Press Release
Savills & CBRE Appointed as Joint Sole Agent for the Sale of a Portfolio of Prime Properties at Jade Centre by Expression of Interest
January 14, 2024
Media Contact
Christine Tai
Associate Director, Marketing & Communications, Hong Kong
International real estate firms Savills and CBRE are appointed as the joint sole agent for the sale of a portfolio of prime properties at Jade Centre at 98 Wellington Street, Central. The Property for sale includes Shop A on G/F, 1/F to 4/F, Unit A on 5/F, 6/F, Unit A on 9/F, 11-14/F and 21/F of Jade Centre. The Property, with a total gross area of approximately 23,957 sq. ft., is being sold on an "as is" basis with existing tenancies. The expressions of interest submission deadline is scheduled at 12:00 noon on 28 March 2024 (Thursday).
Jade Centre comprises retail units from G/F to 3/F, while 4/F and above are designated for office spaces. The units for sale range from approximately 918 to 2,920 sq. ft., featuring well-proportioned layouts. Situated in the prime commercial area of Central, the property enjoys an excellent location with a close proximity to Hong Kong MTR Station, Central MTR Station, and prominent landmarks including the SOHO district, The Center, Queen's Road Central, and IFC. The area boasts bustling foot traffic, making it an ideal business location.
Mr. Peter Yuen, Managing Director, Investment of Savills said, "The market value of the property is approximately HK$380 million, at approximately HK$16,000 per sq. ft. Looking at the recent transactions of similar properties, the top five floors of the neighbouring 92 Wellington Place , which was developed by CSI Properties Limited, was sold for approximately HK$290 million (approximately HK$25,000 per sq. Ft). In comparison, the subject property portfolio for sale offers a golden investment opportunity at an affordable price as the key owner has held the property for over 30 years. Hence, investors and buyers should not miss this opportunity.”
Mr. Reeves Yan, Executive Director, Head of Capital Markets of CBRE commented, “The portfolio of properties for sale represent more than 50% of the ownership of the entire building. Also, the property can be subdivided for individual sale, providing a high degree of flexibility. The occupancy rate is currently 100%, offering immediate and stable rental income for potential buyers. The tenant mix has a wide range of business, including F&B, personal care services, fitness centers, bridal shops, and tailoring shops. It caters to a strong customer base in the surrounding commercial area, providing commercial and retail services. The tenants have a strong ability to support the rental.”
Property Advertising Number: Savills INV02411RS / CBRE-ADV-3239
Jade Centre comprises retail units from G/F to 3/F, while 4/F and above are designated for office spaces. The units for sale range from approximately 918 to 2,920 sq. ft., featuring well-proportioned layouts. Situated in the prime commercial area of Central, the property enjoys an excellent location with a close proximity to Hong Kong MTR Station, Central MTR Station, and prominent landmarks including the SOHO district, The Center, Queen's Road Central, and IFC. The area boasts bustling foot traffic, making it an ideal business location.
Mr. Peter Yuen, Managing Director, Investment of Savills said, "The market value of the property is approximately HK$380 million, at approximately HK$16,000 per sq. ft. Looking at the recent transactions of similar properties, the top five floors of the neighbouring 92 Wellington Place , which was developed by CSI Properties Limited, was sold for approximately HK$290 million (approximately HK$25,000 per sq. Ft). In comparison, the subject property portfolio for sale offers a golden investment opportunity at an affordable price as the key owner has held the property for over 30 years. Hence, investors and buyers should not miss this opportunity.”
Mr. Reeves Yan, Executive Director, Head of Capital Markets of CBRE commented, “The portfolio of properties for sale represent more than 50% of the ownership of the entire building. Also, the property can be subdivided for individual sale, providing a high degree of flexibility. The occupancy rate is currently 100%, offering immediate and stable rental income for potential buyers. The tenant mix has a wide range of business, including F&B, personal care services, fitness centers, bridal shops, and tailoring shops. It caters to a strong customer base in the surrounding commercial area, providing commercial and retail services. The tenants have a strong ability to support the rental.”
Property Advertising Number: Savills INV02411RS / CBRE-ADV-3239
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.