15 Nov 2016
The rapidly developing business district of Kowloon East is set to be the focus of market interests over the next 10 years. Link Asset Management Limited and Nan Fung Development announced the pre-leasing of about 225,000 square feet of office floor area at 77 Hoi Bun Road, now under construction in the heart of Kowloon East, to J.P. Morgan. The complex is expected to be completed in 2019.
With Kowloon East slated to become Hong Kong’s second central business district, and with the Shatin-to-Central Link and other railway lines commencing services in a few years, the market is viewing the district’s development prospect positively, as evidenced by the growing number of multinational corporations and financial institutions setting up offices there. Located at the heart of East Kowloon, 77 Hoi Bun Road has secured the tenancy of J.P. Morgan for several floors with an aggregate area of about 225,000 square feet.
Donald Choi, Managing Director of Nan Fung Development, said, “It is a marvellous opportunity to cooperate with Link in this commercial project. We put in tremendous effort in creating a healthy, sustainable and green smart community through the building provisions. We strike a balance between contributing to the community and project development. And such efforts are being recognised by the commitment of the J.P. Morgan’s tenancy. This is an encouraging achievement by the team as well as a positive impact to the whole district’s leasing market.”
George Hongchoy, Chief Executive Officer of Link Asset Management Limited, said, “We are delighted that our first office complex project in Hong Kong has attracted the tenancy of a multinational financial institution, which signifies J.P. Morgan’s confidence in the development of Kowloon East as well as the long term prospect of Hong Kong as a leading financial centre. It also reflects Kowloon East’s strong potential as an emerging central business district.
Robust demand for office space in Kowloon East will bolster the occupancy rate and rental growth of properties in the district over the long term.”
Kam Shing Kwang, J.P. Morgan’s Senior Country Officer for Hong Kong, said, “Pre-leasing a brand new commercial development in Kowloon East offers us an opportunity to create a modern and world-class J.P. Morgan branded office.” She said that J.P. Morgan is fully committed to Hong Kong as a global financial center and will continue to invest in Hong Kong. “We have a long-term growth plan for Hong Kong and one of our top priorities is to ensure we have best-in-class facilities and infrastructure to meet our clients’ growing needs as well as those of our business.”
While J.P. Morgan continues to maintain a significant presence on Hong Kong Island where its regional headquarter is located, Ms. Kwang said the company is confident that the development of Kowloon East will transform the area into a new and vibrant business district. “We are excited to be part of a development that will become a new landmark of Hong Kong.”
Situated at the junction of Hung Yip Street, Wai Yip Street, Shun Yip Street and Hoi Bun Road in Kwun Tong, the project has a site area of approximately 6,843 square metres, with a maximum gross floor area of 82,116 square metres. With expansive harbour and city views, the property's design comprises two connected Grade A office buildings and a retail podium with basement car park. Slated for completion in 2019, the property is registered as a WELL Building Standard project with LEED Platinum pre-certificate, in addition to targeting HK-BEAM Platinum certification. Link REIT has a 60% interest in the project while Nan Fung Development has a 40% interest.
Under the Hong Kong Government's “Energizing Kowloon East” initiative, Kowloon East – spanning the former Kai Tak Airport, Kwun Tong and Kowloon Bay business areas – is being transformed into Hong Kong's biggest central business district after Central. According to data from property agents, Kowloon East has a limited supply of Grade A office space suiting the needs of multinational corporations. The leasing of 77 Hoi Bun Road is evident of the strong market demand for such office properties.
For the development of Kowloon East details please visit website at: Energizing Kowloon East Office