20 January 2009
In one of Hong Kong's recent Urban Renewal Authority (URA) redevelopment projects, the highly publicised "Sneaker Street" redevelopment in Mongkok, Kowloon, JSM was appointed to act in connection with the URA's acquisition of 175 property interests from 14 old buildings located at Nos. 78-98 Fa Yuen Street and Nos. 61-87 Sai Yee Street. The project site area is 2,462 square metres. We completed 127 out of the 175 targeted interests during the period February 2008 to mid-January 2009. One recent transaction within the project area involved the purchase by the URA of an entire building at Nos. 77-79 Sai Yee street. The consideration was HK$112 million, and completion is due on 16 February 2009.
JSM is also involved in handling the tenancies, resumption of interests within the project area (which the URA may fail to acquire for various reasons), surrender of acquired interests, and other matters leading up to the new land grant.
The site will be redeveloped into a themed sports retail city, and the affected existing sporting goods retailers are expected to be given priority to rent the commercial premises within the new retail development. Completion is due in 2013.
The JSM team is led by Ellen Tsao and comprises Yeda Hong, Lorita Tam, Winnie Mak, John Tsang, Maggie K.K. Cheung, Cheryl Law and Sally Tsoi.