• Savills Appointed as Principal Agent for the Global Tender Sale of the Iconic “Langham Place Office Tower”

    18 July 2017

    (17 July 2017, Hong Kong) Savills has been appointed by Champion REIT as the principal agent for the global tender sale of “Langham Place Office Tower”.  Located at 8 Argyle Street, this iconic commercial building is the second highest in Kowloon.

    PRC Magazine #21, Langham Place Launch Issue

    Raymond Lee, CEO of Greater China, Savills who is leading the project, remarked, “the sale of such a landmark property will attract interest from investors and buyers who possess a “collector mindset”.  Located in the heart of Kowloon and right above Mongkok MTR Station, the skyscraper also benefits from the neighbouring Langham Place Mall and Cordis Hotel.

    The occupancy of the tower has reached 100 per cent.  I strongly believe that the successful sale of the property will mark a new record in Kowloon’s commercial market.   It is worth mentioning that the building height limit set by the Government has further amplified the value of this “Langham Place Office Tower” as there will not be another chance to develop a building of this height in the area.”

    With Raymond’s success in completing a handful of significant deals in London, Sydney and Melbourne namely the Leadenhall Building, Exchange Center (ASX) and 12 Riverside Quay (Headquarters of Exxon Mobil in Melbourne), he has a thorough knowledge of the logistics behind selling iconic buildings globally.  He believes that potential buyers will come from the Mainland, Hong Kong and even the Middle East.  Raymond anticipates that  indicative price for this extraordinary property is around HK$24.5 to 25 billion (over HK$35,000 per sq ft)


    Tender Closing date is scheduled by September / October 2017.

    Photo caption: (from left) Godfrey Cheng, Senior Associate Director; Raymond Lee, CEO of Greater China; Frank Marriott, Head of Regional Investment


    Remarks: Soaring high above all its surroundings, the 255m Langham Place’s 59-storey A Grade office tower stands as the defining landmark right at the heart of Kowloon. Within its lofty mirrored glass facade, the tower offers over 770,000 sq. ft. of office space (approximately 17,000 sq ft each floor) with panoramic views of Victoria Harbour and the whole Kowloon Peninsula.  The office building is located next to the shopping giant Langham Place Mall, with a daily footfall of 250,000 to 300,000.




    More Industry News
    Twenty years after the Handover, Shaping a New Hong Kong
    (5 July 2017, Hong Kong) Colliers International (NASDAQ and TSX: CIGI) releases its latest report summarising the ups and downs in Hong Kong’s property market, together with its view on the SAR’s future development following its 20th anniversary of the handover. Despite its achievements, Hong Kong needs to devote more resources to technology, innovation, and infrastructure in [...]
    SNC-Lavalin completes transformative acquisition of WS Atkins
    (3 July 2017, Montreal) SNC-Lavalin Group Inc. (TSX: SNC) (“SNC-Lavalin” or the “Corporation”) is pleased to announce that it has completed its acquisition of WS Atkins plc (“Atkins”), one of the world’s most respected consultancies in design, engineering and project management, with a leadership position across the infrastructure, transportation and energy sectors. [...]
    JLL launches its vision of the Future of Work
    (26 April 2017, Hong Kong) JLL has introduced Future of Work, its unique perspective on the changing nature of work and the impact on the next generation of corporate real estate. The website provides companies with insights on how to navigate the seismic shifts taking place in the world of work, as they grapple with technological disruption, automation and an increasingly [...]
    Pacific Place and Brickell City Centre Among “9 of the World’s Most Beautifully Designed Malls”
    (29 June 2017, Hong Kong) Swire Properties’ flagship retail developments, Pacific Place in Hong Kong and Brickell City Centre in Miami, have been recognised by influential design publication, Architectural Digest, as being two of the most innovatively designed shopping destinations in the world. (中文简体版请按此)    The list was published on 27 June 2017 on [...]
    Small-to-medium developers losing share in HK’s land market
    (27 June 2017 Hong Kong) Small-to-medium sized developers in Hong Kong are likely to lose their competitiveness in land market under the Hong Kong Monetary Authority’s (HKMA) new loan-to-value measures, according to JLL’s Residential Sales Market Monitor in June. Going forward, the share of residential sites acquired by small-to-medium developers via government tender could reduce from [...]
    “Climate Change and My Smart City” Experience Centre at Construction Industry Council
    (22 June 2017, Hong Kong) Construction Industry Council transformed ZCB into a “Climate Change and My Smart City” Experience Centre. Aligned with the Government’s plan to develop Hong Kong into a smart city, this new Experience Centre features four key themes, namely “Climate Change”, “Smart City & Sustainable Built Environment”, “Smart Living” and “Health & [...]
    Self-storage takes off in Asia
    (22 June 2017, Hong Kong) The self-storage sector is increasingly on the radar of both private and institutional investors due to its growth potential and increasing public awareness, according to a new report by JLL. Yields on self-storage facilities are potentially attractive compared to other traditional asset classes. According to the report, landlords can expect yields of around two to [...]
    Colour Your World with Sun Control Aeroscreen Perforated Panels
    (1 June 2017, Kuala Lumpur, Malaysia) Hunter Douglas announced the successful completion of its fit out of the LRT Ampang Extension to 11 Stations with its Sun Control Aeroscreen System in Malaysia. The Ampang Line Light Rail Train extension starts from the Terminal Station at Sri Petaling Station and passes through Kinrara, Puchong, and ends at Putra Heights. The extension is 17.4km long [...]
    Mainland China and Hong Kong property market 2017 second half forecasts
    (1 June 2017, Hong Kong) In Hong Kong, despite the implementation of further stamp duty policies and a new round of measures regarding property mortgage loans, mass residential home prices are expected to increase by 5-10% this year. Total home sales volume for 2017 is expected to reach around 60,000-65,000 in 2017. In Mainland China, with various property market cooling measures in place, [...]