Amazon and Shorea Capital deals underscore foreign interest in commercial property

Shorea plans to turn The Pemberton in Sheung Wan into high-quality accommodation; Amazon Data Services snaps up two data centres in Fanling

Foreign investors continue to pile into Hong Kong’s commercial real estate, with a unit of online retail giant Amazon and Singapore-headquartered Shorea Capital among the latest to snap up assets, according to agents.

Shorea won the tender for The Pemberton, a mixed office and retail property in Sheung Wan, for an undisclosed amount, Colliers said, underscoring Southeast Asian investors’ continuing robust demand for real estate assets in Hong Kong. Colliers was the lead agent and broker for the transaction.

The property, with a gross floor area of 5,388 square metres (58,000 square feet), was last acquired by AEW Via HK 1 Limited for about HK$344.34 million (US$43.9 million) in a deal registered in 2010, according to the Land Registry.

Colliers said Shorea plans to submit applications for the conversion of the 24-storey commercial building into high-quality living accommodation.