13 November 2012, Hong Kong – Following CBRE’s appointment as sole marketing and head agent for the sale of Rykadan Capital Tower, a new Grade A office building located on 135 Hoi Bun Road, Kwun Tong announced in June; all available strata title office floors have now been sold with an average unit price of HK$8,500 per sq. ft, and a recorded total transaction amount of approximately HKD1.95 billion.
Andy Wong, Senior Director of Investment Properties, CBRE said, “The purchasers include end-users, investors and listed companies which acquired the premises for their back office use. “
The Rykadan Capital Tower was developed by Rykadan Capital Limited, and is prominently situated along the waterfront of Hoi Bun Road and commands a panoramic seaview of Victoria Harbour as well as overlooking the Kai Tak Cruise Terminal. It is only few minutes’ walk from MTR Station and is easily accessible. This 25-storey Grade A office building is expected to be completed by the end of 2013, and each standard floor has a floor area of 12,000 sq. ft, it is a rare large-scale office development in Kowloon East.
Wong also pointed out that the government have a strong intention to develop the Kwun Tong area into the second CBD by energizing Kowloon East, strengthening its connection within the district by the MTR Kwun Tong Line, the future Shatin-to-Central Link and the future Environmentally Friendly Linkage System (EFLS) which is still under planning stage. With the shift of the market focus to Kwun Tong and Kowloon Bay, many investors look forward to the potential future appreciation of the office markets within the districts. Both the unit price and the unit rent of the districts are expected to go up in the coming two years.
Rykadan Capital Tower is a 25-storey office building. The office floor starts from 5/F and the top floor is 28/F, the gross area of each floor ranges from 11,470 square feet to 12,195 square feet. 84 private car parking spaces and three lorry spaces are available from G/F to 3/F. The project is expected to be completed in the fourth quarter of 2013. Ample supply of car parking spaces is also a signature of the building due to the shortage of car parking spaces within the area. The purchaser of each office floor may also acquire up to four car parking spaces.
Wong added that Rykadan Capital Tower is a rare new Grade A office building due to its panoramic view of the Victoria Harbour; close proximity of the future cruise terminal; the HK$100 billion investment by the government in the district and few minutes walking distance to the MTR Ngau Tau Kok Station. The investment potential of the building is therefore highly recommended.
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