The declining retail sector and property market in Hong Kong have significantly impacted the capital values of commercial real estate owned by notable figures, including Nicholas Tse Ting-fung and the family of the late gambling mogul Stanley Ho Hung-sun. A prime property located at 20 Kimberley Street in Tsim Sha Tsui, belonging to Ho's family, has been listed for sale at HK$88 million. This corner site offers substantial commercial development potential. The rare availability of such a prestigious location has drawn attention from potential buyers and industry experts alike.

Rare Property Sale Amid Market Challenges

In the heart of Tsim Sha Tsui, a prominent area known for its bustling commerce and vibrant atmosphere, a unique opportunity has arisen. The Macau-based family of the late Stanley Ho has placed their 1,410 square foot property on the market with an asking price of HK$88 million. Reeves Yan, head of capital markets at CBRE Hong Kong, emphasized the rarity of such a prime development site being available for purchase in this central district. The property boasts a maximum commercial development potential of approximately 16,920 square feet, translating to an accommodation value of HK$5,200 per square foot.

This sale comes amidst challenging times for Hong Kong's property market. Recent transactions, like that of The Popway Hotel valued at HK$180 million or HK$7,331 per square foot in June 2024, highlight the fluctuating landscape of commercial real estate prices in the region.

From a journalist's perspective, this situation underscores the interconnectedness of various sectors within Hong Kong's economy. As retail sales weaken and property values slump, even high-profile investors face the repercussions. It serves as a reminder of the importance of diversification and adaptability in investment strategies. For readers, it highlights the ever-changing dynamics of global markets and the need for vigilance when navigating financial decisions.