Hong Kong’s Swire Properties in talks to sell two office towers in city’s east
The company is putting the Cityplaza Three and Cityplaza Four towers on the market amid strong demand for office space in the city
Hong Kong developer Swire Properties is in talks to sell two high-end offices in the east of Hong Kong Island to take advantage of a strong market for office properties, it said in a stock exchange filing on Thursday.
The buildings are the 21-storey Cityplaza Three and the 24-storey Cityplaza Four in Swire’s Taikoo Shing residential and commercial development in Quarry Bay, it said. Cityplaza Three has floor areas of 18,700 square feet to 19,300 square feet while Cityplaza Four’s floors are 23,600 square feet to 24,300 square feet, according to the company’s website.
“Swire Properties is constantly looking for opportunities to enhance returns for its shareholders,” a spokesman said. “The office market is very robust, and there has been keen market interest in en-bloc office sales recently.”
Analysts see strong momentum for office leasing in Hong Kong, driven by demand from cash-rich financial and technology firms, especially those from mainland China.
Rents in the city’s office market as a whole have risen with eastern end of Hong Kong Island leading gains last month with a 0.6 per cent month-on-month rise, according to property firm JLL’s latest Property Market Monitor released on April 25.
The relatively cheaper rents in the eastern part of the island have attracted more companies who are finding the traditional business district of Central more expensive.