8-storey building on Kwa Wan Road, Kowloon sells for $1.071b

New Fortress Investment Limited won the auction.

An eight-storey commercial and residential composite building at Nos.72, 74 and 76 Lok Shan Road and Nos. 72, 72A, 72B, 72C, 74, 74A, 74B, 76, 76A and 76B on Kwa Wan Road in Kowloon got sold for $1.071b.

The property’s auctioneer, JLL, said New Fortress Investment Limited won the public auction.

“The property was sold partly with vacant possession and partly subject to existing lettings, tenancies and licences, if any, and on an 'as is' basis but subject to the existing building orders and notices,” JLL said.

The building’s ground floor has 10 shops for non-domestic use and three tenements for domestic use, whilst its first to seventh floors have 13 tenements per floor for domestic use. 

The property sits at a site zoned as "Residential (Group A)" under draft Ma Tau Kok Outline Zoning Plan No. S/K10/29. It has a site area of 10,287 sq ft.