Island South Grade-A project launched

Sino Group and Empire Group have commenced leasing their latest Grade-A commercial project in Wong Chuk Hang Landmark South, fetching an average monthly rent of about HK$30 per square foot.

Boasting a total area of 256,957 square feet, the 30-storey office-cum-retail complex will be officially opened in the third quarter. Bella Chhoa Peck-lim, director of asset management of Sino Group, revealed that some design and architecture firms, as well as galleries have shown keen interest in the project.

Despite the trend of hybrid working mode, Albert Yiu Chi-wai, executive director of Empire Group, expects the rent in the area to be stable unlike Central, which was once hard hit by the pandemic, due to its relatively low rent and the completion of more residential and commercial projects as well as the Fullerton Ocean Park Hotel Hong Kong that will draw more people to the district.   

The site was acquired for HK$2.53 billion, or HK$8,872 psf, based on a gross floor area of 284,945 square feet, and the developers are required to accommodate the Hong Kong Arts Development Council in the premises as a part of the government’s Invigorating Island South initiative.