Press Release
CBRE Appointed As Sole Agent for the Sale of Site No. 646, 648 and 648A, Castle Peak Road, Lai Chi Kok, Kowloon by Public Tender
January 18, 2024
Media Contact
Christine Tai
Associate Director, Marketing & Communications, Hong Kong
CBRE has been appointed as the sole agent for the site sale at No. 646, 648 and 648A, Castle Peak Road, Lai Chi Kok, Kowloon by public tender. The deadline is scheduled at 12nn, March 27, 2024 (Wednesday).
With a site area of approx. 9,205 sq. ft., the site at No. 646, 648 and 648A, Castle Peak Road, Lai Chi Kok is regarded as a large class B site with single frontage, that is located at the junction of Castle Peak Road and Tai Nan West Street. Previously known as Fung Wah Factory Building, the site has been leveled and foundation works are underway. The landlord had already received the approval by the Town Planning Board on relaxing the plot ratio to 14.4 times to redevelop the site into a 27-storey new industrial building with a total floor area of approx. 132,600 sq. ft. New buyers can consider using the approved modern industrial development plan, or paying the land premium to apply for the development of a commercial project. This is very flexible for either self-use or investment.
Looking at the district, as driven by the Government’s policy on the revitalization of industrial buildings in recent years, compounded with the proximity to the high-speed rail station and the Hong Kong International Airport, Lai Chi Kok is closely connected to the Greater Bay Area in China and other parts of the world. The rejuvenation taken place in the area has given a positive boost to the real estate market with many enterprises and organizations establishing their presence in the neighborhood. For example, Christian Alliance International School set up the campus on King Lam Street, the Government developed a data centre on King Lam Street, and some banks and educational institutions have also purchased new commercial spaces in the area. This is completely different from the previous image of a textile-dominated industrial area.
“Lai Chi Kok has been successfully transformed into a busy business district in recent years, thanks to the adjacency of the high-speed rail station and approximately 30 minutes’ drive to the airport. Together with the new-completed industrial and commercial buildings the area enjoys a vibrant new look and has attracted many well-known companies and institutions to settle in. The site for sale is only a minute's walk from Exit B1 of Lai Chi Kok MTR station with strong foot traffic. Buyers, after purchasing the site, can develop a landmark modern industrial/commercial development complex. This is an excellent investment opportunity and is expected to be sought after by potential buyers such as developers, private investors and end-users,” said Avan Pau, Senior Director, Investment Property & Private Office, Capital Markets, CBRE Hong Kong.
For enquiries regarding the property, please contact Avan Pau, Senior Director (T: +852 9836 9656) or Ray Chan, Assistant Manager (T: +852 6103 5679), Investment Property & Private Office, Capital Markets, CBRE Hong Kong.
Photo 1: The Property
Photos are for reference only
Property Advertising Number: CBRE-CM-ADV4179
With a site area of approx. 9,205 sq. ft., the site at No. 646, 648 and 648A, Castle Peak Road, Lai Chi Kok is regarded as a large class B site with single frontage, that is located at the junction of Castle Peak Road and Tai Nan West Street. Previously known as Fung Wah Factory Building, the site has been leveled and foundation works are underway. The landlord had already received the approval by the Town Planning Board on relaxing the plot ratio to 14.4 times to redevelop the site into a 27-storey new industrial building with a total floor area of approx. 132,600 sq. ft. New buyers can consider using the approved modern industrial development plan, or paying the land premium to apply for the development of a commercial project. This is very flexible for either self-use or investment.
Looking at the district, as driven by the Government’s policy on the revitalization of industrial buildings in recent years, compounded with the proximity to the high-speed rail station and the Hong Kong International Airport, Lai Chi Kok is closely connected to the Greater Bay Area in China and other parts of the world. The rejuvenation taken place in the area has given a positive boost to the real estate market with many enterprises and organizations establishing their presence in the neighborhood. For example, Christian Alliance International School set up the campus on King Lam Street, the Government developed a data centre on King Lam Street, and some banks and educational institutions have also purchased new commercial spaces in the area. This is completely different from the previous image of a textile-dominated industrial area.
“Lai Chi Kok has been successfully transformed into a busy business district in recent years, thanks to the adjacency of the high-speed rail station and approximately 30 minutes’ drive to the airport. Together with the new-completed industrial and commercial buildings the area enjoys a vibrant new look and has attracted many well-known companies and institutions to settle in. The site for sale is only a minute's walk from Exit B1 of Lai Chi Kok MTR station with strong foot traffic. Buyers, after purchasing the site, can develop a landmark modern industrial/commercial development complex. This is an excellent investment opportunity and is expected to be sought after by potential buyers such as developers, private investors and end-users,” said Avan Pau, Senior Director, Investment Property & Private Office, Capital Markets, CBRE Hong Kong.
For enquiries regarding the property, please contact Avan Pau, Senior Director (T: +852 9836 9656) or Ray Chan, Assistant Manager (T: +852 6103 5679), Investment Property & Private Office, Capital Markets, CBRE Hong Kong.
Photo 1: The Property
Photos are for reference only
Property Advertising Number: CBRE-CM-ADV4179
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.