Wheelock's One HarbourGate attracts more than 10 potential buyers
Interested parties are end users looking to buy before further rises in office rents
Wheelock, which set a Hong Kong record price for an office tower sale, has been approached by more than 10 potential buyers for its latest project as high rents spur companies to consider ownership.
"Some of them are looking to buy all of it, some of them just want one block," vice-chairman Stewart Leung Chi-kin said about the twin-block development called One HarbourGate.
The property could be sold this year before its completion in 2016, Leung said.
Citigroup's record HK$5.4 billion purchase of a Wheelock property last year is a signal of how Hong Kong office rents, which are the second-highest in the world, are prompting companies to invest instead of leasing.
Hong Kong is also benefiting from a slew of Chinese buyers, who are hunting for assets globally as they expand operations.
"Many mainland Chinese companies, banks and insurers, lean more toward buying than renting," said Simon Lo, head of Asia research and advisory at Colliers International.
"A lot of them are end users who want to avoid volatility in rent."