Estate Agents Authority buys Wan Chai site for $70mn

The 21st floor of the Overseas Trust Bank Tower on 160 Gloucester Road in Wan Chai was recently sold for HK$70 million, or HK$9,533 per square foot, to the Estate Agents Authority (EAA).

The property spans 7,343 sq ft.

This marks the EAA's return to the commercial building market since 2021, replacing its current leased office space in Hopewell Centre, whose lease expires in mid 2027. 

The seller purchased it back in 1978 for about HK$2.5 million, earning a profit of about HK$67.5 million, or 27 times, after nearly 48 years.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓