Shorea Capital Buys Sheung Wan Property as Foreign Interest in Hong Kong Commercial Real Estate Grows
Foreign investment in Hong Kong's commercial real estate continues to surge, with Amazon and Singapore-based Shorea Capital among the latest to make a significant purchase. The Pemberton, a mixed office and retail property in Sheung Wan, was recently acquired by Shorea for an undisclosed amount through Colliers, underscoring Southeast Asian investors' interest in Hong Kong's commercial assets.
The 24-storey building has a gross floor area of 5,388 square metres (58,000 square feet), and was last sold to AEW Via HK 1 Limited in 2010 for about HK$344.34 million (US$43.9 million). Shorea plans to submit applications to convert the property into high-quality living accommodation.
This deal highlights the enduring appeal of Hong Kong's commercial real estate market, with foreign investors drawn by its stability and economic growth prospects.