DBS Group Holdings Ltd. clinched a deal to rent retail space in Central’s New World Tower for 18% less than the asking price, according to a person familiar with the matter.

The Singapore-based bank will rent the 12,000-square-foot space for HK$1.8 million ($230,000) a month, less than the HK$2.2 million sought, the person said, asking not to be identified because the matter is private.

The bank confirmed the opening of a new “DBS Treasures” branch for wealth management services, it said in an emailed response. The new outlet will focus on servicing affluent local and mainland Chinese clients.

Hong Kong’s commercial rental market has suffered from a downturn dented by a population outflow, weakening spending power among mainland visitors, and rising interest rates that have prompted companies to cut back on spending.

Shopping spaces in other prime commercial districts have also come down from their highs. A former Burberry shop was leased for 70% less than its peak price, Sing Tao Daily reported in August. Christian Dior was expected to pay 36% lower than the former tenant for a shop in Central, the Hong Kong Economic Times reported in April.

Sing Tao reported earlier that the bank signed up for the space at a price more than 70% cheaper than the peak.

(Updates with DBS comment in third paragraph)