International real estate firm Savills has successfully completed the sale of The Quay, Nos. 409 – 411 Chatham Road North, Ho Man Tin (the “Property”) for approximately HKD 144 million.
The Property has a total gross floor area of approximately 17,000 square feet, translating to a price of HK$8,470 per square feet. The Property comprises a 21-storey mixed-use residential and commercial building, with the ground floor and first floor designated for retail/commercial use, while the domestic portion provides a total of 54 residential units.
The Property enjoys a prime location, with Ho Man Tin and To Kwa Wan MTR stations just a 5- to 10-minute walk away, offering excellent connectivity. Situated within the core living district of Hung Hom and adjacent to the well-established Whampoa neighbourhood, the area benefits from a strong population catchment, surrounded by numerous residential developments and student accommodation facilities. Furthermore, the Property is only a 7-minute drive from The Hong Kong Polytechnic University, making it particularly attractive for meeting the growing demand for student housing.
Mr. Jason Wo, Senior Director, Investment of Savills said, “The Property is currently operated as a student accommodation facility under the ‘HEREIN’ brand and is achieving a 100% occupancy rate, underscoring the sustained demand for student housing in areas close to tertiary education institutions.
This transaction enables the purchaser to benefit immediately from a stable rental income stream, with an investment yield approaching 6%, while the residential saleable-area unit rate remains below prevailing market levels. Coupled with its strategic location and established operating model, the asset offers both long-term capital appreciation potential and recurring income, making it a highly attractive investment opportunity.”