Bridgeway Prime Shop Fund and Owl Square Co-living acquired the properties.
Six retail shops and nine residential units at Kin Sun Building, Nos. 11-19 Yen Chow Street in West Kowloon were sold separately to two buyers for a total consideration of $100m, its marketing agent, JLL announced.
Bridgeway Prime Shop Fund acquired the retail shops for $70m, whilst Owl Square Co-living Founder Max Poon and AL Group Limited Chairman Laurence Chan got a hold of the residential units.
“All these six connecting corner shops with wide frontages are very rare in the area. With numerous residential redevelopment projects nearby, I am very optimistic about the price appreciation potential of this investment,” Edwin Lee, founder of Bridgeway Prime Shop Fund, said.
Accordion to Lee, the shops provide a passing yield of 3% and could achieve a yield of 5% when projects nearby the properties are completed.
Poon, for his part, said he will transform the nine residential units into “high quality and affordable living options for young professionals.”