KaiLong buys three Sheung Wan en bloc buildings

They were purchased at HK$1b.

Regional REIT KaiLong bought three en bloc buildings in Sheung Wan for HK$1b.

According to the sale's real estate consultant CBRE, this reflects positive market sentiment for the area's office sector despite the tight vacancy in Central.

KaiLong is also expanding its footprint in the district. It plans to convert the properties into two modern office buildings for strata sale in 2018.

Andy Wong, senior director, Capital Markets, CBRE Hong Kong, noted, "Our team at CBRE are noticing increasing interest in commercial real estate in Sheung Wan, where investors such as KaiLong are seeking to transform the older areas of the district into thriving commercial hubs."