Kwong Sang Hong International (KSH) is in negotiations to sell its two remaining office floors in Lippo Tower Two at Admiralty, according to agents. Last week, it sold the 13,400 square foot fourth floor of the tower, formerly Peregrine Tower, for $73 million or $5,500 per sq ft. Agents said that price compared with $6,000 per sq ft paid for the fifth and sixth floors two months ago. Upper floors with sea views could fetch $8,000 per sq ft. They said the low price of the fourth floor should not affect the two remaining floors - the 19th and 33rd. Landscope Surveyors managing director Koh Keng-shing said the average transaction price in the building was $7,000 per sq ft - a drop of 46 per cent from the peak price of $13,000 per sq ft. The fourth floor had sold at a bargain price mainly because buyers for the lower floors in the building were difficult to find. Also, since the sale involved the whole floor, a big discount might have been involved. Hong Kong Property Services (Agency) commercial department head Samon Law Chun-keung said the fourth-floor transaction could not serve as a market indicator. The volume of transactions at Admiralty - once the most active area for investors - had become thin, he said. There had been only seven sale-and-purchase transactions in the Admiralty office market last month. Coming new supply of millions of square feet of office space at Central had put pressure on the market, Mr Law said, citing an office floor in Nine Queen's Road Central which had sold recently for $8,600 per sq ft. Mr Law said grade-A office prices were yet to hit bottom and he expected they would fall a further 5-8 per cent this year.