GLORIOUS Sun Holdings has signed an agreement with Lai Sun Group to sell 10 office floors at Star House in Tsim Sha Tsui for about $1.4 billion. The space totals about 242,000 square feet, representing about 40 per cent of the building's office space. The $1.4 billion translates into an average selling price of about $5,780 a sq ft for the office space. The property will be sold with tenancies and includes the advertising rights for the external wall above the sixth floor and on the roof. Glorious Sun bought its interests in Star House in 1986 for $208 million, producing a profit of about $1.2 billion. Glorious Sun has about 1.4 million sq ft of investment properties in Hong Kong for rental purposes, mostly offices and shopping complexes. The company said it would continue to maintain this property portfolio and expand its property investments in China. Among the mainland projects to which the group is committed are a 1.5 million square metre residential and commercial development in Beijing, and projects in Shenzhen and Guangzhou.