Kowloon Bay Office Penthouse Listed for Sale at HK$69.55M Amid Market Recovery
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
A rare penthouse whole-floor office unit at Enterprise Square Phase 1 in Kowloon Bay has been put on the market for sale at an asking price of approximately HK$69.55 million, with the unit offering asking price per square foot of just HK$3,500. The listing comes as Hong Kong's commercial office market shows renewed vigor, recording approximately 110 transactions in July 2024 alone, marking a return to 2021 peak levels. The seller is divesting the self-used unit, which features extra-high ceilings exceeding 13 feet, and will deliver the property vacant to the new buyer.
Key Points
- The property spans approximately 19,872 square feet on the 21st floor of Tower 1, Enterprise Square Phase 1 at 9 Sheung Heung Road, Kowloon Bay
- Asking price is approximately HK$69.55 million, translating to HK$3,500 per square foot; unit will be handed over vacant
- The penthouse features ceilings over 13 feet high, surpassing the standard floor height of 11.2 feet, with open city and partial sea views
- July 2024 office market saw about 110 transactions, recovering to 2021 peak levels according to Midland ICI Real Estate data
- Peak price for this building was in 2014 when the 17th floor sold at HK$8,449 per square foot, making current prices 58.6 percent lower
- The building is strategically located near MegaBox and Telford Plaza, with free shuttle bus service to Kowloon Bay MTR Station
Why It Matters
The listing highlights a significant window of opportunity for corporate buyers and investors seeking to acquire premium office space at historically depressed prices in East Kowloon. As sellers continue to reduce expectations amid the market's ongoing correction, properties like this penthouse with specialized features including backup power systems and 5kPa floor loading capacity could attract interest from data center operators, technology firms, and financial institutions looking to establish headquarters in well-connected locations.
The listing highlights a significant window of opportunity for corporate buyers and investors seeking to acquire premium office space at historically depressed prices in East Kowloon. As sellers continue to reduce expectations amid the market's ongoing correction, properties like this penthouse with specialized features including backup power systems and 5kPa floor loading capacity could attract interest from data center operators, technology firms, and financial institutions looking to establish headquarters in well-connected locations.