LAI Sun Group has sold an office floor in Tower A of the New Mandarin Plaza in Tsim Sha Tsui to a mainland group for $112.2 million.
The transaction signals continued investment interest in the office property market, especially from investors with mainland backgrounds.
The unidentified China-backed buyer paid an average of $6,203 per sq ft for the seventh floor, an investment yield of five per cent.
The buyer intends to re-sell the premises unit by unit, with the selling price is expected to be about $6,600 per sq ft.
The whole of Tower A of New Mandarin Plaza, at 14 Science Museum Road, was sold last month to a consortium led by Lai Sun for $1.32 billion.
The price was equivalent to about $5,350 a sq ft for the office space and about $450,000 per parking space.
