Hang Seng Bank has plans to sell a third batch of non-core properties worth about HK$1 billion, according to sources. They include two office buildings - one in Tsim Sha Tsui and one in Tsuen Wan - an industrial building in Chai Wan and two office floors in Telford House, Kowloon Bay.
The bank, which invited surveyor firms to submit tender proposals for its disposal of non-core properties last month, is expected to appoint more than one firm to handle the tender this month. A spokeswoman said there was nothing to announce at this stage.
The sources said that among the assets, Knutsford 10, a commercial building at Knutsford Terrace in Tsim Sha Tsui, was the most valuable property. Surveyors said the building was worth about HK$400 million. The eight-year-old, 24-storey building provides a gross floor area of 88,000 square feet and provides a monthly rent of more than HK$1.3 million.
The Hang Seng Tsuen Wan Building, located at the junction of Sha Tsui Road and Ham Tin Street, is a nine-year-old, 22-storey office building with a basement, yielding a gross floor area of 140,000 sqft.
Yan Nin Industrial Building at 8 Fung Yip Street, Chai Wan, is the only industrial building in the portfolio. The 14-storey building, built in 1982, provides a gross floor area of more than 153,000 sqft.
The remaining property is the eighth and ninth floors of Telford House, with a total floor area of 32,632 sqft. Kent Choi Wing-cheung, a deputy sales director at Centaline Property, valued the two office floors at about HK$144 million. Office rents at Telford House range between HK$18 and HK$20 per square foot.