Wednesday, September 3, 2014   




Deals near on two office floors at Langham Place

Raymond Wang

Friday, September 03, 2004

Two potential tenants are in final discussions to take over the lower

office floors in the Langham Place complex in Mong Kok.

Developer Great Eagle Holdings has already offered the 10th to 33rd

floors for lease with monthly rentals at between HK$15 to HK$24 per

square foot, according to leasing agent FPDSavills. These floors have

a gross area of 300,000 square feet.

Negotiations on the 10th and 11th floors with two separate potential

tenants are in the final stage. Each floor has an area of about 17,000

sq ft with rents at about HK$15 psf, including a three-month rent-free

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period, the agent said, but did not identify the parties.

"We expect to appeal to a broader tenant base than has been common in

the past, including multinational corporations and personal financial

services firms as well as manufacturers and traders," FPDSavills

senior director Maggie Chu said.

The 1.8 million sq ft complex features a 59-storey office tower and a

15-storey shopping mall with space for more than 300 shops.

There will also be a 42-storey, five-star hotel providing 700 rooms

and suites. Rents for the office space are based on prevailing market

levels in Tsim Sha Tsui.

The 770,000 sq ft office tower is the tallest office building on the

Kowloon peninsula. The building will enjoy direct access to Mong Kok

MTR and is served by numerous public bus and mini-bus routes.

The developer earlier estimated Langham Place shopping mall would have

a 95 per cent occupancy rate by the time it opens in October, with

monthly rentals ranging from HK$50 to HK$300 psf depending on

location.

More than 85 per cent of the 600,000 sq ft shopping centre has already

been taken up. The developer is expected to clinch several large

leases with catering and fashion players in the next few months.

Confirmed tenants include Seibu and UA Cinema.

The mall targets the young and stylish shopper and offers the latest

in hip culture restaurants and cafes, fashion and accessories,

gadgets and a wide array of entertainment.

The hotel will cater mainly to business travellers. Investment in the

complex jointly developed with the Urban Renewal Authority is

estimated at about HK$11 billion.

The office tenants will be able to make use of the comprehensive

conferencing and catering facilities in the five-star Langham Place

Hotel. The vibrant Mong Kok district should also prove a popular place

to work, with more than 250 trendy shops and 40 restaurants just

within the Langham Place complex itself. "There's no shortage of

lunchtime and after-hours distractions," Chu said. "It is important

to offer tenants more than just an office."

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END


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