A successful, if slightly unusual, sale of a vertical slice of a Hong Kong commercial property leads this edition of Mingtiandi’s roundup of agency wins, with Savills brokering the HK$780 million ($100 million) disposal of 59 percent of the Winway Building in Central after the sellers agreed to slash the price by 35 percent.
Also in Hong Kong, JLL notched a win with a compulsory sale that saw Henderson Land acquire the remaining space that unlocks a nearly 200 thousand square foot (17,000 square metre) development site in Kowloon.
On the mainland, Cushman and Wakefield brokered the sale of the office portion of a commercial tower in Dalian that allowed Gaw Capital to exit an investment it had held since 2007.
CBRE, Savills, Colliers and Knight Frank also chalked up leasing, advisory and sales appointments.
Keep reading for all the details on which brokerage won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.
Savills brokered the sale of 58.83 percent of the Winway Building at 50 Wellington Street in Central for HK$780 million. Hong Kong-listed SEA Holdings paid local investment firm Sunny Enterprises HK$22,778 per square foot for the 34,243 square foot (3,181 square metre) vertical slice of the commercial tower that is just a door along from the popular Yung Kee roast goose restaurant. According to a’ stock exchange announcement, the passing rent on the space is HK$18.6 million per annum, providing the buyer a net initial yield of 2.38 percent. Read more>>
JLL brokered the compulsory sale on behalf of Henderson Land Development of the remaining 7.2 percent of a set of tenement buildings not already held by the developer at 1-21C Whampoa Street and 80-86 Baker Street in Hung Hom. The developer has purchased the Kowloon buildings, which have the potential to be developed into a net leasable area of 177,525 square feet, for a combined sum of HK$2.137 billion. Read more>>
CBRE has been appointed to broker the sale of an industrial building at 15 On Lok Mun Street in Fanling at an asking price of HK$225 million. The property has been approved for redevelopment for retail, education and assisted living uses under the government’s revitalisation scheme for industrial buildings, according to CBRE. Read more>>
Cushman & Wakefield announced this month that it brokered the off-market sale of the office portion of the Tiancheng International Financial Center in Dalian on behalf of Gaw Capital Partners. The Hong Kong-based fund managers sold the 33,895 square metres of commercial space, which span the fourth to the twenty-second floor of the asset, at a value said to be less than RMB 250 million with the buyer, said to be a locally-based shared office firm, reported to have taken on responsibility for debt associated with the project. Before the sale, which is said to have been agreed to in the second quarter of the year, Gaw had held the asset for more than a decade. Read more>>
Working on behalf of Poly Property, JLL brokered the sale of Building 4 in Shanghai Poly Greenland Plaza, an office building in Shanghai’s Yangpu district. The identity of the buyer of the 10,615 square metre property, as well as the compensation paid, were not disclosed . Read more>>
Savills has been appointed by Greenland Group as co-leasing agent for Wuhan Greenland Center, a 100-storey grade A office building at 750 Heping Avenue in the capital of Hubei province. Read more>>
CBRE has been appointed as the sole leasing agent for 199,000 square metres of office space at Shanghai’s Pudong Crystal Plaza project, a residential and commercial complex developed by Tishman Speyer and Liujiazui Group. Read more>>
Colliers has been appointed as the sole agent for the sale of Building 5 in Shanghai’s Roche Innovation Center, a 5,000 square metre industrial building on 720 Cailun Road in Pudong district. Read more>>
CBRE has been appointed by Henan Zhenghong Commercial Management to provide valuation and advisory services for ZH Grand Emporium, a commercial development with a gross floor area of 150,000 square metres of gross floor area in Zhengzhou’s Gaoxin district. Read more>>
JLL has been appointed by Poly Property as exclusive sales agent for the SD-Gold Poly Financial Plaza in Shanghai’s Yangpu district. Read more>>
Cushman & Wakefield has been appointed by Oversea-Chinese Banking Corporation to sell via tender a freehold serviced apartment block at 2 Mount Elizabeth Link in the city’s posh District 9. The 22-storey property, which carries an asking price of S$230 million ($167 million) is currently operated as Fraser Residence Singapore. The 104,375 square foot set of apartments occupies a 35,385 foot site. Read more>>
Cushman & Wakefield and JLL’s Hotels & Hospitality division have been appointed by Lucrum Capital as joint sole advisers for the sale of a freehold hotel development site in the Orchard Road precinct. The 13,148 square foot plot can be developed up to a gross floor area of 40,000 square feet and has an asking price of S$155 million. Read more>>
JLL has been appointed as the exclusive marketing agent for the sale by tender of a two-storey Good Class Bungalow on Jervois Road in District 10. The residential property, which occupies a site of 19,333 square feet, is being sold at a reserve price of S$38.8 million, or around S$2,007 per square foot. Read more>>
Knight Frank has been appointed to broker the sale of a single storey detached bungalow at 72 Garlick Avenue in District 10. The property, which sits on a 9,221 square feet of land, is being offered at an asking price of S$16.5 million, which works out to around S$1,789.39 per square foot. Read more>>
Knight Frank has been appointed by Chew family which controls The Stratech Group to manage the sale by auction of a good class bungalow at 80 Belmont Road after two previous attempts to sell the house failed. The property, which occupies a 27,000 square feet site, has an asking price of S$39 million, or around S$1,444 per square foot. The bungalow had originally been put up for sale in July for S$42 million. Read more>>
Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.