DBS Expands Footprint in Hong Kong: Acquires 66th Floor of The Center from ‘Cassette King’ Amid Property Slump

The individual known as the 'Cassette King' in Hong Kong has sold The Center offices to DBS at a reduced price due to real estate troubles. DBS, the biggest banking group in Singapore, purchased the 66th floor of The Center building in Sheung Wan for HK$700 million, equivalent to approximately HK$26,000 per square foot.

DBS Bank (Hong Kong) capitalized on a decrease in commercial property prices to grow its presence in the city by purchasing an entire floor of office space in what was previously the world's priciest tower.

The biggest banking conglomerate in Singapore shelled out a whopping HK$700 million, translating to roughly HK$26,000 per square foot, to purchase the 66th floor of The Center building situated in Central. The seller was David Chan Ping-chi, a Hong Kong magnate often referred to as the "Cassettes King". The transaction was completed and the property transferred on Thursday, as per the city's land registry records.

After acquiring the property, DBS will hold possession of 10 levels in The Center, ranging from the 10th to the 18th, with the exception of the 13th and 14th floors due to superstitions regarding these numbers. Additionally, DBS will also own the 50th, 66th, and 73rd floors. Currently, level 66 is occupied by Regus Centre (HK), who have held the lease since 2020, but it will be up for grabs when their lease ends in