Commercial tower Coasia Building in Causeway Bay has been sold for HK$98 million in the first large-scale property-investment transaction since the terrorist attacks on the United States last month. Analysts said despite the poorer sentiment following the attacks, buying was driven by the low interest rate environment and high investment return. Sources said the buyer was a local investor but refused to disclose details. Sole agent Hampton Victoria Properties director Simon Chow confirmed the sale. He said after a cooling-off period following the US attacks, investors with cash in hand would find that their money was earning only low interest income. Properties with quality tenants and stable income flows would be attractive, Mr Chow said, adding that the property market was cyclical and investors need not be too pessimistic. Coasia Building in Lockhart Road near the Causeway Bay MTR station is 23 storeys and has a total floor area of 25,583 square feet. Sources said if fully let the property would provide an investment return of 7.5 per cent per year on the acquisition cost of HK$98 million, or an average price of HK$3,830 per square foot. They said many of the tenants were beauty parlours, one of the least-hit industries at this time. Analysts said a rash of purchases of Grade-B commercial buildings had occurred in the middle of the year but recent sales had been affected by the attacks. For instance, Pearl Oriental Holdings had extended the deadline for its tender sale of 72,706 square feet of space in Wan Chai's Pearl Oriental Centre from last Wednesday to November 12 to give potential buyers more time.