Transaction number 5633: Cheung Yuen buys two Kowloon City buildings for HK$330 million to use as student dormitories?!
News content: Crystal Garden Investment acquired over 70% ownership of the entire building at 354 Prince Edward Road West, Kowloon City, from Foshan Shun Lian Group for HK$30 million. Shun Lian Group exited the deal with a book loss of HK$53.436 million.
Data shows that Crystal Garden Investment spent a total of HK$30 million to purchase multiple units at 354 Prince Edward Road West, Kowloon City, including basement, ground floor, and attic units, with a total gross floor area of approximately 3,560 square feet. The transaction price was HK$15 million, or approximately HK$4,213 per square foot. Additionally, five units upstairs were sold for HK$3 million each, totaling HK$15 million.
Shun Lian Group acquired the aforementioned property in 2018. The basement, ground floor, and mezzanine units were purchased for HK$54.68 million, resulting in a book loss of HK$39.68 million, or 72.6%, on the sale. The five units upstairs were purchased for a total of HK$28.756 million, also showing a book loss of HK$13.756 million, or 47.8%. Shun Lian Group’s sale of this entire property portfolio resulted in a cumulative loss of HK$53.436 million.
The entire Smart A Academy building at 348-352 Prince Edward Road West, Kowloon City, was sold for approximately HK$300 million. The property is an 8-story, one-stop education-themed commercial building (with an additional basement level). Currently, the basement and ground floor contain shops, while floors 1-7 are offices. The standard floor area is approximately 4,300 square feet, the site area is approximately 4,595 square feet, and the current total area is approximately 36,231 square feet.
Smart A Academy Sold for HK$300 Million, Owner Exits with a Slight Profit
It is understood that the property currently generates approximately HK$1.33 million in monthly rental income. The original owner put the property on the market in April and sold it for approximately HK$300 million, at a price of approximately HK$8,280 per square foot. The building was owned by Shun Lian Group, which purchased it in 2011 for approximately HK$290 million and held it for many years for rental income. The owner now sells it for a slight profit. Market sources revealed that the new buyer is Crystal Garden Group, which mainly develops student dormitories. It is possible that this purchase of the commercial building will be followed by the acquisition of adjacent residential land for future redevelopment of student dormitories.
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From 2025 to the first half of 2026, The Grand Central has successfully sold 24 street shops in Hong Kong, totaling HK$396 million. The following 8 properties are now available for sale at reduced prices until July 2026:
The following properties offer high returns: up to 5%:
(1) Shops 1, 10, 11, 12 & 13, Princess Building, King’s Road, Fortress Hill – Miss Ice Room
Original Price: HKD 65 million Now Available: HKD 42 million 4.9% Return
(2) Ground Floor & Mezzanine, 20-24 Ma Sha Street, Sheung Wan – Reveri
Original Price: HKD 38 million Now Available: HKD 33.9 million 4.6% Return
(3) Ground Floor & Mezzanine, 108 Fa Yuen Street, Mong Kok – Yin Jin Dim Sum
Original Price: HKD 33 million Now Available: HKD 22.9 million 4.6% Return
(4) The Madhouse, 16 Dyeing Fong Street, Mong Kok
Original Price: HKD 28 million Now Available: HKD 20.8 million 4.6% return
(5) Shop No. 3 and mezzanine of Kam Fai Road, Yuen Long – Egg Waffle Snacks
HKD 11 million, now for sale HKD 9.1 million, 4.6% return
Other prime shops for sale:
(6) Shop No. 4, B/F, Kai Fung Building, 10 So Hang Street, Sheung Wan
HKD 21 million, now for sale HKD 17 million
(7) Shop No. C, G/F, 111-121 Sai Yee Street, Mong Kok
HKD 28 million, now for sale HKD 22 million
(8) Shop M, Yun Tung Building, 65-75 Luther Road, Tsuen Wan
HKD 24 million Listing for sale at HK$20.4 million
Valid until July 30, 2026
Detailed listing plans and photos:
Contact me (Edwin Lee 90361143) or my colleagues:
Desmond Chan 9660 2253 / Vivian Lee 9311 9274 / Marc Kwok 6092 6444 (Head)
www.bwfund.com
Dr. Edwin Lee, Founder of BW Fund. Since the fund’s inception in 2016, he has purchased 133 street-front shops in Hong Kong, totaling HK$2.224 billion. His life goal is to buy 1,000 street-front shops in Hong Kong.
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