The family of the late minibus tycoon, Ma Ah-muk, is selling portions of The Center, a 73-floor Hong Kong skyscraper previously recognized as one world’s most expensive, for a loss.
They are offering thirteen smaller units on the 45th and 27th floors, ranging from 181 to 888 square meters, according to SCMP.
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The Center building in Hong Kong’s Central District. Photo by Reuters |
Initially, eight units will be available at a starting price of HKD21,800 (US$2.800) per square foot, a 34% discount compared to what Ma paid in 2018.
Ma’s family, who own over ten floors in the building in Central business district, are also selling the 53rd floor.
Ma, who passed away in March 2024, was a prominent minibus operator and property investor.
His family has been divesting assets due to the market downturn, including a Sai Ying Pun hotel listed for sale in August.
Adding to the trend, veteran investor Lai Wing-to has relisted a commercial-residential building in Central with CBRE, after a previous attempt by Savills failed.
The asking price has been reduced by 10% to HKD180 million.
While the commercial real estate in Hong Kong showed signs of recovery in late 2023, analysts anticipate increased sales from financially pressured owners due to high interest rates and a weak rental market, leading to an oversupply situation.
