Savills Appointed as Sole Agent for the Sale of a Portfolio of Prime Shops of COS Centre, Kwun Tong

Kwun Tong used to be a traditional industrial area, but in recent years, the pace of redevelopment in the area has accelerated, making it one of the major sources of supply for commercial buildings. Among them, the former KMB bus factory site on How Ming Street, which is being redeveloped by Sun Hung Kai and Kerry Properties, is expected to be transformed into two commercial buildings and a shopping mall, scheduled to open at the end of 2024, providing approximately 1.15 million square feet of commercial space. This part of Kwun Tong is undergoing a quiet transformation, presenting a refreshing change from its previous dilapidated appearance.

Ms. Sharon Fong, Senior Director, Investment of Savills, stated, "Kwun Tong district has developed rapidly in recent years. The ground-floor restaurant at Unit A of 60 Tsun Yip Street, with a gross floor area of 2,047 square feet, was sold for HK$36 million in April last year, with a transaction price per square foot of HK$17,587. In addition, the Hong Kong government also purchased Shop B on the 1st floor of the same building in May this year, with a gross floor area of approximately 4,229 square feet, at a transaction price of HK$46 million, with a price per square foot of HK$10,877, reflecting the government's choice of the location as a base. The property for sale is attractively priced and should not be missed by investors."