“King of New Territories" Chan Yat-san’s Family Lists Kowloon Tong Guesthouse for Sale, Valued at HK$400 Million!

The family of the late Chan Yat-sun, known as the “King of New Territories," has listed Essex Lodge, a guesthouse in Kowloon Tong, for sale by tender in Kowloon Tong. The site, spanning over 20,000 square feet, is estimated to be worth approximately HK$400 million, with a plot value of around HK$31,395 per square foot.

According to CBRE, the property is located at 18-20 Essex Crescent, Kowloon Tong. Currently, it consists of a two-story building with a parking garage and a site area of approximately 21,235 square feet. The property can be redeveloped into a structure with a gross floor area of about 12,741 square feet. The tender is set to close at noon on November 18 this year.

The property boasts a rare dual-lot setup in Kowloon Tong, with a frontage of approximately 180 feet. According to CBRE, this is the first time the property, held by the owner for nearly 40 years, has been put on the market. Its primary appeal lies in the expansive plot, offering the opportunity for redevelopment into a 12,000-square-foot luxury house or two 6,000-square-foot twin villas, while still retaining about 16,000 square feet of outdoor garden space.

In addition to its redevelopment potential, the property currently holds a guesthouse license, offering 36 rooms. A new owner could consider refurbishing or repurposing the property for educational, religious, or institutional use.

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