Landmark South Starts Office Leasing

HK’s Landmark South Starts Office Leasing

HONG KONG – A joint venture comprising Empire Group and Sino Group have started renting out their newest mixed-use development in Wong Chuk Hang Landmark South, reported The Standard on Wednesday evening (5 May, SGT).

The average monthly rent of the office space and retail premises at the Grade A commercial project stands at approximately HK$30 psf. With an overall floor area of 256,957 sq ft, the 30-storey commercial property will officially open in Q3 2022.

Despite the prevalence of hybrid work arrangements, rents in Island South, where the commercial property is located, are expected to be stable unlike that in Hong Kong’s Central, where the office market has been badly impacted by the COVID-19 pandemic, said Albert Yiu Chi-wai, Executive Director at Empire Group.

This is due to Island South’s relatively low rent and the completion of more commercial and residential development as well as the Fullerton Ocean Park Hotel Hong Kong, which is anticipated to attract more people to the district.

Aside from that, some architecture companies, design firms, and galleries have shown strong interest in the Landmark South mixed-use development, added Bella Chhoa Peck-lim, Director of asset management at Sino Group.

Previously, the land for Landmark South was purchased for HK$2.53 billion, which works out to HK$8,872 psf based on the commercial property’s gross floor area (GFA) of 284,945 sq ft.

As a part of the local authorities’ Invigorating Island South initiative, the JV was also required to house Hong Kong Arts Development Council within Landmark South.

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