Press Release
CBRE Appointed As the Sole Agent for the Sale of MK Stay by Expression of Interest (EOI)
September 16, 2024
Media Contact
Christine Tai
Associate Director, Marketing & Communications, Hong Kong
CBRE has been appointed as the exclusive agent for the sale of MK Stay at 11 Changsha Street, Mong Kok by expression of interest (“EOI”). The EOI closing date is Wednesday, October 9, 2024.
MK Stay boasts a prime location, with just one street away from Nathan Road, which is one of Hong Kong’s most famous and bustling streets. Situated in the traditional prime area of Mong Kok, it offers easy access for tourists to several iconic attractions, such as the Ladies’ Market, Langham Place, the former Yau Ma Tei Police Station, Yau Ma Tei Theatre, and the Film Center, which are popular social media check-in spots. MK Stay is also close to several 24-hour cross-border bus stops, providing convenient round-the-clock travel between Hong Kong and various regions in the Guangdong Province for mainland visitors. Additionally, MK Stay is only a few minutes’ drive from the West Kowloon Cultural District and the West Kowloon High-Speed Rail Station, further enhancing its investment appeal.
MK Stay is a 19-storey guesthouse, with a total gross floor area of approximately 26,140 square feet. It offers 101 guest rooms, well equipped with an outdoor sky garden which provides a wide and open view. The Property also overlooks the bustling cityscape and a public greenery space nearby.
Daniel Mok, Senior Director of Capital Markets at CBRE Hong Kong, stated: “The biggest highlight of this project is its excellent location. The current hotel/guesthouse supply in the market is continuously short due to the increasing demand for student accommodations and talent apartments. In the past two years, many new buyers have converted existing hotel/guesthouses into student housing or long-term rental apartments, resulting in the disappearance of over 1,000 units in a short period. For this project, with 101 rooms, even with the most experienced student housing operators and the most aggressive revenue of HK$8,500 per room, the estimated full occupancy revenue is still less than the pre-pandemic peak of about HK$2.4 million per month. Although the tourism industry has not fully recovered, we estimate the expected rental income would still be at least HK$1.2 million per month with 50% reduction in revenue. Therefore, we believe this is definitely a great opportunity to do a good deal at low price.” (The above information is unverified and for reference only; actual operating data to be provided by the owner)
Mok continued: “With the upcoming US Federal Reserve meeting and the expectation of an interest rate cut, the market generally believes that the US rate will be adjusted. This will not only reduce the desire of local people to spend abroad but will also increase the incentive for Southeast Asian and mainland Chinese tourists to visit Hong Kong, which will positively impact overall room occupancy rates and prices. Additionally, to promote interest in investment among potential buyers and investors with no operating experience, we have successfully contacted several potential operators to ensure that new buyers can achieve seamless handover and continue to operate the property in the best condition with the best market promotion and investment strategies. We expect the various advantages of MK Stay to attract the attention of investors and potential buyers.”
For inquiries about the property, please contact Daniel Mok, Senior Director of Capital Markets at CBRE Hong Kong (Phone: +852 6072 6980) or Murphy Dik, Associate Director of Capital Markets at CBRE Hong Kong (Phone: +852 9819 4953).
Photo 1 : MK Stay at 11 Changsha Street, Mong Kok, is just one street away from the bustling Nathan Road
Photo 2: The exterior of MK Stay at 11 Changsha Street, Mong Kok, facing a green public leisure space.
Photo 3: 18th floor of the Property, showcasing a panoramic cityscape.
Photos 4 to 7: Interior views of the Property, including the sky garden, lobby, and communal facilities.
Photos 8 to 11: Interior views of the rooms within the Property, showcasing various spacious and open room types that cater to different types of travelers.
Photos are for reference only
Property Advertising Number: CBRE-CM-ADV4959
MK Stay boasts a prime location, with just one street away from Nathan Road, which is one of Hong Kong’s most famous and bustling streets. Situated in the traditional prime area of Mong Kok, it offers easy access for tourists to several iconic attractions, such as the Ladies’ Market, Langham Place, the former Yau Ma Tei Police Station, Yau Ma Tei Theatre, and the Film Center, which are popular social media check-in spots. MK Stay is also close to several 24-hour cross-border bus stops, providing convenient round-the-clock travel between Hong Kong and various regions in the Guangdong Province for mainland visitors. Additionally, MK Stay is only a few minutes’ drive from the West Kowloon Cultural District and the West Kowloon High-Speed Rail Station, further enhancing its investment appeal.
MK Stay is a 19-storey guesthouse, with a total gross floor area of approximately 26,140 square feet. It offers 101 guest rooms, well equipped with an outdoor sky garden which provides a wide and open view. The Property also overlooks the bustling cityscape and a public greenery space nearby.
Daniel Mok, Senior Director of Capital Markets at CBRE Hong Kong, stated: “The biggest highlight of this project is its excellent location. The current hotel/guesthouse supply in the market is continuously short due to the increasing demand for student accommodations and talent apartments. In the past two years, many new buyers have converted existing hotel/guesthouses into student housing or long-term rental apartments, resulting in the disappearance of over 1,000 units in a short period. For this project, with 101 rooms, even with the most experienced student housing operators and the most aggressive revenue of HK$8,500 per room, the estimated full occupancy revenue is still less than the pre-pandemic peak of about HK$2.4 million per month. Although the tourism industry has not fully recovered, we estimate the expected rental income would still be at least HK$1.2 million per month with 50% reduction in revenue. Therefore, we believe this is definitely a great opportunity to do a good deal at low price.” (The above information is unverified and for reference only; actual operating data to be provided by the owner)
Mok continued: “With the upcoming US Federal Reserve meeting and the expectation of an interest rate cut, the market generally believes that the US rate will be adjusted. This will not only reduce the desire of local people to spend abroad but will also increase the incentive for Southeast Asian and mainland Chinese tourists to visit Hong Kong, which will positively impact overall room occupancy rates and prices. Additionally, to promote interest in investment among potential buyers and investors with no operating experience, we have successfully contacted several potential operators to ensure that new buyers can achieve seamless handover and continue to operate the property in the best condition with the best market promotion and investment strategies. We expect the various advantages of MK Stay to attract the attention of investors and potential buyers.”
For inquiries about the property, please contact Daniel Mok, Senior Director of Capital Markets at CBRE Hong Kong (Phone: +852 6072 6980) or Murphy Dik, Associate Director of Capital Markets at CBRE Hong Kong (Phone: +852 9819 4953).
Photo 1 : MK Stay at 11 Changsha Street, Mong Kok, is just one street away from the bustling Nathan Road
Photo 2: The exterior of MK Stay at 11 Changsha Street, Mong Kok, facing a green public leisure space.
Photo 3: 18th floor of the Property, showcasing a panoramic cityscape.
Photos 4 to 7: Interior views of the Property, including the sky garden, lobby, and communal facilities.
Photos 8 to 11: Interior views of the rooms within the Property, showcasing various spacious and open room types that cater to different types of travelers.
Photos are for reference only
Property Advertising Number: CBRE-CM-ADV4959
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.