Hong Kong logs US$37 million Admiralty office deal amid tentative market recovery
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A Hong Kong office unit in Admiralty Centre's Tower 1 was sold for HK$292.17 million (US$37.46 million) to Luck Ring Development, marking the most expensive commercial property transaction recorded on Tuesday. The 21,318 sq ft space was purchased at roughly HK$13,705 per square foot. Luck Ring Development is owned by Wah Mei Co, a British Virgin Islands-registered firm whose directors hold positions in various Hong Kong businesses, including a Japanese toy retailer. The office space was previously leased to tenants such as the Philippine Overseas Labor Office and China National Geological & Mining (HK). The deal contributes to emerging signs of stabilization within Hong Kong's real estate market.
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