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Cheryl Arcibal

DBS Bank (Hong Kong) has agreed to pay about HK$2.62 billion (US$334 million) for six floors at The Center – once the world’s most expensive skyscraper – marking the city’s largest office transaction so far this year.
The lender acquired the 32nd, 36th, 37th, 56th, 62nd and 76th floors late last month, with the deal registered on Tuesday, according to Land Registry records. The purchase adds 151,934 sq ft of gross floor area, DBS said in a statement on Wednesday.
The price works out to roughly HK$17,238 per square foot – just over half the HK$33,000 per square foot paid by a consortium of investors for 48 floors in 2018, when the tower set a global record for office property values.
DBS Hong Kong already owns and occupies eight other floors in the 73-storey building, further cementing its position as a major stakeholder in the Central landmark.
“This proposed investment underscores our unwavering commitment to Hong Kong and our confidence in its long-term economic vitality as a premier international financial centre and wealth management hub,” said Sebastian Paredes, head of North Asia and CEO of DBS Hong Kong, adding that the bank remained positive on the future prospects for Hong Kong’s “dynamic real estate market”.
“This purchase, when completed, will position us well to further scale our business operations, ensuring we can better serve our customers and contribute to Hong Kong’s ongoing success,” he said.

The floors were acquired from entities linked to Hui Wing Mau, founder and chairman of Shimao Group, whose developments are largely concentrated in mainland China.
DBS Hong Kong said the purchase would allow it to consolidate front-office teams closer to clients while creating space to expand high-growth businesses, particularly wealth management.
Some of the acquired floors are currently leased to a mix of tenants, with monthly rents ranging from HK$77,760 to HK$1.84 million, according to official records.
Developed by CK Asset Holdings, the flagship developer of billionaire Li Ka-shing, the tower was previously split among multiple owners, including Singaporean developer Guoco Group which bought 11 floors.
Like many Hong Kong buildings, it omits the fourth and 44th floors, which are considered inauspicious in Chinese culture, as well as the 13th floor, believed to be an unlucky number in the West.
The deal adds to a recent string of high-value office transactions in the city.
In October, Alibaba Group Holding, owner of the South China Morning Post, and Ant Group agreed to pay HK$7.2 billion for the top 13 floors of One Causeway Bay, the largest such deal since 2021.
In April last year, Hong Kong Exchanges and Clearing agreed to pay HK$6.3 billion for office and retail space at One Exchange Square from Hongkong Land.
Analysts expect a selective recovery in Hong Kong’s office market this year, led by premium assets in core business districts.
Meanwhile, IWG, the largest flexible office provider in the city, has announced an expansion, adding six new centres across Hong Kong’s key business districts and bringing its total footprint to 27 locations.
The new centres – Regus at China Hong Kong City and 8 Observatory Road in Tsim Sha Tsui; Regus at 8 Wyndham Street in Central; HQ at One Hysan Avenue in Causeway Bay; HQ at Pioneer Centre in Prince Edward; and HQ at Centre Parc in Kowloon Bay – have either opened or were set to launch in May, the group said in a statement.
The expansion aimed to address “the surging demand for hybrid work and high-quality flexible office space”, IWG said.
Some smaller landlords have increasingly been converting their assets into co-working spaces to adapt to intense competition amid elevated office vacancy rates in Hong Kong.


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Hong Kong’s biggest office deal this year signals return of confidence to city’s core commercial market


Hong Kong’s biggest office deal this year signals return of confidence to city’s core commercial market.


DBS Hong Kong acquires six floors at The Center in US$334 million deal

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong’s biggest office deal this year signals return of confidence to city’s core commercial market

Hong Kong’s biggest office deal this year signals return of confidence to city’s core commercial market