Level 66 has a floor area of 26,967 sq ft while level 75 measures 23,901 sq ft. The total consideration works out to about HK$26,000 per sq ft, which is 54% lower than the HK$55,854 per sq ft paid for level 79 when it was sold in 2017.
Citi Research analyst Tan Yong Hong says he remains cautious about the banks’ asset qualities and on Hong Kong commercial real estate (CRE) in a Sept 2 report.
Tan’s report comes after Mingtiandi reported, on Aug 29, that DBS Bank has agreed to buy two floors in The Center, Hong Kong’s fifth-tallest building. The bank will buy levels 66 and 75 from Hong Kong tycoon David Chan Ping-chi for a reported HK$1.3 billion ($217.8 million).
