COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Depressing turnout halts marketing of $24.5b Mongkok office tower

High asking price and less-than-ideal location discouraged Mainland buyers.

Bloomberg reports that Champion REIT is halting its marketing efforts for its $24.5b office tower in Mongkok following a depressing turnout. 

The 59-storey Langham Place Office Tower has been up for sale since July but has failed to receive any significant bids as Savills Plc, the real estate firm marketing the building, set the indicative price at almost twice the consensus estimate in a Bloomberg survey.

“I am not surprised -- they were too aggressive and the asking price was too high," said Siu Fung Lung, a property analyst at CGS-CIMB Securities, adding that buyers weren’t keen on snapping a location so far from the central business district. 

Here’s more from Bloomberg:

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