Savills Appointed Sole Agent for the Tender Sale of a Portfolio of Prime Properties of Kiu Fai Mansion
01 August 2023
Kiu Fai Mansion is a landmark building on King's Road in North Point, and the current site of Sunbeam Theatre. The Property represents approximately 77.41% of the undivided shares of the entire building. The ground floor to 5th floor is currently occupied by the theatre and commercial area, while the 6th floor is designated for residential use.
The property is situated in the heart of North Point, in close proximity to Harbour North, the recently completed Hyatt Centric Victoria Harbour Hong Kong, and Novum Point, all newly completed projects. It's only a 1-minute walk to the North Point MTR station, offering the ultimate convenience and quality of life. Additionally, the wide frontage facing both King's Road and Shu Kuk Street, which brings significant advertising benefits to the Property. It stands out in the bustling city and is expected to be redeveloped into a landmark residential or commercial project on Hong Kong Island.
Mr. Jason Wo, Director, Investment of Savills, stated, "The property currently serves as a retail podium with a total gross floor area of approximately 95,000 square feet and has the potential to rebuild to an approximately 140,000 square foot podium mall, which would increase the current building area by nearly 50%.
In addition, the site area of the property is close to 30,000 square feet, which can be developed into a brand new residential or commercial project in the future. With a constant flow of people on King's Road and its rare landmark-style architecture on Hong Kong Island, the property is expected to have unlimited potential for value appreciation in the future. It is believed to attract the attention of investors and major developers.”
Mr. Allan Chan, Senior Associate Director, Investment of Savills, said, "The policy address proposed to lower the threshold for compulsory auction to 70% ownership, thereby accelerating the pace of redevelopment in old district and improving the living environment. It is expected that the property will benefit from the policy change, with the potential to expedite the compulsory auction process and lower the threshold for unified ownership.”
