>

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

/ EdgeProp Singapore |

September 30, 2021 5:41 AM SGT

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)

Join our Telegram channel and follow our Facebook for the latest update.

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.

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.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.