Kowloon properties collectively sold for $2.14b

The transactions showed that developers are keen to buy and redevelop old buildings.

South Crown Development has bought buildings at Whampoa Street and Baker Street in Kowloon for over $2.137b via public auction, according to an announcement by the properties’ auctioneer JLL.

The properties, which occupy a total site area of 19,725 sqft, are expected to provide a total attributable floor area of approximately 177,525 sqft after being redeveloped, said JLL. TThey were sold by public auction under the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance of the Lands Tribunal.

The land lots of the properties are sub-Section 10 of Section A of Hung Hom Marine Lot No.1, Section A of Sub-Section 12 of Section A of Hung Hom Marine Lot No.1, Section B of Sub-Section 12 of Section A of Hung Hom Marine lot No.1, the Remaining Portion of Sub-Section 12 of Section A of Hung Hom Marine Lot No. 1 and Sub-Section 14 of Section A of Hung Hom Marine lot No.1.

“Land shortage is a prominent problem in Hong Kong that is challenging to resolve. The land supply in urban districts continues to grow more limited by the day. Despite the recent softening in market sentiment, developers are likely to remain keen in buying old buildings in urban areas for redevelopment,” said Cynthia Li, senior director of capital markets at JLL.

The site was first announced for public auction on early September.