International real estate firm Savills has successfully completed another leasing transaction for Youth Dorm following its earlier success in securing a long-term lease of the entire residential portion of Shanghai Commercial Bank Building at 405 Castle Peak Road, Tsuen Wan. Building on this previous transaction, Savills has once again facilitated the lease of the residential portion of 76 Shantung Street, Kowloon (the “Property”) to Youth Dorm. The Property comprises 18 storeys, with a total saleable residential area of approximately 8,312 square feet.
The lease term for the transaction is 6 years, and the Property will be operated as a student accommodation project to meet the growing demand for youth and student housing in Hong Kong.
The residential portion of the Property occupies the 5th to 22nd floors of the building and features a one-unit-per-floor layout, with an average saleable area of approximately 461 square feet per floor. The units have been refurbished and converted into student accommodation.
Situated in the heart of Mong Kok, the Property enjoys open views overlooking MacPherson Playground. It is surrounded by a comprehensive range of commercial and daily amenities, with an abundance of retail shops and dining establishments nearby, contributing to strong pedestrian traffic in the area. The Property is just a few minutes' walk from both Mong Kok Station and Mong Kok East Station, offering excellent connectivity to Hong Kong Island, Kowloon, the New Territories, and major tertiary institutions. Its convenient location makes it an attractive accommodation option for both local and international students.
Mr. Alan Tam, Associate Director, Investment at Savills Hong Kong said, “Demand for student accommodation in Hong Kong has continued to grow in recent years. However, the supply of suitable properties in core urban areas, particularly in Yau Tsim Mong District, that can be converted or redeveloped into student housing remains extremely limited. Against this backdrop of supply-demand imbalance, well-located properties with excellent transport connectivity and close proximity to educational institutions are becoming increasingly valuable. Recognising this opportunity, Youth Dorm has committed to a 6-year lease for the Property, reflecting the growing market and investor interest in this asset class.”