Acquisition of Tin Hau Land Site Strengthens Hospitality Business
October 22, 2014, Hong Kong – CBRE was appointed by the owner of Equinox Serviced Apartments to acquire a development site at Nos. 13-15 Mercury Street, Tin Hau with a total consideration of HK$263 million.
The property, with a total site area of 2,574 sq. ft. is situated at Mercury Street. Close to Causeway Bay and well-connected by public transport, it is 5 minutes’ walk from MTR Tin Hau Station.
This is the second prime acquisition by Equinox on Hong Kong Island, following an earlier acquisition of a site at No. 23 Mercury Street in 2012, which has been developed into a 69-room serviced apartment, and is in operation. The current land site at Nos. 13-15 Mercury Street, will add to Equinox’s portfolio with a plan to build a 99-room boutique hotel by Q1 2017. These two projects will help strengthen Equinox’s hospitality business in Hong Kong.
Mr. Arthur Yeung, Senior Director, Investment Properties, CBRE commented on the project, “With the growing need for hotels and serviced apartments from local people and expatriates, these two projects will offer good options for the market. Hotels and serviced apartments are becoming increasingly popular in Hong Kong as house prices consistently increase, which can bring attractive investment yields for owners.”
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.