Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

HK$660M Sale of Floor in Admiralty Office Tower Breaks Hong Kong Price Record – Again

2018/04/24 by Shawna Kwan Leave a Comment

Far East Finance Centre Hong Kong

Hong Kong’s priciest office space is so high-end it’s encased in gold

Less than two weeks after a floor in 9 Queen’s Road Central claimed the title as the city’s most expensive strata-titled property, a floor in Far East Finance Centre has reportedly broken that short-lived price record.

The 33rd floor of Admiralty district’s Far East Finance Centre has been sold for HK$61,000 per square foot, 1.7 percent higher than the previous record set just one kilometre to the west, according to media accounts. The 10,800 square foot floor was disposed of for a sum of HK$660 million by Nigerian Chinese businessman Lewis Tung to an unidentified buyer, according to a Hong Kong Economic Times account.

Office Asset Notches Six-fold Rise in Value

Tung, who together with his brother Robert has built a fortune in steel-making and other industries in Nigeria, had purchased the grade A office property in 2005 for HK$93 million through privately held Hong Kong entity Tungs Holdings Company.

After reportedly being in final negotiations to sell the floor in July last year for HK$514 million, the African industrialist eventually achieved a sixfold increase over the acquisition price for the asset some 13 years ago.

Far East Finance Centre, located at 18 Harcourt Road, is best known for its golden exterior. Built in 1982, the 48-storey commercial tower is within a five-minute walk of the Admiralty MTR station, just one station east of Central.

Hong Kong Office Price Records Fall as Temperatures Rise

Lewis Tung

Lewis Tung earned a six-fold return from his latest sale

Hong Kong’s office market recorded a transaction volume of HK$25.8 billion last quarter — double the 5-year historical average, according to Knight Frank. Almost half of that volume was generated by strata title deals as values for office assets appear to be climbing on a weekly basis.

Two weeks ago, the 34th floor in 9 Queen’s Road Central was sold to local property firm Winland Group for HK$510 million, a price which valued the asset at just under HK$60,000 per square foot. The deal for the 8,570 square foot asset broke the strata-titled office price record previously set by the 79th floor of The Center skyscraper on Queen’s Road, when Tai United Holdings offloaded the top story of the tower for the equivalent of HK$55,854 per square foot last September.

The 9 Queen’s Road Central deal was followed last week by another record-shattering strata-title transaction in World-Wide House. The 11th floor of the commercial complex at 19 Des Voeux Rd Central across Connaught Road from Exchange Square and the IFC was sold for HK$44,030 ($5,609) per square foot — the highest ever for the commercial building.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: Admiralty, cm-hk, daily-sp, Far East Finance Centre, Hong Kong, Lewis Tung, strata sales

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

Smart Power Use Key to APAC Data Centre Success Say Seraya, Empyrion: MTD TV
John Saunder Link REIT
Link, Lofter, Stephenson Harwood, BEI Take Pulse of Hong Kong Value-Add

More MTD TV Videos>>

People in the News

EQT_David Kim
Asia Real Estate People in the News 2025-06-21
singh-anshuman
Asia Real Estate People in the News 2025-06-16
Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09

More Industry Professionals>>

Latest Stories

Chan Hung Ming Grand Ming
Bain Capital in Exclusive Talks to Acquire Hong Kong Data Centre Projects for Up to $274M
Stuart Dawes Gateway
Aussie Shed Surge Continues with $87M Gateway Portfolio Disposal
EQT_David Kim
Asia Real Estate People in the News 2025-06-21

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse