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New World Development sells three office floors from upcoming Cheung Sha Wan building for HK$1.2 bil

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New World Development's Grade A commercial building at 888 Lai Chi Kok Road in Cheung Sha Wan is expected to be completed in April 2022. (Picture: New World Development)

SINGAPORE (EDGEPROP) - Hong Kong developer New World Development has sold three floors from its upcoming Grade A commercial building at 888 Lai Chi Kok Road in Cheung Sha Wan, Hong Kong.

Read also: Hong Kong home prices slip from all-time high amid concerns about stock market wealth, policy speculation

According to a press release, the 68,000 sq ft space was sold to a financial institution for HK$1.2 billion ($209 million) at an average price of about HK$17,500 psf. The developer says this is a record psf price for the uncompleted development.

The newly sold space covers three full floor plates and each size ranges from 20,800 sq ft to 24,600 sq ft.

888 Lai Chi Kok Road is a 28-storey Grade A commercial building that went up for sale at the end of last year. So far, about 70% of the total gross floor area of the project has been sold, raking in more than HK$5.4 billion to the developer.

Buyers include other financial institutions, universities, medical practices, professional services, and investors such as family offices.

The Grade A building is expected to be completed in April 2022.

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