Shop spaces in Chungking Mansions in Tsim Sha Tsui, home of the famous low-budget guesthouse, are now much sought-after property among local and foreign investors. A total of 360 mini-shops on the second floor came on the market for sale this month. Sales began on November 4, and in the first three days alone more than 90 per cent of the shops - ranging in size from about 40 square feet to more than 200 sq ft, were snapped up by local and western investors. Prices ranged from $9,000 to $26,000 per sqft, subject to size and location. 'The property mainly attracted local investors and end-users, but it also drew interest from foreigners, including Pakistanis and Indians,' said Stanley Poon Chi-ming, the retail department general manager for Centaline Property Agency. 'Some Pakistanis made inquires but did not reach a deal,' he added. Built in 1962, the building has long served as a budget guesthouse. Because of its commanding position on Nathan Road, the property has generated considerable investor interest. Two years ago, developer Benny Ki , through Union Land Development, bought the first and second floors of the building and named them ChungKing Express. He split the number of shops on the second floor into 360 units (out of an original 200) to attract small investors. Mr Poon said Centaline would help new landlords look for tenants to turn the area into a specialised shopping mall selling Hong Kong-made products. The rental return was estimated at 7 per cent, Mr Poon said.