JLL and CBRE have been appointed as the joint sole agent for the sale of the Commercial Accommodation with 11 Commercial Parking Spaces and 2 Commercial Motor Cycle Parking Spaces of ONE SOHO, No. 32B Shantung Street, Mong Kok (the “Subject Property”) by public tender. The submission deadline will be at 12:00 noon, 15 November 2023 (Wednesday). The estimated transaction price of the Subject Property would be approx. HK$400 million.

The Subject Property, the Commercial Accommodation of ONE SOHO with 11 Commercial Parking Spaces and 2 Commercial Motor Cycle Parking Spaces, is solely owned by the Urban Renewal Authority and located at No. 32B Shantung Street, in the heart of Mong Kok and within walking distance to the landmark complex of Langham Place and Cordis Hotel. The Subject Property is approx. three-minute walk from Mong Kok MTR Station, with frontage along Reclamation Street, Soy Street and Shantung Street, and features eye-catching exterior walls that enjoy exceptional branding exposure. The Subject Property has a total GFA of approx. 22,449 sq. ft. with shops spanning across G/F, 1/F and Basement 1 Floor, providing at least 14 retail shops sized between 218 and 2,263 sq. ft. Ample parking space is also provided with 11 Commercial Parking Spaces and 2 Commercial Motor Cycle Parking Spaces located on Basement 2 Floor. The commercial loading and unloading area are located on Basement 1 Floor with 3 Commercial Loading and Unloading Spaces. (Note: For the avoidance of doubt, the commercial loading and unloading area and the Commercial Loading and Unloading Spaces do not form part of the Subject Property.) The Subject Property boasts high ceiling heights with G/F and 1/F both at approx. 5 meters each floor, and Basement 1 Floor at approx. 4.48 meters.

ONE SOHO Commercial Accommodation is designed by the internationally renowned architectural firm Höweler + Yoon. The property features exquisite design, high-quality materials, extensive greenery, and a distinctive signage design, with the smart use of large glass panels that welcome in an abundance of natural light, creating a new architectural landmark that stands out from the rest.

The domestic portion of ONE SOHO consists of 322 residential units and the residents, who are expected to be mostly young families or professionals, have recently started to move in. This influx of residents is anticipated to provide immediate and high consumption power that will directly benefit the Subject Property. In addition to serving the residents of ONE SOHO, the Subject Property is expected to capture consumer demand from local residents and international tourists that visit Mong Kok.

Eunice Tang, Executive Director, Capital Market, JLL said: "The retail podium of ONE SOHO is one of the few high-quality commercial properties in the core urban district to come on the market in recent years. While there has been an increase in the availability of neighbourhood commercial properties and malls for sale in residential areas, the same cannot be said for the core district, making this sale opportunity extremely rare. As a result, this tender process is expected to attract a wide range of investors. The well-designed shopping mall is greenery filled and has lots of natural daylight, which turned the space into a soothing oasis. Also, there are 11 commercial car parking spaces in the shopping mall are installed with electric vehicle charging facilities to meet the increasing demand. I believe the shopping mall will attract various retailers to move in after launching for lease”.

Frederick Lai, Senior Director, Capital Markets, CBRE Hong Kong said: "The commercial accommodation of ONE SOHO provides 22,449 sq. ft. of new retail space in Mong Kok, a district known for its extremely high population density and being one of the busiest commercial, retail and entertainment districts in the world. As there has been no brand-new retail podiums available for sale in core ​​Mong Kok for a number of years, the Commercial Accommodation of ONE SOHO is an opportunity that investors should not miss. We expect keen interest from both investors and occupiers”.

Note: For the avoidance of doubt, this marketing material does not purport to promote the sale of any residential properties in the development of ONE SOHO.