Gateway almost fully rented out

PUBLISHED : Wednesday, 04 January, 1995, 12:00am
UPDATED : Wednesday, 04 January, 1995, 12:00am

TSIM Sha Tsui's tallest building, the twin-towered, 36-storey Gateway, is almost fully leased after being on the market for only one year.

According to Harriman Leasing, the agent in charge of letting the 1.3 million sq ft commercial and retail building, there remains only about 200,000 sq ft left to lease.

Virtually everything else was spoken for, it said.

Doreen Lee, director and general manager of the company, said 85 per cent of all the commercial space had been rented out, leaving about 15 per cent now under negotiation.

'Despite a slow property market, it has been a remarkably successful year for Gateway,' she said.

Citibank is a possible major tenant, reportedly negotiating for about 80,000 sq ft of the remaining space.

The building's latest tenant is Hapag-Lloyd, the German shipping company which recently signed a three-year lease for 12,000 sq ft on the 35th floor of Tower II.

This will be Hapag-Lloyd's first Hong Kong office. Its Asian headquarters is in Singapore.

Hapag-Lloyd is another in a growing number of companies which have chosen to locate in Tsim Sha Tsui because rents for similar grade A office space can be 30 to 40 per cent cheaper than those in Central and Admiralty.

Besides Hapag-Lloyd, Japanese electronics giant Matsushita Electronic Works and Singaporean financial company Keppel Finance (Hong Kong) have also taken up space recently.

Other service sector companies that have become tenants include Hongkong Bank, P & O Travel, Chang Hwa Bank and law firm Victor Chu & Co.

Ms Lee said the 120,000 sq ft retail podium was fully let and most shops were now opened for business.

Linked to the Harbour City shopping complex, the podium features cinemas, fashion boutiques, restaurants and banks.