CHEUNG Kong (Holdings) has increased prices by 2 to 10 per cent for grade A office space in Concordia Plaza and doubled to six floors the amount of space it has released on to the market. Sales manager William Kwok Tzw-wai said the company is also considering a further price rise of 5 to 10 per cent when it officially launches the grade A office space on to the market later this month. For the moment though, he said Cheung Kong is entertaining all offers for the space from interested end-users and investors during the pre-sale phase. 'At the moment we have no method,' he said. 'It depends upon what they want to offer us.' Mr Kwok said the company was now considering an offer of $8,400 per square foot for one of the floors, but did not know if it would accept it. Cheung Kong launched a pre-sale by word of mouth for three floors of a grade A office building in Tsim Sha Tsui prior to the Lunar New Year. Estate agents and Cheung Kong officials reported that the response had been excellent. Originally, space on the seventh, 10th and 16th floors was put on the market. However, according to estate agents, most of this sold out quickly and space on the eighth, 11th and 12th floors was put on the market as well. Mr Kwok said that Cheung Kong had raised prices for space on these floors by between 2 to 10 per cent. Samuel Wu Kwok-hung, director of business space with Vigers (Hong Kong), said he would not be surprised if Cheung Kong raised prices a few more percentage points soon. At present space on lower floors is selling for about $6,225 per sq ft to a high of $7,900 per sq ft for the 15th floor, said one real estate agent. According to earlier reports, Cheung Kong bought 14 floors in the building from its original development partners for roughly $2.08 billion, or just over $5,200 per sq ft. Mr Wu said part of the reason for the success of the sale was the price. 'I wouldn't say it is low,' he said, 'but it is attractive to end users.' Estate agents point out that all the sales so far have been internal or by word of mouth. A number of agents agreed that while there was more activity in the office sales market, few deals were being cut. They cautioned that the pre-sale of Concordia Plaza does not mean that the lacklustre office market is about to turn around any time soon. It merely reflects interest in the new Cheung Kong building, they said. 'All the attention is focused on the Concordia right now,' said Mr Wu. Estate agents said the reason for the building's popularity was that prices were about 50 per cent cheaper than when the same space went on sale back in 1994.