chung Plaza, offering convenient transportation access and comprehensive nearby amenities.
Mr. Thomas Ng, Senior Manager, Investment of Savills said, “Following our earlier successes in assisting banks and receivers in disposing of the retail podiums at Tai Wah House, Nos. 90 – 94 Prince Edward Road West and No. 36 Wai Ching Street, Jordan, our firm has once again facilitated the successful sale of a portfolio retail distressed properties.
Upon completion, we swiftly supported the buyer of the wet market shops in securing new tenants, enabling an immediate rental yield of approximately 6%. These neighbourhood retail market shops benefit from steady daily footfall and rarely remain vacant. Their strong defensive characteristics continue to attract investors seeking stable income, and we anticipate that such livelihood-driven retail assets will continue to dominate transaction activity in the near term.”
*not yet verified; for reference only.