DBS deepens Hong Kong bet with US$334 million purchase of six floors at The Center
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[HONG KONG] Singapore’s DBS deepened its bet on the Hong Kong wealth market on Wednesday (Apr 15), with its local unit purchasing six more floors at The Center for US$334.29 million in the city’s largest commercial property deal this year.
Following the new acquisition, DBS Hong Kong will own 14 floors at The Center.
“This proposed investment underscores our unwavering commitment to Hong Kong and our confidence in its long-term economic vitality as a premier international financial centre and wealth management hub,” said Sebastian Paredes, Head of North Asia and chief executive officer of DBS Hong Kong.
Paredes added that the purchase positions the company well to scale its operations further.
Hong Kong’s commercial property market has revived in the last few months, supported by a roaring capital market that is boosting demand from both mainland Chinese and multinational firms. REUTERS
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