Yong An Plaza Seafront Offices Listed at HK$116M with Tenancies
AM730 · 1 SOURCESabout 1 hour ago2 MIN
Summary
CBRE has been appointed as exclusive agent to sell two seafront office units at Yong An Plaza on Mody Road in Tsim Sha Tsui East. The units on the 3rd and 8th floors are being sold together with existing tenancies for a combined asking price of HK$116 million. The per-square-foot asking price ranges from approximately HK$15,800 to HK$16,000, representing a significant discount from historical transaction prices in the area. The agent views this as a rare opportunity given the scarcity of similar seafront office units in the Tsim Sha Tsui East market.
Key Points
- Unit 305 on the 3rd floor spans 1,749 square feet and overlooks Salisbury Road with unobstructed Victoria Harbour views, priced at HK$28 million
- Units 811-814 on the 8th floor cover 5,544 square feet with partial harbour views, offered at HK$88 million
- CBRE's Senior Manager of Capital Markets Leo Lei notes that seafront offices in Tsim Sha Tsui East rarely come to the market
- The properties are suitable for clinics, beauty centres, educational institutions, and general office use
- Yong An Plaza is located just one minute's walk from MTR East Tsim Sha Tsui Station Exit P1
Why It Matters
The listing reflects ongoing price adjustments in Hong Kong's commercial property sector, with asking prices now substantially lower than previous acquisition costs in the same building or neighbourhood. The existing tenancies provide buyers with immediate rental income, creating a relatively low-risk entry point for investors seeking exposure to the premium Tsim Sha Tsui East office market at a competitive price point.
The listing reflects ongoing price adjustments in Hong Kong's commercial property sector, with asking prices now substantially lower than previous acquisition costs in the same building or neighbourhood. The existing tenancies provide buyers with immediate rental income, creating a relatively low-risk entry point for investors seeking exposure to the premium Tsim Sha Tsui East office market at a competitive price point.