Properties in Quarry Bay sold via public auction

The properties are located on Pan Hoi Street and King’s Road.

A group of properties in Pah Hoi Street and King’s Road in Quarry Bay were sold to Wealth First Limited for $6.31b via public auction.

In a statement, JLL said the property was sold following an order for sale by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance.

The property is composed of an eleven-storey tenement building at Nos. 983-987A King's Road and Nos. 16-22 Pan Hoi Street.

It is also composed of a nine-storey tenement building at Nos. 24-38 Pan Hoi Street and seven pairs of eight-storey tenement buildings at Nos. 40-42 and 44-46 Pan Hoi Street; Nos. 48-50 and 52-54 Pan Hoi Street; Nos. 56-58 and 60-62 Pan Hoi Street; Nos. 64-66 and 68-70 Pan Hoi Street; Nos. 72-74 and 76-78 Pan Hoi Street; Nos. 80-82 and 84-86 Pan Hoi Street; and Nos. 88-90 and 92-94 Pan Hoi Street.

Cynthia Li, senior director of Project Strategy and Consultancy Department at JLL Hong Kong said Quarry Bay “has strong potential for capital appreciation and rental income due to the popularity of the area created by decentralisation in recent years.”

She added that the property could benefit from the increasing property prices and its proximity to the central business district.