Troubled property company Paliburg Holdings is releasing its long-term investment development Redhill Plaza in Tai Tam for sale through public tender.
Antonio Wu, executive director of Colliers Jardine's investment department, said the owner had earlier released the property for sale by private treaty negotiations with an asking price of HK$170 million, representing an average price of HK$3,588 per square foot.
The two-storey commercial complex on Red Hill Road provides gross floor area of 47,376 square feet.
'More than 90 per cent of the retail space has been rented, bringing a monthly rental income of more than HK$1.2 million,' Mr Wu said.
Rental income would yield 8.4 per cent if the property sold at the asking price.
Earlier offers for Redhill Plaza did not meet the target price of the owner, Mr Wu said.