New World Development sells three floors of Cheung Sha Wan building for $150m

New World Development has recorded yet another a big-ticket transaction at its class A commercial building at 888 Lai Chi Kok Road in Cheung Sha Wan, New Kowloon, Hong Kong. A financial institution, showing signs of robust interest, recently paid close to HK$1.2 billion ($150 million) for three floors of space for self-use, with an average price of about HK$17,500 per square foot ($2,247 per square foot), setting a new record for per-square-foot price for the development.

The newly sold floor space is on the higher-level floors, covering three full floors, each with an area ranging from 20,800 square feet to 24,600 square feet and a total floor area of nearly 68,000 square feet.

888 Lai Chi Kok Road in Cheung Sha Wan is a 28-story, class A commercial building. It went on sale at the end of last year. The first batch of 30 units were all sold out within an hour. So far, nearly 70 percent of the gross floor area of the project has been sold, bringing in more than HK$5.4