C&W advise on one of the largest leases so far this year in LVGEM’s Neo building in Kowloon East
Leasing leads the way in Mingtiandi’s latest list of brokerage wins as Cushman & Wakefield is said to have advised an insurer on its rental of four floors of office space in Hong Kong’s Kowloon East area. The fast-developing commercial hub also was the scene of an investment transaction, with Knight Frank brokering the sale of an office unit in Kowloon Bay.
JLL could be flipping properties for the world’s biggest burger seller soon, after the property consultancy was appointed to advise on the disposal of a HK$1 billion McDonald’s-owned location near the Star Ferry pier in Tsim Sha Tsui, and we also have reports of agencies winning new appointments in Shanghai, Beijing and Singapore.
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.
Hong Kong
Cushman & Wakefield has reportedly advised on one of the largest leases so far this year, with the company’s office services team having facilitated local insurance firm FTLife’s new lease in the LVGEM NEO tower in Kowloon East, Mingtiandi has come to understand. The insurer is said to have agreed to pay HK$4.41 million ($561,806) per month to rent a 126,000 square foot (11,706 square metre) space in the LVGEM NEO project in the Kwun Tong area. The building, which was acquired by the mainland developer from Wheelock for HK$9 billion in 2017, is said to be on track to open in the third quarter of this year. Read more>>
Knight Frank successfully brokered the sale of a low floor commercial unit in the Pacific Trade Centre in Kowloon Bay for HK$3.5 million, equating to HK$4,915 per square foot. The office property at 2 Kai Hing Road in Kowloon Bay has a floor area of 712 square feet, and was purchased by the previous owner in 1991 for HK$850,000, or HK$1,194 per square foot. Read more>>
JLL has been appointed by fast food chain McDonald’s as the sole agent for the public tender sale of two shop units on the ground floor of Star House at 3 Salisbury Road in Tsim Sha Tsui, currently leased to health and beauty chain Watsons. The property, which has a saleable area of approximately 4,260 square feet, is expected to be sold for around HK$1 billion, with the deadline for tender submissions being June 18th, 2019. Read more>>
JLL has been appointed to broker the sale of the 39th floor of Enterprise Square Three, an office building located at 39 Wang Chiu Road, Kowloon Bay. The property, currently occupied by DMK Asia Ltd, has a floor area of 16,100 square feet, and is expected to sell for around HK$260 million. Read more>>
Savills has been appointed as sole agent for the disposal of a workshop in Wang Kwong Industrial Building, in Kwun Tong, to be sold by private tender. Savills estimates that the unit, with a ground floor area of 9,602 square feet and an approved mezzanine floor of 2,045 square feet, will sell for around HK$120 million. Read more>>
Cushman and Wakefield has been appointed to broker the sale of a three-storey luxury villa at 10 Mount Davis Road in Pok Fu Lam. The property services company expects the 2,612 square foot property, which includes a private car parking space and gardens, to sell for around HK$88 million. Read more>>
Cushman and Wakefield has been appointed to broker the sale of a luxury house at 33 Cambridge Road in Kowloon Tong with approval for redevelopment of the 5,508 square foot site into a new residential property of up to 9,915 square feet. The property services agency expects the asset to sell for around HK$405 million. Read more>>
Cushman & Wakefield has been appointed by Wong Kwing Keung, former director of the Tung Wah Group of Hospitals, to broker the sale of Horizon Ridge, a residential property on Chung Hom Kok Road in Stanley. The property services company has set a minimum price of HK$108 million for the sale of the house, which comes with two car parking spaces and has a saleable area of 2,503 square feet, with the tender deadline set for June 18th. Read more>>
Knight Frank and Cushman and Wakefield have been appointed by CSI Properties Limited as joint sole agents for the sale of an 8,107 square foot site in Tsim Sha Tsui. According to an announcement by Knight Frank, the property services company expects the site, which has been approved for development of up to 97,284 square feet of commercial space, to sell for around HK$2 billion. Read more>>
Mainland China
Colliers has been appointed by Jingrui Real Estate to provide leasing and property management services for the developer’s Naga office project, a redeveloped courtyard property in Beijing. The four-storey office property in the city’s Dongzhimen area has a gross floor area of 6,158 square metres and counts WeWork among its current tenants. Read more>>
Baring Private Equity Asia has appointed Colliers to provide asset management and leasing services for two new office buildings at the Zhongguancun Hongqiao Innovation Center in Shanghai’s Changning district. The pair of buildings, which measure 13,407 square metres and 11,756 square metres by gross floor area respectively, are ten minutes walking distance from the IBP International Convention Centre. Read more>>
CBRE has been appointed by South Korean conglomerate SK Group as joint leasing agent for its upcoming Shanghai SK Tower, which at 280 metres tall will be the tallest building in the Expo area of Shanghai’s Pudong district once it opens at the end of this year. With 59 floors above-ground and 3 underground, the skyscraper will have a gross floor area of 203,344 square metres and an average floor plate of 2,462 square metres. Read more>>
KaiLong REI Holdings has appointed JLL to provide leasing services for Mix 6 commercial project in Shanghai’s Laoximen neighbourhood. Located at 686 Shanghai South Xizang Road, the combination retail and office development is expected to open in the fourth quarter of 2019. Read more>>
Singapore
JLL has been appointed as the marketing agent for the sale of the 56-room K Hotel in Singapore’s Geylang area. The property services company is representing the property’s owner, which is asking S$25 million ($18 million) for the freehold 12,238 square foot hotel, or around S$2043 per square foot. 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.
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