Residential building in Yau Yat Chuen sold for $2.075b via auction

It was sold to Bremont Investment Limited.

A three-storey residential building on Rose Street in Yau Yat Chuen, Kowloon was sold through public auction to Bremont Investment Limited for $2.075b.

In a statement, JLL said the 55-year-old property, sold pursuant to an Order Sale by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance, comprises 12 contiguous blocks from Nos. 23 to 34.

The building, which has a site area of about 38,960 square feet, is situated over a single-storey carport, with each residential block served by one common stair. It also has 66 residential units and car parking spaces.

Cynthia Li, Senior Director of Projects Strategy and Consultancy Department at JLL, said, Rose Street is an “upscale low-residential area” that is popular amongst investors as it offers convenient transportation.

The location is a 10-minute walk to Kowloon Tong or Shek Kip Mei MTR stations, or a 15-minute drive to Central within 15 minutes, she said. 

“Given the scarcity of sites in the urban area and persistent appetite for premium residential land, we believe the property's value, as a traditional residential area of Kowloon, will continue to see growth potential. This transaction was a rare opportunity for developers to invest in this area," Li said.

JLL said the property was sold partly with vacant possession and is partly subject to existing lettings, tenancies and licenses, on an “as is” basis but is also subject to existing orders and notices of the building.