Property investment firm Winland Group has put two adjoining buildings at 315 and 317–321 Nathan Road in Jordan, as well as the entire 13th floor of Bank of America Tower up for sale through a property agency with a combined market value of more than HK$1.05 billion.
The properties will be sold via public tender, with the closing date set for September 25, according to the property agency.
The Nathan Road properties in Yau Tsim Mong District, valued at about HK$818 million, have a combined gross floor area of over 110,000 square feet, offering potential for large-scale refurbishment or redevelopment. The site is just a one-minute walk from Jordan MTR Station Exit A and is in close proximity to the West Kowloon High-Speed Rail Station, Temple Street Night Market, and several renowned hotels.
A property agent said demand for student accommodation has surged following the government’s policy to develop the city into an international education hub. The recent “Hostels in the City Scheme” has eased regulations to encourage conversions of commercial buildings into student hostels, creating new investment opportunities, the agent added.
“We expect more hotel transactions in the coming months,” the agent said. “Large-scale refurbishment and redevelopment projects along Nathan Road in Yau Tsim Mong are rare, and the offering of No 315 and 317–321 Nathan Road presents strong investment appeal, whether for student accommodation or redevelopment.
The Bank of America Tower property, meanwhile, has a gross floor area of about 13,880 sq ft and is being offered partly tenanted and partly vacant. The indicative price is around HK$236 million, or about HK$17,000 per sq ft, slightly below the building’s historical transaction range of HK$18,000 to HK$21,000 per sq ft, which the agency said makes it attractively priced.
Another agent said the property is located in the core business district of Central and is a rare full-floor Grade A office with panoramic views of Victoria Harbour and the cityscape.
The Grade A office market in Hong Kong has rebounded this year, the agent added.
