18 June 2012, Hong Kong – CBRE has been appointed as sole marketing and head agent for the sale of a new Grade A office building located at 135-137 Hoi BunRoad, Kowloon East. The property will be sold in vacant possession.
The property is prominently situated along the waterfront of Hoi Bun Road and commands a panoramic seaview of Victoria Harbour as well as overlooking the Kai Tak Cruise Terminal. It is only five minutes’ walk from MTR Ngau Tau Kok Station and is easily accessible. The property is scheduled to be completed in mid-2013. It is a 25-storey building with a large typical floor plate of approximately 12,000 sq. ft. which can rarely be found in the district.
Mr. Stanley Wong, Senior Director of Investment Properties for CBRE, said,”Kowloon East has undergone rapid development in recent years and has emerged as a mature commercial hub. High quality commercial buildings are always sought after in the market. The soon to be completed Kai Tak Cruise Terminal will help to bring further development potential and push up market value of the buildings in that district. The said property is definitely an ideal option for large corporations due to its prime location and good quality. In addition, the property possesses naming rights and also has a large outdoor advertising signage which offers investors a golden opportunity for investing in an en-bloc building.”
Recently, the HKSAR Government has launched the Central Business District 2 in Kowloon East, aiming to transform Kowloon East as another business hub. Over the past few years, both the office leasing and sales markets in Kowloon East remain very robust. With more new buildings under completion in the district, different kinds of companies have started to relocate there. According to CBRE Research, overall office rental growth in Kowloon East has surged by 34% in 2011.
Given that the overall office vacancy rate now stands at about 4.2% and new supply will be reduced to less than 1 million sq. ft. in each of the coming three years, office rents in that district are expected to be sustained.
For sales enquiries, please contact Mr. Stanley Wong, Senior Director of Investment Properties for CBRE (Tel: 2820 1425 or 9411 2848).
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.