Yip Fat Factory Building, No. 77 Hoi Yuen Road, Kowloon, Sold for HK$2.349 Billion through Savills

The Property has a registered site area of approximately 20,000 square feet (1,858.05 square metres) and is situated on the north-western side of Hoi Yuen Road opposite to its junction with Shing Yip Street in Kwun Tong District of Kowloon Peninsula. The Property is a block of 15-storey industrial building. The building was completed in 1978 and is served by three cargo lifts and five common staircases.

The Property falls within an area zoned ““Other Specified Uses (Business)” under Kowloon Planning Area No. 14 (Part) - Approved Kwun Tong (South) Outline Zoning Plan No. S/K14S/24 gazetted on 25^th March 2022.

Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, said, “After the reopening of the borders, the economy has resumed to its normal state. However, the developers are currently taking a wait-and-see approach to determine if the recent boom in the property market can be sustained. As a result, there hasn't been much merger and acquisition activities in the meantime.

Meanwhile, there is a possibility that the proposal of lowering the threshold for compulsory sales may be approved by the end of this year or early next year. If this happens, it could lead to a new round of compulsory sale applications.”