Regus has leased two floors in the newly redeveloped office building at 133 Wai Yip Street
The continuing rise of flexible office providers leads Hong Kong’s real estate news again today as Regus is said to take up two floors in a former industrial building in the Kwun Tong area of Kowloon East. Also in the headlines, the Hong Kong investors in the consortium that recently bagged the world’s most expensive office building have confirmed they are looking at flipping some of the floors in The Center skyscraper. And some new data quantifies a jump in office leasing activity by mainland firms in Central. Read on for details about all these stories and more.
Regus Leases Two Floors in Kwun Tong Office Building
Office space provider Regus has leased two floors with a combined area of 28,000 square feet (2,601 square metres) in an industrial-turned-office building at 133 Wai Yip Street in Kwun Tong, according to a local media report. The average rent is HK$22 per square foot, lower than other grade A buildings in the district owing to the property’s status as a redevelopment project.
The building formerly known as Cheung Fai Building, was purchased by Gaw Capital Partners in 2013 for HK$930 million ($120 million). In 2016 Gaw reopened the facility after converting it into office space. Read more >>
Hong Kong Buyers of The Center May Flip Some Floors
The Hong Kong part of the consortium that paid a world-record HK$40.2 billion ($5.15 billion) for a landmark skyscraper in the city has confirmed it is considering selling some of the floors it bought as the price of office space in the core business district rises sharply.
“While some of the space will be retained either for our own use or for leasing by different partners, some floors may be offered for sale after the completion of the transaction in April,” said Raymond Tsoi Chin-chung, one of four Hong Kong businessmen who together own a 45 percent stake in the consortium that bought the grade A The Center office tower in November. Read more >>
Mainland Firms Sign 64.2% of New Central Office Leases in 2017
Mainland-based firms accounted for 64.2 percent of new leases in office buildings in Central last year, up by 13.2 percent annually, and the highest figure since 2013, according to a report by JLL.
Chinese companies made up 67 percent of lease transactions in Central in December. Among them, two mainland firms reportedly took up 30,000 square feet in The Center skyscraper. The overall number of new leases in Central declined by 32 percent month-on-month in December. Read more >>
Floor of 9 Queen’s Road Central Poised To Sell for HK$660M
A floor of 9 Queen’s Road Central measuring 13,742 square feet (1,277 square metres) is close to being sold for HK$660 million ($84.4 million). The asset is expected to transact at HK$48,000 ($6,140) per square foot, setting a new benchmark price for the art deco office skyscraper in Central.
The floor is owned by a Middle Eastern bank, which bought it in 2008 for HK$245 million. Read more >>
Over 1,000 Buyers Bid on 108 Units at SHK Complex in Ma On Shan
The frenzy of property-buying in Hong Kong showed no signs of easing on Saturday as the latest 108 apartment units from Sun Hung Kai Properties’ St Barths project in Ma On Shan were snapped up.
More than 1,000 buyers bid for the homes, making for an oversubscription of 8.5 times availability. Among the sales, the most expensive was a four-bedroom unit measuring 979 square feet for HK$23.13 million ($2.95 million), according to property agents. Read more >>
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