Cushman Leads Brokerage Wins with HK$378M HSBC Deal in Kwun Tong  Mingtiandi Broker Battle

Cushman & Wakefield tops the deal charts in this week’s roundup of brokerage wins with a victory in Hong Kong that saw the firm advise on the sale of a pair of floors in Kwun Tong’s World Tech Centre to an HSBC insurance subsidiary for $48 million.

In Shanghai, Savills scored with the sale of Shanghai’s electronics mall Pacific Digital Plaza, reportedly to a special purpose vehicle under the control of a director of Starcrest Capital Partners, while JLL helped Australia-based Logos secure an industrial site in Jiangsu.

In Singapore, Edmund Tie notched a win with the sale of a nine-storey commercial building to UOL Group for $58 million.

Keep reading for all the details on which brokerages won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Hong Kong

Cushman & Wakefield in a deal said to be led by Executive Director Maggie Chu has brokered the sale of the third and eleventh floors of the World Tech Centre in Kwun Tong for HK$378 million ($48 million), according to sources familiar with the transaction. HSBC Holdings’s subsidiary HSBC Life (Property) Limited paid HK$288 million, or HK$6,050 per square foot, for the pair of floors in the office building at 95 How Ming Street, with the insurer putting up another HK$65.2 million for 29 parking spaces associated with the project. Read more>>

CBRE has been appointed as the joint sole agent for the sale of the commercial component of Sun Hung Kai’s Imperial Cullinan residential development in Kowloon. Located at 10 Hoi Fai Road, eight minutes’ walk from Olympic MTR station, the property is leased to a private education institution and has a total gross floor area of 110,000 square feet.

CBRE has been appointed as the sole agent for the sale of the 48-year-old Cheung Tak Industrial Building at 30 Wong Chuk Hang Road. The 15-storey property in the rapidly transforming industrial area is a five-minute walk from the Wong Chuk Hang MTR station and occupies a site area of 9,800 square feet (910 square metres). CBRE said that the site can be redeveloped up to a maximum 147,000 square feet of gross floor area and that the building’s permits could be modified to allow for office use, (subject to payment of a land premium), while the site could also potentially be merged with adjacent sites.

Mainland China

Savills has brokered the sale of Pacific Digital Plaza on the edge of Shanghai’s Lujiazui financial district. According to a person familiar with the deal who spoke to Mingtiandi, the Pudong electronics mall was purchased by a company registered to the director of Hong Kong and Shanghai-based private equity shop Starcrest Capital for an undisclosed sum in a deal first reported last year. Savills said the buyer is expected to upgrade and reposition the five-storey building, which has a total floor area of 30,749 square metres. Read more>>

JLL announced last week that it had helped Australia-based Logos Group secure a site in the city of Zhangjiagang in eastern China’s Jiangsu province for a 125,000 square metre combined warehouse facility and manufacturing base. The property group paid RMB 53 million ($7.5 million) for the site, according to public records. Read more>>

Colliers International has been appointed as exclusive leasing agent for a pair of ten-storey buildings in the Zhongguancun Hongqiao Innovation Center in Shanghai’s Changning district. The S7 building has a total floor area of 11,756 square metres, while the N8 building has a total floor area of 13,407 square metres. Read more>>

Colliers International has been appointed by Gemdale Properties & Investment to provide exclusive leasing services for Gemdale International Center, a business park in Beijing’s Daxing district with a gross floor area of 216,000 square metres. The park consists of five grade A office blocks and ten standalone headquarters buildings, and is located 38 kilometres from Daxing Airport at the crossroads of Guangyang Avenue and Chunhe Road. Read more>>

Singapore

Edmund Tie has brokered the sale of the KH Kea Building at 333 North Bridge Road in Bras Basah on behalf of KH KEA Properties Pte Ltd. UOL Group paid S$79.3 million ($58 million) for the nine-storey commercial building which currently has a total gross floor area of 2,699 square metres. The property occupies a 435 square metre site on a 999-year leasehold tenure, and the gross floor area can be expanded by a further 299 square metres. Read more>>

JLL has been appointed to sell Victory Point, which comprises a two-storey shophouse at 271 Balestier Road and a six-storey apartment block at 2 Ava Road in the Balestier Conservation Area. The mixed-used development has an indicative price of S$14.7 million, which is equivalent to S$1,390 per square foot based on the estimated gross floor area of 10,609 square feet. The property occupies a site area of 3,463 square feet and is zoned for commercial and residential use. Read more>>

PropNex has been appointed to broker the sale of a trio of two-storey shophouses zoned for commercial use at 13 and 14 Bali Lane near Bugis MRT Interchange at an asking price of S$9.8 million or around S$3,797 per square foot. Partially tenanted, they have a 999-year leasehold tenure and a total floor area of 2,581 square feet. Read more>>

PropNex has been appointed to broker the sale of a shophouse at 42 Duxton Road, which is five minutes’ walk from Tanjong Pagar metro station. The property has an asking price of S$4.9 million or around S$2,408 per square foot based on a total floor area of 2,035 square feet. The property is rented to furniture and space design company Kokuya at a monthly rent of S$13,500, representing a yield of 3.3 percent. Read more>>

Malaysia

Knight Frank has been appointed  by Catalist-listed ICP Ltd as exclusive marketing agent for the sale of Travelodge City Centre, located at 7 Jalan Hang Kasturi in Kuala Lumpur. The freehold hotel has 5,000 square feet of street front retail space below 199 rooms and also has 26 parking bays. The Singapore firm is asking RM 85.5 million ($20 million) for the property, or RM 475,000 per room. 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.