Wan Chai commercial building up for public tender at $1.2b

Gloucester Road asset offered as investor interest in HK core offices builds.

A commercial building at 88 Gloucester Road, Wan Chai, is on the market via public tender, with a guide valuation of $1.207b, CBRE Group said.

The sale includes the 22-storey building and 17 car parking spaces at Nos. 77–79 Gloucester Road. CBRE set the tender closing date at 25 June. The valuation works out to about $11,180 per square foot (psf) , excluding parking spaces valued at $2.5m each.

The building spans about 104,158 square feet (sq ft) of gross floor area and features three-sided street frontage along Gloucester Road, including a large-scale advertising billboard facing the main road.

CBRE said the property sits near the Wan Chai footbridge network, with access to Wan Chai and Exhibition Centre MTR stations, and links to Central Plaza and the Wan Chai North office cluster.

“The Property offers a compelling combination of owner-occupation potential, investment value, and prominent branding exposure,” said Jonathan Chau, executive director and head of investment property and private office, capital markets, CBRE Hong Kong.

Chau said enquiry activity and transactions for large commercial assets have increased in recent months, with stronger participation from PRC conglomerates and end-users in finance, education, and technology.

He added that the market recorded over $37.04b in transactions across 2025 and year-to-date 2026.

CBRE pointed to recent deals in the market, including DBS Bank (Hong Kong)’s purchase of six office floors at The Center in Central for over $2.6b, Dah Sing Financial Group’s acquisition of multiple floors at Viva Place for over $838m, and OCBC Bank (Hong Kong)’s acquisition of a full building at 60 Gloucester Road in Wan Chai for owner-occupation.

This CBRE announcement follows their public tender launch for the entire seven-storey building at 26 On Lok Mun Street in Fanling, which has a gross floor area of about 41,258 sq ft and includes 22 car parking spaces, motorcycle spaces, and loading bays.