Ap Lei Chau buildings sold for $157m in public auction: JLL
The sites were sold to Sky Dynamic International Investments Limited.
Two buildings in Ap Lei Chau were sold for $157m through public auction under the land ordinance of Land Tribunal on 29 March 2023, JLL said.
Sky Dynamic International Investments Limited bought the buildings at Nos. 26-28 Ho King Street and No. 2 Ping Lan Street.
JLL said the five-storey building at Ho King Street has a ground floor with two retail shop units for non-domestic use whilst the first to fifth floors are for domestic use.
The other five-storey building at No. 2 Ping Lan Street has a retail shop and one storeroom intended for non-domestic use on the ground floor. Its first to fifth floors housing a unit per floor for domestic use.
“The site is zoned as "Residential (Group A)2" under Draft Aberdeen and Ap Lei Chau Outline Zoning Plan No. S/H15/33. It has a site area of 2,400 sq ft,” according to JLL.
The properties were sold partly with vacant possession and partly subject to existing lettings, tenancies and licences (if any) and on an 'as is' basis but subject to the existing building orders, said JLL.
Cynthia Li, senior director of the project strategy and consultancy department at JLL, said Ho King Street and Ping Lan Street are adjacent to the Ap Lei Chau Waterfront Promenade and have proximity to Lei Tung MTR station and a 15-minute drive from Central.
“We believe that properties in the Southern District, particularly in Ap Lei Chau, will continue to hold investment value given the scarcity of land in the area and the continued appetite for residential land. This was a rare opportunity for the developer to invest in the area," said Li.