Hang Lung Group (0010) has put the whole of Hanford Commercial Centre in Jordan up for sale with an estimated valuation of HK$1.5 billion - a lot less than five years ago.

The building has a floor area of 68,189 square feet, with 16 storys and typical floor plates ranging from 3,913 to 4,164 sq ft, according to a property agency.

The Hanford center faces the busiest section of Nathan Road with retail shop footage over 25 meters. The property is fully occupied mainly by fashion-related tenants plus health care, medical and beauty service providers.

Rents exceeded HK$90 per sq ft during peak times, according to the agency.

The agency also said such a building going up for sale in the area is rare as most such properties are owned by established local families and developers seeking long-term rental income. But the latest market valuation is HK$1.5 billion, slumping from HK$2.5 billion in 2018.

The local commercial building market has seen deals plunging more than 40 percent monthly to 49 in July amid a slow economic recovery.