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.