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

Timothy Tay
·1-min read


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.

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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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