Savills - Mixed-Use Sale - Hong Kong

Date: 21 Apr 2008

Savills has advised on the sale of Trade Square in Cheung Sha Wan, Hong Kong for HK$1.518 billion (US$128million), representing a 5.6% yield. It is the largest transaction in Hong Kong so far this year.
Hong Kong based Glorious Sun Holdings Ltd has sold the 521,160 sq ft (48,415 sq m) property, which sits on a 46,532 sq ft (4,322 sq m) site to a local private investor. Trade Square is located between Cheung Sha Wan Road, Hing Wah Street and Hang Cheung Street. It has 12 floors and additional basement comprising retail units on first and ground floors, office space over eight floors, and several floors of car parking space.

The property is almost 100% occupied with tenants including Canon, DHL, and Liz Claiborne. The monthly rental income is HK$7 million (US$0.89 million).

Peter Yuen, Savills' senior director and head of investment and sales for Hong Kong and Macau says: "This is a fantastic start to the year, and we are confident of achieving further excellent sales results throughout 2008."

Raymond Lee, Managing Director of Savills Hong Kong, said, "This is another outstanding contribution from the investment team, who last year achieved record results in transacting in excess HK$24 billion (US$3.08 billion)."

Savills is market leader in Hong Kong and advised on over 60% of transactions in excess HK$1 billion (US$0.128 million) in 2007.

Trade Square, Hong Kong