Five industrial buildings on sale for $1.4b: CBRE

Properties are planned to be developed into elderly homes.

Five industrial buildings at Nos. 1, 2, 6, 7, & 9, Hong Ting Road, Sai Kung, New Territories, are being sold via expressions of interest (EOI), CBRE, its sole agent, said.

In a statement, CBRE said the asking price is $1.4b with an average price of approximately $3,655 per square foot. Buyers can opt to buy the whole lot or individual buildings.

The property area is zoned for residential development (Group E) 1. Applications can be filed to the Town Planning Board for residential redevelopment. 

The landlord has previously received approval from the Town Planning Board to develop the subject properties into social welfare facilities (elderly homes), offering 1,127 beds and involving 251,000 sq. ft. 

Those who want to purchase the building may consider paying land premium to redevelop the property into elderly homes.

The submission for the EOI is set until 12 noon on November 16, 2023.

It is located on Hong Ting Road, Sai Kung and adjacent to Hiram's Highway, the portfolio is conveniently located and is only five minutes away from Sai Kung town. 

The five high-specification en-bloc buildings, are either three or four storeys, boast a land area of approx. 129,526 sq. ft., with a gross floor area of 53,138 to 100,583 sq. ft. per building. 

The floor load-bearing and floor height are all of high standard, maximising the variety of uses and flexibility. Buyers can decide on converting the respective building into a cold storage, mini-storage, data centre, or automobile serving facility to enhance asset value.