HONG KONG SAR –
Media OutReach Newswire – 3 March 2025 – Cushman & Wakefield has been appointed by the owner as the lead sales agent for the sale of the enbloc building including the whole student accommodation located at No. 33 Cooke Street/ No. 13 Lo Lung Hang Street, Hung Hom. The property has a total building area of approximately 7,501 square feet (Not verified.) and is currently listed at HKD 85 million with existing tenancies.
Acquired and renovated by a fund in October 2021, the property features three shops, generating around HKD 80,000 per month. The residential section comprises 50 rooms, managed by IRENT as student apartments. According to IRENT’s website, room rentals inclusive of management fees range from HKD 6,610 to HKD 9,240 and occupancy levels are high. There is potential to upgrade the rooms to all include an ensuite bathrooms, which would further enhance rental returns. Additionally, the property can be sold as a company, offering investors greater flexibility and convenience.
The location boasts excellent connectivity, with Ho Man Tin MTR Station just a 6-minute walk away, and both Hung Hom MTR Station and Whampoa MTR Station approximately 10 minutes on foot. The Hong Kong Polytechnic is about a 15-minute walk from the property and Metropolitan University is just a 19-minutue walk away. Situated in Hung Hom, it is adjacent to the new residential project Baker Circle developed by Henderson Land and the Onmantin development atop Ho Man Tin MTR Station by Great Eagle. The surrounding neighborhood features numerous shops and dining options, providing convenient amenities to meet diverse needs.
Mr. Alvin Lau, Director of Capital Markets in Cushman & Wakefield, stated: “In the 2024 Policy Address, the government reaffirmed its commitment to establishing a ‘Study in Hong Kong’ brand by increasing the quota for non-local students from 20% to 40%. This initiative is expected to attract a greater number of non-local students to pursue their studies in Hong Kong, resulting in a projected shortage of at least 55,400 university accommodation places. Due to the insufficient availability of on-campus accommodation, students who are unable to secure university accommodations will inevitably turn to the private market. This strong demand presents significant business opportunities for both private real estate investors and student hostel operators. As private student accommodations are specifically designed for students, investing in student apartments has increasingly become a popular choice. It offers investors stable rental income, making it an attractive option for long-term investment strategies.
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