Hotel COZi Harbour View in Kowloon East on sale for over $3.1b
The 19,000-square feet property has 598 rooms.
The Hotel COZi Harbour View in Kowloon East has been released for sale and is estimated to be worth over $3.1b, global real estate services firm, JLL, said.
JLL, in a statement, said it was also appointed as the sole agent of sale of ownership of the 32-storey hotel, which was completed in 2007. The 19,000-square feet property is located at 163 Wai Yip Street in Kwun Tong and is a rare large-scale hotel in the district with 598 rooms.
The hotel is located on the main road of Hong Kong’s second core business district (CBD2), which is near to Ngau Tau Kok and Kwun Tong Mass Transit Railway stations, connecting it to two major business districts of Kowloon East and Hong Kong Island East.
It is within the vicinity of Grade A commercial buildings and the travel time to Hong Kong Island by car is within 20 minutes.
Oscar Chan, who leads capital markets in JLL Hong Kong, said young professionals are demanding co-living space in CBD2 because of insurance firms and commercial banks establishing large offices in the district.
"The demand for commercial space and residential apartments in CBD2 has been growing rapidly in recent years. Major commercial banks and multinational insurance firms, including Manulife, Prudential, Nike and Farfetch, have moved in and set up large scale offices in the district,” said Chan.
The Kai Tak Development in CBD2 will also generate commercial activities and business travellers that will benefit hotels in Kowloon East.