Mr. Alvin Yip

"There was obviously a great deal of interest, as reflected by the crowd and satisfactory sales price," Alvin Yip, Director of DTZ Debenham Tie Leung's Investment Department said.
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Mr Alvin Yip

Director, Investment

DTZ Debenham Tie Leung

Tel: 2507 0716

Fax: 2530 1520

Alvin Yip, investment director of DTZ Debenham Tie Leung, said it was rare for a Grade A office building, strategically located in Island East, to be put up for sale.

"The competitive bids among the developers reflects the optimism surrounding the market," said Alvin Yip, investment director at DTZ Debenham Tie Leung, which was the agent for the sale.

Yip said that once the development is completed, a selling price of around HK$10,000 psf could be expected in light of the buoyant prices for luxury residential properties.

Sino Land is replenishing its land bank after slowing down land acquisition over the past few years due to the market slump.

The buoyant residential market is particularly evident in the luxury sector as supply on The Peak has always been limited, DTZ Debenham Tie Leung investment director Alvin Yip said.The latest Peak transaction reflects the positive outlook for the market and the potential for further price increases in the luxury residential market, he said.

The luxury market has been particularly active in recent months.

DTZ Debenham Tie Leung investment director Alvin Yip said some luxury houses with redevelopment potential on the Peak have risen to almost HK$20,000 psf, not far from their HK$25,000 psf peak value in 1997.

DTZ Debenham Tie Leung investment director Alvin Yip said prices of some luxury houses with redevelopment potential have hit HK$20,000 per square foot on The Peak, not far from their HK$25,000 psf value in 1997.