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SCMP Reporter

THE occupation permit for Park Lane Square II in Tsim Sha Tsui has been issued by the building authority, according to the sole leasing agent, Richard Ellis.

  This follows the issue of temporary occupation permit last month which enabled the Standard Chartered Bank to take possession of the ninth and 10th floors.

  The bank has now completed its decoration and has already moved in.

  Among other tenants that are now preparing to take possession are Token Electronics and Murata Co.

  They will occupy part of the seventh floor.

  Richard Ellis has confirmed that almost 200,000 square feet is now committed and that interest in the building is growing because of the limited availability of space in Tsim Sha Tsui, where the vacancy rate is under three per cent.

  Richard Ellis associate director in charge of leasing park Land Square Richard Watton said that tenants looking for more than 5,000 sq ft in Tsim Sha Tsui had few alternatives in Grade A buildings at present.

  ''The building offers a large, yet flexible, floor plate designed to suit a wide variety of occupiers,'' he said.

  ''The entrance from Nathan Road and Kimberly Road is spectacular with an impressive atrium and central fountain - an unusual feature in Tsim Sha Tsui.''   Richard Ellis believes the building will now fill up quickly as tenants appreciate the quality and benefits of Park Lane Square, which is close to the MTR.

  Activity in Tsim Sha Tsui has been at a high level over the past few months with substantial take up putting pressure on rentals.

  Tenants searching for prime office space are having to pay a minimum of $30, while rentals in the Peninsula Hotel Tower are rumoured to exceed $40 per sq ft (psf).

  Park Lane Square rentals range from about $28 sq ft for larger tenancies up to $38 for units with full harbour views.



Permit ready for TST square