Singapore’s Mapletree, PAG rename Pan Sutong’s former Hong Kong headquarters, to give anchor tenant naming rights to ‘high-quality office landmark’

Goldin Financial Global Centre, the former headquarters of Chinese tycoon’s Goldin Financial Holdings in Kowloon Bay, has been renamed The Bay Hub

Building ‘will remain competitive thanks to its professional asset management, inspiring working environments and best-in-class sustainability and ESG performance’: CBRE

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The building is located in Kowloon Bay, an area that is being positioned as Hong Kong’s second business district. Photo: Handout

Published: 6:30pm, 6 Mar 2024

Singapore’s Mapletree Investments and pan-Asian investment firm PAG have renamed the former headquarters of Goldin Financial Holdings to The Bay Hub.

The firm held the business empire of Chinese tycoon Pan Sutong, who was once Asia’s fourth-wealthiest person. Its headquarters – the 28-storey Goldin Financial Global Centre – were bought by a joint venture between PAG and Mapletree, which is wholly owned by Temasek Holdings, last year for HK$5.6 billion (US$716 million), a price well below its initial estimated valuation of HK$10 billion.

The building is located on 17, Kai Cheung Road in Kowloon Bay, an area that is being positioned as Hong Kong’s second business district. CBRE has been appointed as the tower’s lead marketing agent.

“We are thrilled to announce the re-entry of The Bay Hub as a high-quality office landmark in Hong Kong’s commercial sector,” Wong Mun Hoong, Mapletree’s regional CEO for Australia and North Asia, said in a statement issued by CBRE on Wednesday. “Aligned with Mapletree’s commitment in ESG [environmental, social and governance concerns] and creating long-term value for our stakeholders, the transformation of The Bay Hub not only brings a fresh image and vitality to the neighbourhood, its upgrades are purposefully made to cater to occupiers’ increasing demand for wellness support, sustainability and a next-level working experience.”

The building’s redesign and relaunch come at a challenging time for the office property market in Hong Kong. In January, the overall vacancy rate of prime office space in the city inched up to 12.9 per cent from 12.8 per cent in December, while the overall net effective rent declined 0.6 per cent, according to JLL.

CBRE, however, remains confident that The Bay Hub “will remain competitive thanks to its professional asset management, inspiring working environments and best-in-class sustainability and ESG performance”, said Ada Fung, executive director and head of advisory and transaction services – office at the property consultancy.

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