The sale follows a series of sizeable office transactions and a pickup in leasing, as investors reassess opportunities in Hong Kong
A Hong Kong office unit at Admiralty Centre has changed hands for HK$292.17 million (US$37.46 million), making it the most expensive commercial property transaction registered on Tuesday, according to official records, in a deal that adds to tentative signs of stabilisation in the city’s battered real estate market.
The office space, located in Admiralty Centre Tower 1 within the city’s core business district, was acquired by Luck Ring Development, Land Registry records showed.
The unit measures 21,318 sq ft, according to agents, putting the price at about HK$13,705 per square foot.
Luck Ring’s sole shareholder is Wah Mei Co, a firm registered in the British Virgin Islands, according to Companies Registry filings.
Its three directors hold roles across a range of Hong Kong businesses, including Daniel & Co, a retailer of Japanese toys and collectibles such as Sanrio’s Hello Kitty, Bandai’s Tamagotchi and products from the Dragon Ball Super series.
The group did not immediately respond to requests for comment.
Government records show the office was previously leased to tenants including the Philippine Overseas Labor Office and China National Geological & Mining (HK), which paid monthly rents ranging from HK$228,000 to HK$253,000 in 2014 and 2018 respectively.
The transaction was among a handful of sizeable office deals completed in recent months, as property agents pointed to improving sentiment in the commercial segment.
In December, US-based video technology firm Vobile Group bought the top floor of the Bank of America Tower in Admiralty for HK$198 million, according to official records.
The company, which helps major Hollywood studios protect and monetise online video content and listed in Hong Kong in 2018, acquired the 37th floor of the grade A building. The unit spans about 10,500 sq ft and includes two private sky gardens totalling roughly 3,076 sq ft.
Renewed investor interest has coincided with a pickup in leasing activity.
Hong Kong’s grade A office market recorded positive net absorption of 537,000 sq ft in December, marking a ninth consecutive month of expansion, according to a property consultancy.
“This sustained momentum is a clear sign of a gradual recovery in Hong Kong’s office market,” a property consultant said.
“Leasing activity remains steady, and inquiry levels in January have stayed robust,” the consultant said. “We expect other premium buildings in the district to benefit from spillover demand in the second half of the year, as a number of prime towers are now close to full occupancy.”
