Donglian Commercial Building 190 million put on sale
After the whole sale of the Wai Fai Road Hotel in Wan Chai, the Yau Yip Commercial Building in Yau Ma Tei was also sold through the entire Mid-Autumn property with an intentional price of about $190 million. The Donglian Commercial Building has been granted a hotel license to become a boutique hotel with 24 rooms, calculated at an intent price of 190 million yuan, and each room is priced at 7.9 million yuan.
At the beginning of the year, the hotel was established at No. 4, Oriental Street, Yau Ma Tei. It has a site area of 1,081 square feet and a floor area of 12,231 square feet. It was first issued a hotel licence at the beginning of this year and has 24 rooms. At present, the monthly rental income is about 365,000 yuan and the rental return rate is 2.3%.
The Donglian Commercial Building has been changing hands for more than a decade. In 2011, the property was sold through Savills Davis, at a price of RMB 90 million. Just before Monday, the Weifei Road Hotel in Wanchai was also sold through the bidding of Midland Realty. The asking price was 850 million yuan. According to its 54 rooms, the asking price of each room was 15.74 million yuan.
Cai Zhizhong dismantled the market on the 22nd floor of the Central Center. The senior investor Cai Zhizhong plans to dismantle the entire 22nd floor of the Central Center and sell the entire floor area of about 2.5 square feet in 12 units. The area is over 1,600 square feet. As a result, the admission fee is expected to exceed RMB 70 million. The spin-off has been approved by the relevant department and will be sold as soon as possible before the 10th of next month. Cai Zhizhong still holds the full floor of the 23rd floor and is temporarily reserved for long-term rent collection.