27th October 2026 – (Hong Kong) Office values continue to seek a floor, with a mid‑zone whole floor at the long‑established Wing On House in Central sold for HK$118 million in mid‑October. The 20th floor, spanning about 13,329 square feet, achieved an average of HK$8,853 per square foot, slipping below the HK$10,000 threshold for the first time in years and marking the lowest unit price since 2009.
The vendor reportedly acquired the property in 2009 for around HK$105 million and has held it for rental income. After roughly 17 years, the disposal delivers a book gain of about HK$13 million, or close to 12 per cent, underscoring how far capital values have softened even where long‑term owners remain marginally in profit.
Wing On House, at 71 Des Voeux Road Central, is one of Central’s classic office towers. Completed in 1967 and formerly known as Federal Building, it was developed decades ago by Realty Development Corporation Limited and later sold down by consortium interests in the early 1980s. The building fronts Connaught Road Central and sits about five minutes’ walk from Central or Hong Kong MTR stations, with bus and tram stops nearby.
Market data indicate further pressure on pricing. According to recent figures, Wing On House’s average transacted unit price now stands around HK$11,670 per square foot, down about 46.37 per cent from three months earlier. One live listing is quoted at HK$23.8 million, implying roughly HK$18,308 per square foot, highlighting the widening spread between asking and achieved levels.
