A report from JPMorgan indicates that the investment bank will become the first major office tenant at the West Kowloon Art Square Tower, a property owned by Sun Hung Kai Properties (00016). The bank is scheduled to relocate from its current offices at Harbourfront Centre in Kwun Tong by 2028. There is no indication that its office in Central's Chater House will be moved. This move is seen as further evidence of West Kowloon's emergence as a new financial hub, with offices of UBS, Morgan Stanley, and Deutsche Bank also located in the area. This concentration is expected to accelerate pre-leasing progress for SHK PPT's International Commerce Centre (IGC), also situated in West Kowloon, which is viewed as a positive development for the developer. Data shows that rental rates at the International Commerce Centre (ICC) range from HK$60 to HK$80 per square foot per month, while recent transactions at IGC have been between HK$45 and HK$55 per square foot. Assuming an average office rent of HK$50 and retail rent of HK$100 per square foot at IGC, with efficiency ratios of 80% for office space and 65% for retail space, full occupancy of IGC could potentially increase SHK PPT's rental income by 4.3%. In terms of net profit, IGC is projected to contribute approximately 2.7% to SHK PPT's earnings.