Mainland Bank Leases 8 Floors in Wan Chai and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong roundup, Shanghai Pudong Development Bank — currently headquartered in Central’s Bank of America Tower — has preleased eight floors in Chinachem’s One Hennessy office project in Wan Chai for a record-breaking rent. Together with mainland co-working operator Kr Space, the pair of companies will occupy around 60 percent of the space in the office tower, which is slated to open by the second quarter of 2019. Also in the headlines, millennial buyers grabbed half of the the flats offered in Sun Hung Kai’s Mount Regency project in Tuen Mun over the weekend. All these stories and more await you, if you just keep reading.

Top-10 Chinese Bank Preleases 8 Floors in One Hennessy

Shanghai Pudong Development Bank, one of the mainland’s ten largest lenders, has pre-leased eight floors spanning 96,000 square feet in Chinachem’s One Hennessy office tower in Wan Chai. The Shanghai-based bank is paying HK$100 per square foot for the space, setting a new high for the area.

One Hennessy, located at 1 Hennessy Road in Wan Chai is set to complete construction next year. Mainland co-working company Kr Space leased seven floors for HK$90 per square foot earlier this month. Read more>>

Millennials Pounce on Sun Hung Kai Flats in Tuen Mun

Hong Kong’s residential market maintained its pace, as millennial buyers rushed to get their hands on the latest available sales launches over the weekend before higher mortgage rates kick in later in the year.

Sun Hung Kai Properties had sold 36 of the 38 units of its Mount Regency apartments in Tuen Mun by late morning on Saturday, mainly single-bedroom and twin-room units priced from HK$5.6 million up to HK$8.4 million ($1.07 million), according to Midland Realty, which is the sales agent for the project. The remaining two units were expected to be sold before the day’s end. Read more>>

K Wah’s Solaria Project in Tai Po Draws 2,000 Applications

K Wah International yesterday said that its new residential project Solaria in the eastern New Territories has received as many as 2,000 applications for the first 225 flats, as potential buyers oversubscribed the housing offering by eight times.

Pre-sales of the first batch of flats is expected this week at an average price of about HK$16,500 per square foot after discounts, general manager Tony Wan Wai-ming said. Located in Tai Po’s Pak Shek Kok district, Solaria will provide 1,122 apartments ranging from studios to four-bedroom homes. Completion of the project is expected in February 2020. Read more>>

Wan Chai Office Floor Put on Sale for HK$48M

A floor in Lockhart Centre at 301-307 Lockhart Road in Wan Chai has been put on the market for HK$48 million. The 2,399 square foot floor has a complimentary 954 square foot terrace.

The tenanted property is currently leased for around HK$75,000 under an agreement that is due to expire in July 2019, according to local realtor Centaline. The office tower is located within five-minutes walk of the Wan Chai MTR station. Read more>>

Colliers Points to Growing Business Hubs in the New Territories

Beyond the hustle and bustle of Hong Kong’s core business districts are several areas quietly growing and becoming of greater importance – not only for the city but the region and China’s “Greater Bay Area” initiative.

The districts of Tuen Mun, Yau Tsim Mong and Lok Ma Chau are developing into strategic intersections with the mainland that will increasingly benefit Hong Kong. These are places where transport and logistics connections are being advanced, and business, technology and cultural linkages are being nurtured to reveal future opportunities. Read more>>

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