A local bank was among those vying for the property.
Colliers International’s recent quarterly reports have shown that continuous strong demand from both local and PRC investors, as well as domestic users have bolstered the property markets.
This finding is further illustrated by a new transaction on Kwun Tong View, a commercial building on 410 Kwun Tong Road completed by Colliers’ Capital Markets and Investment Services in Hong Kong.
Commenting on the transaction, Antonio Wu, Deputy Managing Director of Capital Markets and Investment Services in Colliers International, “Colliers found ARA REIT to buy the property last year, but they unfortunately failed to get unit holders’ approval to proceed with the transaction. After the deal fell through, we did not give up on this great asset but to continue to market the property until we have eventually found a private investor. There have been numerous interests on the asset represented by our competitors including an offer from a local bank. With the extensive knowledge that we have on the property, we were able to convince the buyer to pay a higher price for the asset for their long-term investment. We have certainly created a win-win situation for every stakeholder of the deal and are very much appreciated with the end result”.
Kwun Tong View was owned by Phoenix Property Investor, which now has been sold to a local private investor with a transaction price at USD255 million or HKD1.99 billion (14,000 per sq ft). Convenient location of the building is one of the biggest attractions for this property; with a mere 2-minute walk to the Kwun Tong MTR station and the apm shopping mall, which brings the property a great advantage for companies who are looking for alterative office spaces for relocation or consolidation outside the core-CBD or fringe-CBDs area.
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