Big players in the Hong Kong office market are electing to lease rather than sell their grade A office space in East Kowloon, and the strategy may present an opportunity for smaller developers looking to sell their office projects.
The only project now offered for sale in the area is No 1 Wang Kwong Road in Kowloon Bay. Small developer Billion Development launched the project in November last year.
Reggie Lai Yui-chung, the project planning manager, said the scarcity of sales opportunities meant that Billion Development had been able to raise asking prices by between 5-8% since it ended an introductory offer of special payment terms.
South China Morning Post