New World Development Unloads 3 HK Office Floors For HK$1.2b

HONG KONG – New World Development, a real estate developer based in the Chinese territory has divested 3 office floors at an ongoing Grade A commercial development along 888 Lai Chi Kok Road in Cheung Sha Wan, reported The Edge on Friday morning (1 October, SGT).

Spanning a total of 68,000 sq ft, the office space was picked up by an unnamed financial firm for HK$1.2 billion (S$209 million), which works out to an average of HK$17,500 psf based on the overall area.

New World Development highlighted that this represents a record psf price for the uncompleted commercial project. In particular, the latest transaction involved 3 full floor plates, each measuring between 20,800 sq ft and 24,600 sq ft.

Notably, the 28-storey Grade A commercial building at 888 Lai Chi Kok Road has sold approximately 70 percent of its overall gross floor area (GFA) since the real estate developer started the sale process at the end of 2020.

In total, New World Development has received over HK$5.4 billion in revenue from the sales. Purchasers include investors like family offices, universities, medical practices, providers of professional services, and other financial firms.

The Grade A commercial building along 888 Lai Chi Kok Road in Hong Kong’s Cheung Sha Wan area is targeted to be ready by April 2022.