One Peking secures first tenants
Glorious Sun Group's new project - One Peking in Tsim Sha Tsui - has secured its first group of office tenants ahead of its target completion next month.
Marketing agent Jones Lang LaSalle (JLL) said three lease agreements were concluded, covering a total floor area of more than 36,000 square feet.
'The tenants come from a diverse portfolio of lines of business and they are currently occupying space in the same district,' said Scott Callender, head of the Kowloon commercial division of JLL.
The property consultant would not disclose the tenants' identity or the rents achieved but said the building was attracting strong interest for the remaining space. The 30-storey building is located at 1 Peking Road. It offers 14 storeys of office floors, with a total area of 167,000 sq ft, and provides about 130,000 sq ft for retail use.
Mr Callender said supply of new offices at prime locations in Tsim Sha Tsui was limited and this was fuelling the leasing prospect of One Peking.
Offices in Tsim Sha Tsui were weathering the economic downturn better than other areas, he said, adding that JLL's latest research findings showed that vacancy rates for prime offices in the district remained steady over the past 12 months.
Glorious Sun, controlled by Charles Yeung Chun-kam, bought the 23,680 sq ft site for HK$1.24 billion at government auction in 1998. The company estimated the total development cost at HK$2.2 billion.
All the ground-floor shops of One Peking have been leased, housing flagship stores of six prestigious designer labels such as Christian Dior, Fendi, Celine and Cartier.
Mr Callender said Tsim Sha Tsui was the preferred choice for companies engaging in Chinese trades, thanks to its proximity to facilities like China-Hong Kong Ferry Terminal and Hunghom KCR Station.
'These companies are benefiting from China's World Trade Organisation entry and its booming economic development,' he said.
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