A South Korean real estate fund has paid HK$1.86 billion for a residential block at Cyberport's Bel-Air development from PCCW's Pacific Century Premium Developments (PCPD).
The purchase was the first in Hong Kong for Mirae Asset Maps Investment Management, an affiliate of Mirae Asset Group, one of Korea's largest asset managers.
Park Jum-hee, the chief investment officer of Mirae Asset Maps, said Hong Kong was seen as an entry to the vast mainland market and therefore the outlook would be positive.
The acquired property is the 104-unit Tower Six of Bel-Air No 8, the latest phase of the waterfront residential project in Pok Fu Lam.
The sale price for the tower, which has a gross floor area of 150,000 square feet, represents an average of HK$12,500 per square foot.
Mirae plans to hold the tower for rental income, expecting to gross HK$5 million to HK$6 million per month.