The 5644th transaction saw a registered transaction of HK$800 million for a commercial building at 303 Jaffe Road in Wan Chai. The 25-story building has a total area of approximately 86,214 square feet. Formerly the Prince Hotel, now the Galaxy Building, the price per square foot is approximately HK$9,300.
(Reported by Hong Kong Economic Journal, April 1, 2025) Wan Chai Jaffe Road Commercial Building for Sale by Bank Owner for HK$900 Million
The entire commercial building at 303 Jaffe Road in Wan Chai (formerly known as KONNECT), originally held by private equity real estate investment fund Kailong Rui Group, has been seized by creditors and put up for sale. The market value is approximately HK$900 million, more than 30% lower than the purchase price eight years ago.
Zhai Cong, Head of Capital Markets and Investment Services at Colliers Hong Kong, stated that 303 Jaffe Road is a 25-story building with a total area of approximately 86,214 square feet. The building was formerly a hotel and underwent a major renovation in early 2020. It has two shops on the ground floor, floors 1 to 9 are rented to restaurants, and the remaining floors are used as offices.
It is understood that the entire building at 303 Jaffe Road is valued at approximately HK$900 million, with a price per square foot of approximately HK$10,440. Data shows that Kailongrui Group purchased the entire building at 303 Jaffe Road from the family of veteran investor Deng Chengbo in 2017 for HK$1.35 billion. The property was previously put on the market for sale, but became a bank-owned property last year. Its current market value is HK$450 million lower than its book value eight years ago, or 33.3%.
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From 2025 to the first half of 2026, Sheng Hui has successfully sold 24 street-level 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 No. 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 The 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.
www.edwinlee.com.hk
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