A 25,741 sq ft freehold site located along Cuscaden Road will be put up for sale by tender on May 12 by sole marketing agent JLL. Sitting on the site is an old bungalow that was purchased by the late owner in the 1950s, and has been put up for sale by the trustees of the estate.
The site is zoned for hotel development with a gross plot ratio of 4.2 under the 2014 Master Plan. However, URA has indicated that it is prepared to consider a redevelopment proposal into a 20-storey residential tower with commercial space on the first storey.
The last sale of a prime high-rise residential redevelopment site was in December 2012 when Hong Kong’s Swire Properties acquired all 12 units at Hampton Court at Draycott Park in an en bloc deal for $155 million ($2,526 psf per plot ratio), inclusive of development charge.
Two other deals involving sites with hotel development include Thong Sia Building which changed hands last year in a collective sale at a price of $380 million ($2,431 psf on the allowable gross floor area) and the sale of the 308-room Grand Park Orchard Hotel in 2013 for $1.16 billion ($4,640 psf on the existing gross floor area).
As for the site at Cuscaden Road, the seller is expecting offers between $160 million and $170 million, with the tender to close on May 12.
The site at Cuscaden Road