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
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
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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