En-bloc industrial property worth $1.08b in Chai Wan up for sale

It can be redeveloped into a mega logistic and data centre.

Asia One Tower, an en-bloc industrial building in Chai Wan, is up for sale with an estimated worth of about $1.08b, JLL said in a statement.

Located at 8 Fung Yip Street, the 13-storey building with a penthouse has a gross area of around 159,593 sq ft. with a site area of 15,392.54 sq ft. The industrial site also allows a maximum development plot ratio of 12. 

If applied for 20% gross floor area expansion, its total would reach around 221,652 sq ft.

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“The property holds significant potential to merge with the two buildings nearby to redevelop into a mega logistic or data centre, and once the China Motor Bus redevelopment project completes, the commercial and transportation facilities will be greatly enhanced, resulting in further appreciation of the properties in the area,” said Raymond Ho, Executive Director of Capital Markets at JLL in Hong Kong.

The location also offers convenient transportation links in various districts and in Kowloon and the New Territories through the Island Eastern Corridor and Chai Wan MTR station. It is also a 20-minute drive away from Kwai Chung Container Terminal and 40 minutes away from the airport and other mainland China transport ports, said JLL.