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2005-9-12 06:52:00 p.m. HKT, XFNA
HK's Harbour Centre buys 2 floors of Star House building for 298 mln hkd
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HONG KONG (XFN-ASIA) - Harbour Centre Development, a unit of Wharf
Holdings, said it has won the tender for two floors at the Star House, a
commercial building in Tsim Sha Tsui, Kowloon, at a purchase offer of 298 mln
hkd.
Company secretary Wilson W S Chan said in a statement Harbour Centre
intends to hold the properties for long-term rental revenue purposes in view
of the continuing boom in Hong Kong's retail industry.
The properties are expected to generate a yield of 4.8 pct per annum
based on rental revenues from existing tenants, with potential reversionary
yield of 6.1 pct per annum, the statement said.
The purchase price offered by Harbour Centre represents 5,868 hkd per
square foot, based on the 50,780 sq ft gross area of commercial premises that
it agreed to buy, the statement said.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/jc/net
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