Wan Chai East Town Building Launches Sale with Student Housing Conversion Potential
Thestandard · 1 SOURCESabout 2 hours ago5 MIN
Summary
The entire East Town Building (東盛大廈) on Lockhart Road in Wan Chai has been launched for sale with Savills as the sole agent, with significant potential for conversion into student accommodation. The 21-storey commercial property spans approximately 144,395 square feet of gross floor area and is being offered subject to existing tenancies. Savills has collaborated with an architectural firm to prepare a preliminary conversion scheme that outlines approximately 341 rooms and 662 bed spaces, positioning the project as a potential leading student accommodation development on Hong Kong Island. The tender will close at noon on December 11, 2026.
Key Points
- The 21-storey East Town Building at 41 Lockhart Road spans approximately 144,395 square feet GFA, with retail on ground floors, offices from 1st to 20th floors, and a two-level basement car park with 48 parking spaces
- Savills collaborated with an architectural firm to prepare a preliminary conversion scheme proposing approximately 341 rooms and 662 bed spaces for student accommodation
- The property enjoys triple-frontage exposure along Fenwick Street, Jaffe Road and Lockhart Road, located just a three-minute walk from Wan Chai MTR Station
- The tender closes at noon on December 11, 2026, with market sources indicating an indicative price of approximately HK$1.45 billion based on last year's launch
- The building was acquired by the Lai family of Fortune Pharmacal in 2003 for HK$216 million, having previously been owned by the Ho Tung family
Why It Matters
This sale represents a potential solution to Hong Kong's limited quality student housing supply, as the property's prime location near Wan Chai MTR and substantial floor area offer rare conversion potential. Raymond Lee of Savills noted surging demand for student accommodation in recent years, suggesting robust market appetite for such developments .
This sale represents a potential solution to Hong Kong's limited quality student housing supply, as the property's prime location near Wan Chai MTR and substantial floor area offer rare conversion potential. Raymond Lee of Savills noted surging demand for student accommodation in recent years, suggesting robust market appetite for such developments .