Savills Sells HK Building for $776 Million

Savills has successfully concluded the en-bloc sale of East Tower and East Villa of One HarbourGate Hong Kong following the record transaction last year of the West Tower.

The 18 Hung Luen Road property comprising a 15-storey, 23,500sq m office tower and a two storey, 2,400sq m retail villa, was sold to Cheung Kei Group for $776 million (HK$4.5 billion).

Savills CEO of Greater China, Raymond Lee, said Savills was delighted to have been chosen as the consultant for Cheung Kei Group in their headquarters search in Hong Kong.

“We are also honoured to work with Wheelock Properties again. Their avant-garde design and architecture of office buildings in Hong Kong has been beyond compare, which in return, enticed the appetite of potential investors and buyers,” Mr Lee said.

Savills Australia CEO Paul Craig, said the sale demonstrated the significant continued investor demand for key office property in strong locations.

“This is an exceptional result driven by the continuing global demand for commercial property in locations which can offer investors a secure economic environment and strong capital growth potential.

“We have seen a similar level of demand for Australian commercial property from new international groups as our reputation as a safe haven for investors, continues to grow with record levels of transactions over the last three years,” Mr Craig said.

In the eight months since November, the Savills Hong Kong office has concluded three significant transactions amounting to over HK$14.1 billion including the sale of West Tower of One HarbourGate (HK$5.85 billion), East Tower of One HarbourGate (HK$4.5 billion) and NWS Kwai Chung Logistics Centre (HK$3.75 billion).