The Bank of China (Hong Kong) is selling the Kincheng Bank Building in Central by global public tender, according to sole agent FPDSavills. The 26-storey commercial property, at 51-57 Des Voeux Road, was previously the headquarters of the Kincheng Bank. It has a total gross floor area of about 70,000 sq ft. Bank of China considered the building surplus property after it consolidated its local operations. Tim Wong, director of FPDSavills's investment division, said: 'Although the outlook for the office market remains difficult, low interest rates continue to drive sentiment in the sales and investment markets, as witnessed by transactions worth more than HK$10 billion in investment property in the past year. 'After construction and related costs, office prices have brought commercial land prices to historically low levels.' Mr Wong said long-term investors and end users would be attracted to the Kincheng property by a price level last seen in the 1980s. 'Considering its prime location, with all major local and foreign bank headquarters in the vicinity, there has been no such property investment for sale in core Central for probably the last 10 years,' he said. 'I expect an even better response than that seen for the Hua Chiao Commercial Building, at 88-98 Des Voeux Road, which we sold on behalf of the same owner last year.' Mr Wong expected strong interest from local entrepreneurs and private enterprises on the mainland, who could buy the building as a headquarters to enhance their corporate image and possibly to inject into their listed arms. The closing date for the tender is March 6. Property consultancy firm Chesterton Petty estimates grade-A office prices have fallen 22.13 per cent in the past year to an average HK$4,540 per sq ft. Prices in Central have dropped by more than 20 per cent to an average of HK$4,997 per sq ft. Chesterton Petty said office property prices would remain stable in the first half of this year, but a mismatch between asking prices and buyers' offers would result in few transactions. While foreign investors would continue to search for prime grade-A office properties, local investors' interest in high-yielding grade-B buildings would continue this year, it said. Mr Wong said office yields were stable at 4 to 5 per cent for grade-A offices and 8 to 9 per cent for grade-B properties.