Wanchai Hysan Building sold for HKD 9.38 million at a price per square foot of HKD 3,126
Centaline (Commercial Shop) stated that a transaction was facilitated for the entire lower floor of the Hoi Sang Building in Wan Chai, which changed hands for approximately HKD 9.38 million, with an average price per square foot as low as about HKD 3,126. The unit is on a lower floor, designated for commercial use, with high versatility, suitable for the catering and service industries.
Fong Kit Ling, Senior Executive Director of the Office Division at Centaline (Commercial Shop), indicated that a recent low-priced transaction was recorded for the Hoi Sang Building located at 107 to 111 Hennessy Road in Wan Chai. The property is on the entire 2nd floor, with a construction area of approximately 3,000 square feet (not verified), changing hands for about HKD 9.38 million, with an average price per square foot of about HKD 3,126, which is a rare low level for the building in recent years. The property is sold on an "as is" basis. It is located in the core area of Wan Chai, close to the MTR Wan Chai Station, with well-developed transportation and pedestrian flow, and received inquiries from multiple potential buyers shortly after being listed.
According to records, the building was completed in 1969 and is an old-style commercial-residential building in the area, providing about 64 units for commercial or mixed-use. There have been few past transactions, making listings rare in the market. The ground to 3rd floors of the Hoi Sang Building are for commercial use, with the latest transaction dating back to January 2023, where a unit on the entire 3rd floor changed hands for about HKD 39 million, with a construction area of approximately 4,688 square feet and an average price per square foot of about HKD 8,319. Compared to the previous transaction, this transaction price is relatively low in the market. Additionally, this unit offers three-phase electricity and water supply, making it suitable not only for traditional office use but also for catering and service industries such as Muay Thai, fitness, beauty, and education
