Competitive rents and a new business environment in Kowloon East, have ensured a rapid take-up of space in Nan Fung's new office project, Octa Tower in Kowloon Bay, the developer says.
'The take-up of space at Octa Tower has reached about 60 per cent. It will be fully let by the end of the year,' Nan Fung managing director Donald Choi Wun-hing said.
Located in Lam Chak Street on the waterfront in Kowloon Bay, near the former Kai Tak Airport area, Octa Tower is a 30-storey grade-A office building.
Nan Fung gained approval to convert the building into an office tower and paid the land premium for changing the land use when an industrial complex was being built on the site in 2009. The conversion to an office tower with a total gross floor area of about 693,000 square feet was finished at the end of 2010.
Asking monthly rent is about HK$20 per square foot and the building has lured tenants from the IT, finance, and business services sectors such as CSL Advanced, Li & Fung Group's Trinity, and Wing Lung Bank.
Choi said Nan Fung was still on the lookout for more big tenants.
'The floor plate of the building is large. Space on the lower floors is about 35,000 square foot a floor, and on upper floors it is about 23,800 square foot a floor. We are looking for tenants that can take up a whole floor - for example, Li & Fung has leased all the space on the 28th to 30th floors,' Choi said.