Hong Kong logs US$37 million Admiralty office deal amid tentative market recovery

A Hong Kong office unit at Admiralty Centre has changed hands for HK$292.17 million (US$37.46 million), making it the most expensive commercial property transaction registered on Tuesday, according to official records, in a deal that adds to tentative signs of stabilisation in the city’s battered real estate market.The office space, located in Tower 1 of the Admiralty Centre within the city’s core business district, was acquired by Luck Ring Development, Land Registry records showed.The unit measures 21,318 sq ft, according to agents, putting the price at about HK$13,705 per square foot.Luck Ring’s sole shareholder is Wah Mei Co, a firm registered in the British Virgin Islands, according to Companies Registry filings.Its three directors hold roles across a range of Hong Kong businesses, including Daniel & Co, a retailer of Japanese toys and collectibles such as Sanrio’s Hello Kitty, Bandai’s Tamagotchi and products from the Dragon Ball Super series.The group did not immediately respond to requests for comment.Government records show the office was previously leased to tenants including the Philippine Overseas Labor Office and China National Geological & Mining (HK), which paid monthly rents ranging from HK$228,000 to HK$253,000 in 2014 and 2018 respectively.