Two floors in One Harbour Square bought for over HKD 544.2m

Citigroup’s East Tower purchase reignited market interest.

Citigroup's en-bloc purchase of the East Tower at One Bay East in the previous month has reignited interest in the Kowloon East office investment market.

According to a research note from JLL, this was manifested with two floors at One Harbour Square in Kwun Tong selling for HKD 273.2 million (HKD 14,400 per sq ft, gross) and HKD 271.0 million (HKD 15,800 per sq ft, gross) to end-users.

Meanwhile, Fook Lee Holdings continued to offload core assets from its portfolio, selling Fook Lee Commercial Centre in Wanchai en-bloc to Asia Standard International Group for HKD 1.11 billion (HKD 13,800 per sq ft, gross).

The transaction follows the sale of a residential building by the group in June.