Kwai Chung Industrial Building Listed at HK$160M, 60% Below 2017 Value
On.cc · 1 SOURCESabout 1 hour ago2 MIN
Summary
A 10-story industrial building in Kwai Chung has been listed for sale at approximately HK$160 million, with a floor area price under HK$3,000 per square foot. The property at 17-21 Kwai Sai Road offers about 56,700 square feet of gross floor area and is situated a seven-minute walk from Kwai Hing MTR Station. The asking price represents a significant 60% decline from its market value of approximately HK$400 million about seven years ago.
Key Points
- The property spans a site area of approximately 5,700 square feet with total gross floor area of about 56,696 square feet across 10 floors
- The asking price of HK$160 million translates to approximately HK$2,822 per square foot of floor area
- The owner spent nearly HK$10 million on mandatory building inspection and window inspection works along with full renovation last year
- Savills (First Pacific Davis) is handling the sale, with Deputy Managing Director and Kowloon Sales Department Head Siu Siu-san (Alex Siu) as the agent
- Potential uses include mini-warehouse, co-working space, e-commerce logistics, and light industrial operations
Why It Matters
The substantial price reduction reflects the continued weakness in Hong Kong's industrial property market, which has faced challenges from the shift to remote work and e-commerce transformation. For investors and business operators, the property's renovated condition and proximity to MTR infrastructure may present a relatively affordable entry point into Hong Kong's industrial sector compared to seven years ago .
The substantial price reduction reflects the continued weakness in Hong Kong's industrial property market, which has faced challenges from the shift to remote work and e-commerce transformation. For investors and business operators, the property's renovated condition and proximity to MTR infrastructure may present a relatively affordable entry point into Hong Kong's industrial sector compared to seven years ago .