Hong Kong office building Cheung Kei Center put up for sale by creditors
Cheung Kei Center, a Grade-A office in Kowloon, Hong Kong is up for sale in a tender process managed by Savills. The building, which is part of the One Harbourgate complex, was purchased by Cheung Kei Group, a private investment firm owned by Chinese tycoon Chen Hongtian, in December 2016 for HK$4.5 billion. Unfortunately, the company ran into financial difficulties and the property was taken over by creditors in March this year.
Comprising a 279,000 sq. ft. of office space across an office building and a two-storey retail villa with 155 car parking spaces, the property was valued at around HK$7 billion in a market valuation conducted by the building’s original owner last year.
In addition to the Cheung Kei Center, Chen lost ownership of two personal residences including a 9,200 sq. ft luxury property on The Peak which he purchased for a record HK$2.1 billion in 2016.
The Myst CDL Aries is a brand new condo development located in the District 23 of Singapore. This project was developed by renowned developer City Developments Limited (CDL). It is an integrated development featuring residences, retail and F&B outlets. The Myst Aries will have a total of 54 storeys comprising 439 residential units that range from 1-bedroom to 3-bedroom units.
The tender for Cheung Kei Center closes on Aug 28th and Savills, the company appointed by the building receivers to market the property, is expecting strong interest from potential buyers.