Landlord raising the rents after receiving positive response
HONG KONG, 3 February 2015, – Leasing agreements were recently signed for three floors of Pioneer Place, a new Grade A commercial building in Kwun Tong developed by Pioneer Global Group Limited. Including the floors leased out last year, the building now has an occupancy rate of 65 per cent. Negotiations for the remaining 35 per cent of the building space are currently underway. The building has received a very positive market response.
Pioneer Group appointed JLL as the sole leasing agent and marketing consultant for Pioneer Place last year. Kenneth Gaw, Managing Director of Pioneer Global Group, said, “After being launched for leasing at the end of 2014, Pioneer Place has already had two floors of office space and a G/F retail shop signed for lease. At the beginning of 2015, the pace of negotiations for office leases has accelerated. Three floors of office space totalling 78,000 sq ft were recently leased to two companies. We can see there is strong demand for prime office space.”
At present, office space on only high level 9/F and 10/F office space and retail shops/office space on 1/F and 2/F involving approximately 100,000 sq ft is still available for lease, with leasing arrangements currently being negotiated for the remaining space.
Adrian Tang, Head of Kowloon Markets at JLL Hong Kong, commented, “The building is situated in the core area of Kowloon East, and is conveniently located a mere five-minute walk from Kwun Tong MTR station. Boasting state-of-the art design and unique green features, the building has attracted the attention of a large number of tenants. Since the market response has been very positive, the landlord has revised the rents to HK$28 per sq ft for the remaining office space on 9/F and 10/F with spectacular sea views facing the Kai Tak Cruise Terminal.”
Located at 33 Hoi Yuen Road, “Pioneer Place” is a 10-storey building providing a total GFA of approximately 230,130 sq ft, including eight floors of prime office space on 3/F – 10/F with each floor averaging a GFA of 21,093 sq ft. Featuring panoramic views of the Kai Tak Cruise Terminal, the Grade A office space is also equipped with full-height curtain walls, raised floors and executive bathrooms.
In addition, the three-floor retail podium from G/F to 2/F provides prime retail space sized at approximately 9,987 sq ft to 26,715 sq ft per floor with high ceiling, prominent shop frontages, with estimated rents starting from HK$30 per sq ft.
Awarded a Bronze rating under Beam Plus, “Pioneer Place” is highly acclaimed for its green features, including a 28 m-high atrium green wall, rooftop sky garden, designs made to maximize natural light, and top-quality fixtures and finishing with eco-friendly materials such as low radiation glass curtain wall and LED energy saving lamps installed in the lobby.
As the largest revitalization project in Kwun Tong to be completed in this year, the project involves the successful transformation of an industrial premise into a trendy and iconic landmark which will breathe new life into the Energizing Kowloon East initiative to create another emerging CBD district.