Sun Chun Street property in Tai Hang sold for $588.7m: JLL

The property was sold through public auction.

The Sun Chun Street property in Tai Hang was sold through a public auction under land ordinance for $588.7m, real estate firm and property auctioneer, JLL, said.

JLL further said, the properties at Nos. 17 & 17A, 18, 19, 21, 22, 23, 24 and 25 Sun Chun Street in Tai Hang were sold to Smart Host Limited.

It is zoned as residential under approved Causeway Bay Outline Zoning Plan and it has a site area of about 4,497 square feet.

Cynthia Li, senior director of projects strategy and consultancy department at JLL, said the location of the property is a concentration of low-density and high-end apartments, as well as expensive residences.

It is also within reach of schools and a five to 10-minute drive from Causeway Bay and Wanchai.

"It is expected that the project will be popular among families after redevelopment, and we believe that residential properties with redevelopment potential in Tai Hang will continue to be highly sought after by developers," said Li.