Veteran investor David Chan Ping-chi, known locally as the "King of Cassettes," sold a whole floor of office space at The Center in Central for HK$750 million, or around HK$27,811 per square foot.
That was about 44 percent below its peak in 2018.
The 67th floor of the skyscraper with a floor area of 26,967 square feet and with a view of Victoria Harbour was reportedly sold with some existing leases.
Chan confirmed the transaction to The Standard's sister newspaper, Sing Tao Daily.
The deal was done by transferring shares of a company holding the property to reduce the stamp duty, and Chan barely suffered loss from the deal.
CK Asset (1113) sold 75 percent interest in the tower for HK$40.2 billion, or around HK$33,000 per square foot, to a group of investors including Chan in 2017. One of the buyers in early 2018 sold two floors in the property for HK$2.6 billion, or around HK$50,000 per sq ft. That means the price slumped by 44 percent over five years.
This came along with reports that the Ming Fai Building in Sham Shui Po changed hands for HK$85.6 million, or HK$6,277 per sq ft.
Local "Shop King" Tang Shing-bor's family, which held around half of the stake in the building, was estimated to have lost about 40 percent from the sale.
It was valued at HK$180 million when the property was put up for sale in March, according to a property agency.
Meanwhile, the Wharf (0004) has applied to the Town Planning Board to ease the height limit and build 135 units on the site of Ebenezer School in Pok Fu Lam.
That compares to last year's plan of constructing a total of 83 flats in the redevelopment project. The average size per flat was also 39 percent smaller under the new proposal.
The developer paid HK$700 million together with four sites totaling 190,000 sq ft in Tung Chung to the school in exchange for the redevelopment of the current site of the school two years ago.
In the primary market, Sun Hung Kai Properties (0016) said the second round of sales of 322 flats - 310 on price lists and 12 via tender - at Yoho West in Tuen Mun will take place on Saturday.
Elsewhere, rental housing firm Dash Living has launched a new co-living apartment in Sheung Wan, offering 148 suites ranging from 140 to 250 sq ft for long and short stays. Besides having their own rooms tenants will share a working area, kitchen and terrace.
