Savills Appointed as Sole Agent for the Sale of Retail Podium of Inter-Continental Plaza, 94 Granville Road, Tsim Sha Tsui

The Property is situated in the heart of Tsim Sha Tsui and is surrounded by the Tsim Sha Tsui and Tsim Sha Tsui East waterfront commercial districts, with a range of high-end commercial buildings and five-star hotels in the vicinity. Its proximity to three railway lines, with walking distance to Tsim Sha Tsui, Tsim Sha Tsui East, and Hung Hom stations, makes it easily accessible. The West Kowloon High-Speed Rail Station is just one stop away.

The Property represents over 50% of the undivided share of the Inter-Continental Plaza,with the owner of the Property having absolute autonomy to change the layout and usage of the 7 levels each floor ranging from approximately 10,316 to 14,477 square feet of gross area. The owner has invested over HK$230 million in renovations between 2017 and 2020, resulting in a fully refurbished and highly specified property that is comparable to a new building.  Brand new bullet observation lifts have been installed to supplement central lifts and internal staircases to enhance vertical access. Additionally, the full glass curtain walls are complemented by 3 large LED advertising walls and 6 signages, which brings significant advertising benefits to the Property.

"Due to its prime location, the Property is expected to generate high interest from major domestic and international corporations, long-term investors in Hong Kong, and international private equity funds," said Mr. Peter Yuen, Managing Director, Investment of Savills. "Before the pandemic, the Property had an indicative price of HK$2.7 billion, and the current estimated market value is between HK$1.68 billion and HK$1.92 billion, making it an attractive investment opportunity.”

Mr. Allan Chan, Senior Associate Director, Investment of Savills stated, "The Tsim Sha Tsui waterfront commercial district has undergone significant development in recent years, with the addition of many large commercial development projects, such as H Zentre, a super-prime commercial building at 15 Middle Road developed by Henderson Land Development and the Victoria Dockside project by New World Development. This demonstrates that major Hong Kong developers have confidence in the long-term development of Tsim Sha Tsui."