Connaught Road units go for $723m

PUBLISHED : Friday, 17 December, 1993, 12:00am
UPDATED : Friday, 17 December, 1993, 12:00am

A MYSTERIOUS buyer has paid $723 million for floors in the 118 Connaught Road West property.


The purchase included the top six office floors (with a total floor area of 79,000 square feet), 18 car parking spaces, four rooftop signs and the naming right to the building.


The property comprises two storeys of shops, three storeys of car parking space, two storeys of machinery space and a 30-storey office tower.


It was developed by a consortium comprising Paliburg Development, Asean Resources Holdings and China Overseas Land and Investment.


The latest sale means 95 per cent of the office units at the building have been sold since its marketing launch last month.


Donald Fan, director of Paliburg, expected a revenue of more than $3 billion would be realised from the sale of the whole development, compared with the previous forecast of $2.4 billion.


The initial sale, including 108 office units on lower floors, was offered at an average selling price of about $5,000 per square foot.


 

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