Plaza sale largest in 10 years
AN entire tower in one of Tsim Sha Tsui's largest commercial buildings, the New Mandarin Plaza, is being offered for sale by strata title in the largest disposal of its kind in the area for two years.
Ten floors of office space, totalling 170,000 square feet, in Tower B, will be marketed in the first week of May at prices ranging between $5,250 and $5,750 per square foot.
Search Asia Investment (Holdings), which bought the New Mandarin Plaza last May for $2.35 billion, has appointed First Pacific Davies to handle the disposal.
Search director Mr Nick Prior, announcing the sale, said: ''From the unsolicited enquiries already received, we expect a rapid sale of Tower B.'' And, according to FPD executive director Mr Neil Palmer, it will be the largest strata title disposal in Tsim Sha Tsui since Lippo offered Sun Plaza in 1991.
Mr Palmer said the sale would provide investors and end-users with a rare chance to buy large offices in Tsim Sha Tsui, with units ranging from 4,500 to 18,000 sq ft.
''It is very difficult to find offices in Tsim Sha Tsui of more than 5,000 sq ft, so there is already strong interest from tenants and other end-users,'' he said.
More than one-third of the space is offered with vacant possession.
The remaining 120,000 sq ft has tenants, including NEC and National Mutual.
New Mandarin Plaza is situated at 14 Science Museum Road in the heart of Tsim Sha Tsui East.