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News Release

Hong Kong

Kowloon East Prime Office Space Continues to Attract Prominent Corporations

Wharf T&T takes up 100,000 sq ft at Kowloonbay International Trade & Exhibition Centre


Hong Kong, 22 July 2013 – Wharf T&T Limited today signed a tenancy agreement with Hopewell Real Estate Agency Limited, a subsidiary of Hopewell Holdings Limited (Stock Code: 0054), for a commercial lease at the Kowloonbay International Trade & Exhibition Centre ("KITEC"), a mixed-use commercial complex located in the heart of the thriving Kowloon East, Hong Kong's next Central Business District (also known as “CBD2”).

The new lease covers a total floor area of 50,000 square feet on the 9th Floor of KITEC.  Including the existing office space of 50,000 square feet, Wharf T&T will take up a total office floor area of 100,000 square feet at KITEC.
 
Bruce Leung, Director of Hopewell Asset Management Limited, said: “We are thrilled that Wharf T&T has decided to extend their lease agreement. With the tight supply of office space in Kowloon East, quality office developments with large floorplates and flexible space such as KITEC are highly sought-after among large corporations and established brands.”
 
Almira Chan, Vice President, Finance & Business Administration of Wharf T&T Limited, said: “We look forward to moving to KITEC by the end of this year. The new office is characterized by functional and contemporary office design. KITEC accommodates our requirements and allows for a big team to work under the same roof that will foster collaboration and teamwork across departments. The integrated facilities at the complex also provide versatile solutions to meet our business needs.”
 
“We are also glad that the Wharf T&T free shuttle bus service running non-stop during business hours between Kowloon Bay MTR Station and KITEC is offered to our colleagues, visitors and business partners”. Almira added.
 
KITEC, providing a comprehensive range of facilities for offices, meetings, conventions, entertainment, dining and shopping, is one of the iconic commercial developments in Kowloon East - a submarket with a low vacancy rate of 4.1% in the second quarter of 2013  (Central: 4.5%). According to Jones Lang LaSalle’s latest research, Kowloon East registered a total of about 113,300 square feet of net take-up in the Grade A office market in the first half year of 2013.
 
Supported by the Government’s Energizing Kowloon East program, a growing number of government facilities are moving into the area. The Government Property Agency recently took up a total lettable area of about 50,000 square feet at KITEC in May for its new office. In addition, the revitalization of old industrial buildings has also boosted the commercial real estate market in Kowloon East. Research by Jones Lang LaSalle indicates that there are currently three revitalization projects being proposed for completion in Kowloon East in 2014 with a total area of about 444,600 square feet.
 
Adrian Tang, Head of Kowloon Markets, Jones Lang LaSalle, Hong Kong, said: “Underpinned by the Energizing Kowloon East program and the on-going redevelopment and gentrification of the area, Kowloon East registered the strongest growth in rents and capital values among all Grade A office submarkets in Hong Kong, edging up by 9.5% in the first half year of 2013. We expect Kowloon East to continue to continue to outperform all other major submarkets in the office leasing sector, with projected growth of between 10% and 15% for the whole year of 2013.”
 
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