Savills is appointed by the order of the Receiver as the Sole Agent for the public sale by tender of 17 Kai Cheung Road, Kowloon Bay ("the Property"), an en-bloc Grade A office building strategically located within the CBD2 in Kowloon East. The marketing floor area of the property is approx. 920,000 square feet that spread across 28 floors above ground and three basement floors. The tender, which will close at noon, 21 July 2022 (Thursday), involves the sale of the Property with existing tenancies and on an "as is" basis.
Situated in Kowloon Bay, the property stands as a signature office building in the CBD2. It offers commercial office space that takes in the beautiful view of the Kai Tak Cruise Terminal and the Victoria Harbour. The property consists of 28 storeys above ground, including main office lobby on ground floor, a restaurant podium (1/F-2/F), followed by Low-zone, Middle-zone and High-zone offices respectively from 4/F to 27/F and a roof garden atop, each office floor has a GFA of around 35,000 square feet. In addition, the property has three basement floors which offer 279 car parking spaces equipped with electrical vehicle chargers. Being the perfect address for international companies in Hong Kong, the property is currently with various MNCs as anchor tenants.
Raymond Lee, Chief Executive Officer, Greater China of Savills said, "After our notable conclusion of KITEC, Hong Kong's largest property transaction in 2021 by a transaction amount of HK$10.5 billion, Savills is honoured to be appointed with the tender mandate of another major office development in Kowloon East, which looks set to become one of the most significant transactions in Hong Kong this year in terms of property size and pricing. Our track record and our leading position in market share as confirmed by Real Estate Analytics in 2021 speak volume of our expertise in concluding critical deals and bringing values to our clients."
Frank Marriott, Head of Regional Investment Advisory, Asia Pacific of Savills said, "Investors confidence in Kowloon East is clearly evident in the major transactions of en-bloc office development in the district. Apart from KITEC, a spate of transactions in the area including the acquisition of the turnkey office tower adjacent to the Kai Tak Sports Park by CLP for HK$3.38 billion late last year reflects the good prospects of the CBD2. As market sentiments improve, we expect the project on 17 Kai Cheung Road will be appealing to funds and institutional investors alike."
Mr. Godfrey Cheng, Deputy Senior Director, Investment CEO Office, Savills said, "Supported by HK$100 billion worth of world-class infrastructures and facilities, the Property is one of the gems in the Kowloon Bay business area and will benefit from the completion of the Kai Tak Development Area where synergies abound in this increasingly mature hub of Kowloon."