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Rumor: Winland Group Sells Top Floor of 9 Queen's Road Central at HKD230M, Booking Loss of HKD300M or 57%
Winland Group recently sold the entire top floor of the building at 9 Queen's Road Central for approximately HKD230 million, sources divulged. The area is 8,570 sq.ft., includi...
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Rumor: Winland Group Sells Top Floor of 9 Queen's Road Central at HKD230M, Booking Loss of HKD300M or 57%
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Winland Group recently sold the entire top floor of the building at 9 Queen's Road Central for approximately HKD230 million, sources divulged.

The area is 8,570 sq.ft., including a platform of about 5,000 sq.ft., with a transaction price per sq.ft. of approximately HKD26,838, marking a new high for the building in nearly two years.

The group purchased the property in 2018 at the peak of the commercial building market for about HKD530 million, with a price per sq.ft. of approximately HKD61,844, setting a record for the highest price per sq.ft. for Grade A offices in Hong Kong.

Based on the latest transaction price, the unit has depreciated nearly 57% in accounting terms over the past seven years, with the property's value wiping off by HKD300 million.

Taking into account of expenses such as commission and stamp duty, the actual loss is expected to be even greater.

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