CBRE Hong Kong is boosting its Capital Markets team by adding a new specialty group focussed on strata-title and mid-market sales, as individually owned commercial floors command record prices in the city.
The international brokerage has tapped Daniel Mok to lead the team, reporting directly to Stanley Wong, executive director of Capital Markets, according to an internal company memo viewed by Mingtiandi. Mok rejoins CBRE from rival brokerage JLL, where he drove the Strata Title Investments business since 2014. The eight-year real estate pro now holds the title of Director, according to his LinkedIn profile.
“This strategic decision will consolidate our market leadership and ensure that we continue to deliver exceptional outcomes for our clients,” the memo says. Representatives of CBRE declined to comment when contacted by Mingtiandi.
Mok Brings Strata Team from JLL
Also joining Mok at the US-based brokerage are members of his team from JLL, including Sam Tsang, Murphy Dik, and Natalie Chan. The group worked together on some of the most high-profile strata-title sales in Hong Kong, amassing a total lump sum of over HK$4 billion ($510 million) in transactions over the past 18 months, according to the memo.
Mok started his career at CBRE in 2010, joining as a negotiator on the Capital Markets team before being promoted to assistant manager and then manager. After jumping to JLL in 2014, he worked as an associate director for four years and was promoted to local director last July.
Tsang and Dik both joined JLL in 2014 and most recently held the title of manager before transitioning to CBRE (Dik also worked briefly at Cushman & Wakefield last year). Tsang had previously worked at CBRE and Savills before joining JLL. Dik now holds the title of Senior Project Manager at CBRE, while Chan serves as an Assistant Manager on the team, after working as a graduate trainee at JLL.
Floors Are a Hot Commodity in Hong Kong
CBRE is building a strata-title team at a time of robust investor appetite for the asset class, with some prized strata floors in downtown Hong Kong poised to fetch record sums.
According to market sources that spoke with Mingtiandi on condition of anonymity, the new owners of The Center skycraper in Central are preparing to sell off the building’s floors on a strata-title basis. Individual floors in the tower are expected to sell for over HK$1 billion ($127 million).
Last September, the top floor of The Center achieved a record-breaking price tag of HK$738 ($94.5 million), with Tai United Holdings Limited announcing a provisional deal to sell the vacant, 13,213 square foot floor to an unidentified buyer for the equivalent of HK$55,854 per square foot.
Li Ka-shing’s CK Asset Holdings offloaded its stake in the 79-storey tower on Queen’s Road for HK$40.2 billion ($5.15 billion) in November. This past February, Beijing-based China Energy Reserve and Chemicals Group Properties, which led the acquisition, reportedly sold its interest in the property to a pair of investors based in the city.
In January, a high floor of Admiralty’s Far East Finance Centre in Admiralty reportedly sold to local developer Circle Property Development for HK$568 million ($72.6 million). The strata-title deal set a new price record for the area on on the eastern edge of the downtown business district at HK$52,600 ($6,726) per square foot – surpassing a previous peak achieved last November.