>

>

/

Hong Kong office building Cheung Kei Center put up for sale by creditors

By Atiqah Mokhtar

/ EdgeProp Singapore |

May 8, 2023 6:59 PM SGT

Cheung Kei Center (middle), previously known as One Harbourgate East Tower, is up for sale by tender (Picture: Savills)

SINGAPORE (EDGEPROP) - Cheung Kei Center, a Grade-A office in Kowloon, Hong Kong, is up for sale by tender, according to Savills, appointed by the building’s receivers to market the property. It was previously owned by Cheung Kei Group, a private investment firm controlled by Chinese tycoon Chen Hongtian, also the group’s chairman. Cheung Kei Group purchased the building in December 2016 for HK$4.5 billion.

Creditors, however, seized it in March after the company defaulted on a loan. Chen also lost ownership of two personal residences, including a 9,200 sq ft luxury property on The Peak he had purchased for a record HK$2.1 billion in 2016.

Cheung Kei Center comprises an office building and a two-storey retail villa, totalling about 279,000 sq ft of commercial space. It also has 155 car parking spaces. The building — originally named One HarbourGate East Tower — is part of the One Harbourgate complex built by Wheelock Properties, completed in 2016.

Savills says a market valuation conducted by the building’s original owner last year puts the property’s value at around HK$7 billion ($1.18 billion). The tender for Cheung Kei Center will close on Aug 28.

Tags:

Cheung Kei Centre Hong Kong office building

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Perennial Holdings and Far East Organization unveil Golden Mile Singapore, and will launch the strata commercial units this month

2

Government ramps up private housing supply; offers three EC sites on Confirmed List

3

Novo Place hits 88.1% as 137 units snapped up in second balloting

4

Project Spotlight: This condo in Ang Mo Kio has 241 profitable and no unprofitable transactions

5

What’s next for Bayshore

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00