DBS Bank buys entire 75th floor in The Center, extending foray into Hong Kong property market

DBS Group Holdings, Singapore’s biggest lender, is taking advantage of a property slump to expand its business in Hong Kong by picking more office space in what used to be the world’s most expensive office tower.

Local unit DBS Bank (Hong Kong) paid HK$646 million (US$83.1 million), or HK$27,028 per square foot, for the entire 75th floor in The Center located in the central business district on November 6, according official records. It earlier paid HK$700 million, or HK$26,000 per square foot, for the 66th floor in September.

The latest purchase represents an 18 per cent discount to the 2018 price. Mobile phone carrier China Unicom (Hong Kong) currently occupies the 75th floor at a monthly rent of HK$1.46 million in a lease expiring in June 2027, official records showed. DBS will boost its ownership to 11 floors in the tower after this deal.

DBS did not immediately reply to a request for comment.