DBS Bank (Hong Kong) said on Wednesday that it planned to buy six additional floors at The Center in Central for HK$2.62 billion, marking the biggest deal in the city's commercial property market this year.
The purchase, involving a total gross floor area of 151,934 square feet, solidifies the bank's position in its strategic head office location in the city's financial district
Priced at under HK$20,000 per sq ft, it aligns with current market levels but stands 50 percent below peak prices for commercial property.
Following the new acquisition, the bank will own a total of 14 floors at The Center.
Sebastian Paredes, head of North Asia and chief executive of DBS Hong Kong, noted that "This proposed investment underscores our unwavering commitment to Hong Kong and our confidence in its long-term economic vitality as a premier international financial centre and wealth management hub."
He added that the bank remains positive on the future prospects of Hong Kong's dynamic real estate market.
DBS Hong Kong has long been the largest occupier of The Center. In 2024, the lender also bought the 66th and 75th floors of The Center, with an average per-sq-ft transaction price at nearly HK$26,000.
