Residential block in Grampian Road sold via auction

It was sold for $404.25m to Gold Focus Holdings Limited.

A three-storey residential block at Nos. 28A and 28B Grampian Road were sold by public auction to Gold Focus Holdings Limited for $404.25m.

In a statement, JLL said the property over a garage level and served by two common staircases stands at a site area of around 10,070 square feet.

The public auction was in line with the Order for Sale by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance.

"Grampian Road is an upscale low-density residential area which is particularly popular among families due to its location within the prestigious school network of School Net No. 41 in Kowloon City,” said Cynthia Li, Senior Director of Projects Strategy and Consultancy Department at JLL. 

“Given the scarcity of sites in the urban area and persistent appetite for residential land, we believe properties located in the traditional residential areas of Kowloon continue to hold investment value and this transaction was a rare opportunity for developers to invest in this area," Li added.