Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Two Hong Kong office developments sell for $1.12b

by Andrea Waitrovich

In Hong Kong, two separate office development sites have been sold for a total of $1.12 billion in sales price.

The larger office property is the under-construction One Bay East tower in the Kowloon East district. Citigroup has acquired the asset for HK$5.43 billion, or HK$10,575 per square foot ($699.7 million, or $1,364 per square foot). The development has a total gross floor area of approximately 1.025 million square feet. The seller and developer is Wheelock Properties.

The acquisition sets a new record for an under-construction office tower in Hong Kong.

“Our decision to purchase the East Tower of One Bay East underlines our belief and confidence in Hong Kong’s continued growth as a leading global financial center,” said Stephen Bird, Citi’s chief executive for Asia Pacific,

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?