Bloomberg News

Swire Properties’ Tenant at Gehry Hong Kong Tower Cancels Lease

December 17, 2012

GEHRY'S OPUS HONG KONG

Swire Properties Ltd.'s Opus Hong Kong, designed by architect Frank Gehry, stands on Stubbs Road in Hong Kong, China. Photographer: Jerome Favre/Bloomberg

Swire Properties Ltd. (1972) said a tenant has withdrawn from the HK$850,000 ($109,676) a month lease for an apartment in Opus Hong Kong, the building designed by Frank Gehry.

The developer has put the duplex back on the market for lease, Hong Kong-based Swire Properties said in an e-mailed statement late yesterday. The lease for the unit, which has its own pool, was for three years, the company said earlier.

Hong Kong home prices have declined 1.4 percent from a record in the four weeks to Dec. 9, after the government imposed a 15 percent tax on non-local and corporate homebuyers as part of measures to curb demand. The city is the world’s most expensive place to buy an apartment, according to property broker Savills Plc. (SVS)

May Lam, a spokeswoman for the developer, declined to identify the tenant canceling the lease.

An unidentified buyer in October bought a 6,683-square-foot (621-square-meter) unit in Opus Hong Kong, located in the city’s Peak district, for HK$455 million, or a record HK$68,083 per square foot. The company sold another one in the building in August for HK$430 million.

Those two transactions have been completed, Swire Properties said in yesterday’s statement.

To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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