Tsim Sha Tsui redevelopment site on Granville Road launched for tender

It could accommodate a project with a gross floor area of up to 148,104 sq. ft.

A 12,342-square-foot (sq. ft.) redevelopment site on Granville Road in Tsim Sha Tsui has been put up for public tender on an "as-is" basis, with bids closing at 12 noon on 16 September.

Based on a maximum plot ratio of 12, the site located at Nos. 61, 63, 65, 67, 69, 71, 73, and 75 Granville Road could accommodate a project with a gross floor area of up to 148,104 sq. ft. The site is suitable for hotel, commercial, or office redevelopment, whilst residential use would require Section 16 approval from the Town Planning Board.

The property comprises eight adjoining five-storey mixed-use buildings with a total saleable area of about 34,000 sq. ft. The portion offered for sale includes six ground-floor retail units and 28 residential units.

JLL, the sole agent appointed by the receivers, said the Commercial (6)-zoned site could be redeveloped without lease modification or payment of a land premium.

The 85% ownership stake offered for sale has reached the statutory threshold required for a compulsory sale application, providing greater certainty for buyers seeking to consolidate ownership and pursue redevelopment.

Located on Granville Road, the property is within walking distance of Mira Place, K11 Art Mall, and The ONE, in the heart of Tsim Sha Tsui's commercial and tourism district.

JLL said the surrounding older walk-up buildings provide scope for site amalgamation, potentially expanding the redevelopment site to more than 30,000 sq. ft.

The site could accommodate around 400 hotel rooms or approximately 800 student bedspaces with a retail podium.

"Only a very limited number of large redevelopment sites of over 10,000 sq ft have been made available in Tsim Sha Tsui's core district over the past few decades," said Lydia Poon, senior director, Capital Markets at JLL.

Poon cited the 2024 sale of the 2,875 sq. ft. en bloc property at 37-39 Carnarvon Road for $420m, representing an accommodation value of $12,174 per sq. ft.