CBRE Appointed as the Sole Agent for the Sale of the Industrial Site at No. 3 Luk Hop Street, San Po Kong

CBRE has been appointed by the owner as the sole agent to sell the industrial site at No. 3 Luk Hop Street, San Po Kong. Benefiting from the strong demand for student accommodation in recent years, together with its prime location and excellent transport connectivity to multiple tertiary institutions, the site holds significant potential for changing use of land to commercial use, with redevelopment into a hotel and operation as student housing.
 
No. 3 Luk Hop Street is just a five minute walk from Diamond Hill MTR Station, an interchange for the Tuen Ma Line and Kwun Tong Line, with the former connecting directly to the Shatin to Central Link. This provides convenient access to several universities:

• To Hong Kong Polytechnic University : Approx. 12 minutes by Tuen Ma Line to Hung Hom Station
• To City University of Hong Kong & Hong Kong Baptist University : Approx. 7 minutes by Kwun Tong Line to Kowloon Tong Station
• To Hong Kong Metropolitan University : Approx. 10 minutes by Tuen Ma Line to Ho Man Tin Station
• To Hong Kong University of Science and Technology : via bus route 91M

 
San Po Kong has undergone rapid transformation in recent years. With the completion of Kai Chuen Court and the flagship East Kowloon student accommodation building, the local population has grown significantly, driving strong demand for amenities and accelerating the improvement of commercial facilities. Unlike traditional industrial districts in East Kowloon, the area remains vibrant even on weekends, with steady foot traffic. The head section of Tai Yau Street has seen a surge of trendy dining outlets and popular bakery brands, complemented by the newly completed Kai Chuen Shopping Mall, forming a lively commercial hub. No. 3 Luk Hop Street is only steps away from this bustling zone, positioned on a prime street where students’ daily needs for food, housing, and lifestyle can be met within walking distance.
 
The site has an area of approximately 5,700 sq.ft. and is designated for industrial and / or godown use according to the land lease. Benefiting from the policy to revitalize industrial buildings by relaxing the plot ratio, the plot ratio of this site has been approved by the Town Planning Board to be increased by 20%, from 12 times to 14.4 times for a maximum gross floor area of approximately 82,080 sq.ft.. The foundation works of the site has been completed already. A new buyer can immediately apply under the “standard land premium” policy to change the land use for hotel development, enabling rapid redevelopment for student accommodation operations.
 
Joseph Wong, Associate Director, Capital Markets, CBRE Hong Kong, stated: "With the Hong Kong Government’s push to establish the city as an ‘International Education Hub,’ the number of overseas students continues to rise. Student housing projects have become a major focus for investors, making suitable hotel properties increasingly scarce. At the same time, Hong Kong’s economy has been buoyed by mega events and tourism, with average hotel occupancy rebounding sharply to over 90%. We are aware that many hotels are being converted into student accmodation, meaning the actual supply of rooms for tourists is shrinking. Against this backdrop, the rental outlook for hotel properties remains highly positive, further underscoring their strong investment appeal in today’s market.”
 
For any enquiries regarding this property, please contact Reeves Yan, Executive Director and Head of Capital Markets at +852 9463 9892 (E-243218) or Joseph Wong, Associate Director, Capital Markets, CBRE Hong Kong at +852 9752 4618 (E-368256).
 
Property Advertising Number: CBRE-CM-ADV4431