Savills Appointed as Sole Agent for the Tender Sale of the Retail Podium and Car Park of ALTO RESIDENCES in Tseung Kwan O

The retail component of the property comprises four floors: G/F, 1/F, B2/F and B1/F.  These floors are currently occupied by a variety of prestigious dining and retail establishments, including fitness and yoga centres, pet-friendly restaurants, European restaurants, an international beauty spa centre, and an international kindergarten. This diverse mix of tenants caters to affluent, young consumers who are willing to spend generously.

Furthermore, parking spaces are in high demand in the Tseung Kwan O area. As a result, the parking aspect of the project is an essential amenity for both local residents and visitors from other areas. The presence of reliable parking facilities significantly enhances the property's appeal and it generates a consistent rental income. Currently, it yields a net income of over HK$ 2.9 million per month.

The property is located next to the Tseung Kwan O Waterfront Park, the latest leisure and dining hotspot on the waterfront in the district. It is adjacent to major transportation networks, with only a 5-minute walk to the Tseung Kwan O or Tiu Keng Leng MTR station. The area has a well-rounded lifestyle, including a waterfront promenade, pet park, bicycle path, and jogging track. With the opening of the Tseung Kwan O - Lam Tin Tunnel and Tseung Kwan O Cross Bay Bridge, the above improved facilities not only serve about 410,000 population in the Tseung Kwan O area but also attract customers from outside areas such as Sai Kung, Lam Tin, Kowloon East, and even Hong Kong Island East, creating an immense demand for retail and parking spaces in the area.

Mr. Jason Wo, Director, Investment of Savills commented, "The current occupancy rate of the property is as high as 93%, and the tenant composition is mostly top-tier or well-known international companies. It's one of the few retail bases that focus on high-end sub brands. With the new Immigration Headquarters and Tseung Kwan O Government Office coming into use, coupled with the upcoming 418,000 square feet Tseung Kwan O Central Park, it is expected that the demand for retail and parking spaces in the area will surge in the future. The investment return is very considerable, and it is an opportunity that funds or retail investors cannot miss.”