DuPont to be key tenant at last phase of Gateway

Wharf (Holdings) has secured DuPont China as its largest tenant for Tower Six at The Gateway in Tsim Sha Tsui, the last phase of the massive commercial development.

The chemical company will occupy the whole of the 26th and part of the 27th floors, taking 42,000 square feet of the building under a nine-year lease.

Doreen Lee, director and general manager of Wharf unit Harriman Leasing, said the 750,000 sq ft Tower Six was nearly 60 per cent occupied following the recent transactions.

Global entertainment firm EMI also has signed a lease for 10,000 sq ft on the 27th floor for the headquarters of its Asia-Pacific operations.

Relocating from the New World Centre, also in Tsim Sha Tsui, DuPont will use the office as one of its regional hubs, supporting and developing the company's Asia-Pacific and China operations.

Sources said the DuPont office was rented at more than HK$20 per square foot a month, with a rent-free period of about six months.

DuPont China director of administration Chuck Li said: 'As a science company, technology and innovation play an important role in our operations. We look forward to using Gateway's extensive facilities and excellent information-technology infrastructure to help our business on the mainland and in the region become more competitive.'

Despite the two large transactions, Ms Lee said the leasing market generally was quiet. She said large corporations needing to relocate were cautious, but would still be attracted by quality properties.

Medium-size trading firms were renting offices following China's accession to the World Trade Organisation, said Ms Lee, adding that a trading company had just signed for an 8,000 sq ft office on the 29th floor of Tower Six at HK$28 per square foot.

She said Hong Kong was still more attractive than other cities in China as a service centre and could absorb companies to set up headquarters.