International real estate firm Savills is appointed as the Sole Agent by the Receiver for the sale of One HarbourGate East Tower, 18 Hung Luen Road, Hung Hom, Kowloon ("The Property") by invitation to offer.
The prime harbourfront property, which has come into favour with both local and Mainland buyers since its launch last year, is now set for a new round of bidding. The Receiver is looking to finalize the sales arrangements with prospective buyers. The invitation to offer deadline has been scheduled for 12:00 noon on August 20, 2024 (Tuesday).
The Property, which currently serves as the headquarters for Sun Life Hong Kong, comprises a premium Grade-A office tower and a retail component, totaling approximately 279,000 square feet in gross floor area. The property also features 155 parking spaces. Situated in the vibrant Hong Kong harbourfront business district, the property enjoys stunning harbour views. The building's prominent LED advertising wall, visible even from the opposite side of the harbour, makes it a prominent landmark along the harbour skyline and a participant in the city's iconic "A Symphony of Lights" display.
"This property represents a truly remarkable opportunity for investors," stated Mr. Raymond Lee, the Chief Executive Officer of Savills Greater China. "Situated in a prime harbourfront location, the property boasts unobstructed, panoramic views of the iconic Victoria Harbour from every floor. Such a rare and coveted asset is a true rarity in the current market, making this a chance that discerning investors simply cannot afford to miss."
Mr. Raymond Wan, Chief Senior Director, Investment of Savills, stated, “As we venture into the latter half of 2024, the commercial property market has undergone a period of adjustment, moving away from its previous peaks and marked by several substantial transactions. This shift in market dynamics has cultivated an environment where buyers are primarily focused on acquiring high-quality assets, viewing the current climate as an opportune moment to secure these highly coveted properties.”
Mr. Godfrey Cheng, Deputy Senior Director, Investment CEO Office of Savills, stated, “In the real estate landscape of 2024, distressed properties have taken centre stage, with numerous transactions being executed at remarkably enticing prices. We believe this latest offering, led by the Receiver, is poised to once again captivate the market's rapt attention.”