Hong Kong office tower sold via Savills for $776 million

An office tower in Hong Kong’s Kowloon district has been snapped up by Chinese conglomerate Cheung Kei Group for HK$4.5 billion ($776 million).

The en-bloc sale of East Tower and East Villa of One HarbourGate Hong Kong was through Savills, which follows the record transaction last year of the West Tower.

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

He added that Wheelock Properties's avant-garde design and architecture of office buildings in Hong Kong has attracted many potential investors and buyers.

The 18 Hung Luen Road property comprises a 15-storey, 23,500 sqm office tower and a two storey, 2400 sqm retail villa.

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

"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,’’ Craig said.

In the eight months since November, Savills Hong Kong office has concluded three major deals totalling more than 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).