CBRE Appointed As Sole Agent for the Sale of Over 10,000 sq. ft. Three-side Street Front Luxury Residential Redevelopment Site by Expression of Interest

CBRE has been appointed as the Sole Agent for the sale of Approx.. 75% undivided shares of 10 Grampian Road, 9 Junction Road and 49-49A Nga Tsin Wai Road* by expression of interest. The over 10,000 sq. ft. three-side street front site is a Luxury residential redevelopment site suitable for medium-density development. The current property is a building that was completed in 1955. The submission deadline is on 12:00 noon, 16 January 2024 (Tuesday). 

Located in between Kowloon Tong and Kowloon City, the property is surrounded by medium-density luxury residential developments, such as Parc Inverness, The Grampian, Ayton and The Bloomsville. Compounded with the Kai Tak Development Area, the property is well supported by the amenities nearby. Nga Tsin Wai Road / Carpenter Road Redevelopment Scheme and Kai Tak Road / Sa Po Road Redevelopment Scheme by Urban Renewal Authority(URA) are set to bring over 1,000 private housing units into the area, and offering over 2.2 million sq. ft. non-residential spaces, adding vibrancy to the wider Kowloon City area. The URA projects and the new government complex featuring a large amount of greenery and leisure spaces will complement to the Kai Tak Development Area. In addition, it only takes a 6-minute walk from the property to Sung Wong Toi MTR Station and one MTR stop to arrive at the newly completed commercial project AIRSIDE and the upcoming Kai Tak Sports Park. 

The combination of a “Class C” site area with site area totals of approx. 10,370 sq. ft. along with three-side street front. is scarcely available in the private property market in Kowloon.  Under a maximum plot ratio of five times by the Town Planning Board, after redeveloping into a mid-density luxury residential project the maximum plot ratio GFA will be 51,850 sq. ft. approx. High-rise units are expected to enjoy open views of Lion Rock and the lush greenery of Kowloon Tsai Park. The property is also located in School Net 41, with numbers of renowned traditional local schools and international schools, such as La Salle College, Maryknoll Convent School and Yew Chung International School. It is expected that upon completion, the project shall be welcome by middle-class families.

“The amendment bill to the Compulsory Sale Regime was initiated in 2021 by the former Chief Executive Carrie Lam. While the market is looking forward to the bill that will be tabled to the LegCo for discussion by the end of the year, the Chief Executive John Lee also proposed to lower the thresholds for compulsory sale applications to speed up the pace of urban renewal in the latest Policy Address. According to the latest information, the Development Bureau will propose an amendment bill this year, to further lower the thresholds for compulsory sale applications in areas in urgent need for redevelopment, including Wan Chai, Cheung Sha Wan, Ma Tau Kok, Tsuen Wan, Yau Ma Tei, Mong Kok, and Sai Ying Pun and Sheung Wan, a total of seven areas. Under the Outline Zoning Plan the subject property is situated in ‘Ma Tau Kok’ area with a building age of 68 years. Once the LegCo passes the bill to lower the thresholds by the end of this year, the new buyer, after purchasing 75% of the undivided shares of the property, will have met the new requirement of 65% and they shall be entitled to immediately apply for compulsory sale for redevelopment. It is expected that this project will be favored by market investors,” said Joseph Wong, Associate Director, Capital Markets, CBRE Hong Kong.  

For enquiries regarding the property, please contact Joseph Wong, Associate Director (T: +852 9752 4618), Murphy Dik, Associate Director (T: +852 9819 4953); or Wilson Cheung, Assistant Manager (T: +852 9020 9220), Capital Markets, CBRE Hong Kong. 

Remarks: * According to LegCo document dated 22 November 2022, by Development Bureau 
Photos are for reference only

Property Advertising Number: CBRE-CM-ADV4443