25th September 1996
For immediate release
Swire Properties Ltd. today (25th September)
signed the first sales and purchase agreement for Island Tower,
only eight days after the marketing of the project was launched
on 17th September.
The transaction, with Sunny Way International
Ltd., involved the entire 16th floor of the Grade A office building,
representing a gross floor area of 20,972 square feet. At a price
of HK$5,575 per sq. ft., the total value of the transaction is
HK$116,918,900.
Island Tower is the office component of the
Island Place development in North Point. On offer in this sales
phase are the 2nd to the 16th floor at a price range of $4,600
to $5,600 per sq. ft.
Swire Properties' Director, Mike Moir, said
he was pleased with the positive response the market had shown
towards the project.
"There is a lot of interest in the property,"
said Mr Moir. "The fact that we only launched the office
building on the market last week and have already achieved such
a major transaction is particularly encouraging. This shows that
there is a genuine market for quality office space in this emerging
commercial area.
"We believe that with its quality and
strategic location, Island Tower offers a good investment opportunity
for both end users and investors."
Scheduled for completion in mid-1997, Island
Tower provides a total of 515,000 square feet on 25 storeys.
It is part of the Island Place development which also comprises
three residential towers and a 150,000-sq-ft shopping podium.
Jones Lang Wootton and First Pacific Davies
are appointed sales agents of this development.
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