International real estate firm Savills has successfully completed the sale of No. 15 Un Chau Street, Kowloon ("The Property"). The Property, with a total gross area of approximately 4,443 square feet, was sold with existing tenancies, with the transaction price amounting to approximately HKD25.5 million.
The Property is a five-storey composite residential-commercial building comprising a ground-floor shop and cockloft, together with residential units on the first to third floors. The ground-floor shop and cockloft have a combined gross area of approximately 1,424 square feet, while the residential portion has a saleable area of approximately 832 to 867 square feet per floor. The building also features an independent staircase and a rooftop.
The Property is located in the traditional core area of Sham Shui Po, occupying a prominent corner site at the junction of Un Chau Street and Nam Cheong Street. Surrounded by a wide range of community amenities and commercial establishments, the area enjoys vibrant business activity and strong pedestrian traffic. The Property is also conveniently situated just a few minutes' walk from Sham Shui Po Station and Shek Kip Mei Station on the MTR network, providing excellent connectivity to Kowloon and Hong Kong’s key business districts.
Mr. Thomas Ng, Senior Manager of Investment at Savills Hong Kong said, “This transaction reflects a structural shift in the market for whole-block residential and composite buildings. Since the implementation of the ‘Basic Housing Units Ordinance’, we have received increasing enquiries from owners of entire tenement buildings. Faced with new registration and compliance requirements, some long-term owners are considering disposal opportunities. Meanwhile, many buyers have operational expertise and are willing to invest in upgrading older buildings, enhancing both asset value and building longevity. We expect strong demand for this type of property to continue over the next one to two years, with transaction activity remaining active.”