Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) is pleased to announce it has been appointed as sole agent by the landlord to sell a basket of properties in Kwun Tong. The assets are to be sold on an “as-is” basis with partial vacant possession and partial with existing tenancies.

[Property 1]: Camelpaint Centre at 1 Hing Yip Street (en-bloc) - Located at the junction of Hoi Yuen Road and Hing Yip Street, the seven-storey property comes with a wide frontage and offers a total gross floor area of around 85,116 sq. ft.. The ground floor and the first floor are used for restaurants, while the second to the sixth floors are office units.  The floor area ranges from 11,536 sq. ft. to 13,168 sq. ft. with a ceiling height of approximately 3.35 metres to 4.27 metres.

[Property 2]: Block 1, Block 2 and Block 3 of Camelpaint Building at 60-62 Hoi Yuen Road (shops on the ground floor and cockloft) - The property is located on the bustling Hoi Yuen Road and provides a total saleable area of approximately 21,195 sq. ft., which some units are available for sale separately. The saleable area of the unit ranges from 1,192 sq. ft  to 3,057 sq. ft. and the ceiling height is about 2.6 metres to 4.7 metres.

En-bloc commercial buildings and retail assets drive market recovery as border fully reopens

Thomas Chak, Co-head of Capital Market & Investment Services, Colliers | Hong Kong, said: “In recent years, en-bloc commercial and office buildings have been sought after by investors, with numerous big-ticket deals closed from last year until now. Examples include KOHO on 73-75 Hung To Road in Kwun Tong sold to an international fund house for HK$1.7 billion in February this year, Goldin Financial Global Centre acquired by Mapletree Investments at HK$5.6 billion in December last year, and 83 Wing Hong Street in Cheung Sha Wan purchased by a Singapore fund at HK$3.08 billion in September 2022. These transactions show strong investor appetite for en-bloc commercial and office properties in the market.

The basket of commercial and retail properties to be sold consists of Camelpaint Centre (Property 1) and Shops in Camelpaint Buildings (Property 2), all located in a core area in Kwun Tong on Hoi Yuen Road with a high pedestrian flow and only a few minutes’ walk from Kwun Tong MTR Station. In April this year, the en-bloc Camelpaint Centre was approved to be converted for retail use. Featuring a wide frontage, it is a rare en-bloc asset for sale in the area and if transformed into a Ginza-style retail tower, it will surely become another landmark to visit . For the multiple retail units in the Camelpaint Buildings, most of which are ground-floor shops and one shop with a cockloft. Buyers can enjoy a stable rental income return from the properties.

Following the full reopening of border and the axing of the mask mandate in Hong Kong, the rebound of inbound tourism continues to boost retail sales. Some retail segments had witnessed a 20% to 60% growth in the first quarter, with the upward momentum spurring leasing activities of large retail space in core districts recently. Retailers’ expansion reflects their growing confidence as the city welcomes back more and more tourists and coupled with rental adjustment, some opt for larger spaces. Colliers predicts that annual rental rate for stores in core retail districts will see a year-on-year growth of 8%.

Thanks to the revitalisation scheme initiated by the government and the launch of various redevelopment projects, Kwun Tong is transforming from an industrial centre into a commercial hub. Investors have always had their eye on assets in Kwun Tong and the completion of numerous redevelopment projects and new commercial assets has given a positive boost to property prices in the neighbourhood. The assets for sale can be acquired collectively or separately, and are expected to attract robust interest from Hong Kong and Chinese developers as well as multinationals.”

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.