Wheelock Properties sells One Bay East – East Tower to Citi in landmark deal of HK$5.425 billion the largest en-bloc office tower transaction in Hong Kong
Wheelock Properties’ grade-A waterfront office development One Bay East – East Tower has been sold in a landmark deal to leading global banking and financial corporation Citi for HK$5.425 billion.
This is the second en-bloc tower transaction of One Bay East following the acquisition of the West Tower by Manulife (International) Limited in April 2013. The acquisitions of Citi and Manulife (International) combined, totals HK$9.925 billion.
“We are delighted that two leading global financial corporations have chosen One Bay East as the strategic base for their business operations. The significant and long term investments by top class multinationals show their continual deep confidence in Hong Kong.” Stewart Leung, Chairman of Wheelock Properties, said.
“Wheelock’s investment in Kowloon East reinforces our commitment to help build a new commercial hub for Hong Kong - one that is energized by well-planned infrastructure and community development. This new hub has a critical role in further enhancing Hong Kong’s position as an international financial and commercial centre.”
One Bay East is a twin tower office development with a total gross floor area of 1,025,000 sq ft. Located in the heart of Hong Kong’s CBD2, the development has panoramic views of Victoria Harbour, overlooking the Kai Tak Cruise Terminal and the future Kai Tak Metro Park. The development is scheduled for completion by the end of 2015.
Wheelock Properties has a proven track record in grade-A office development, and will continue to deliver quality developments that meet the high standards of multinational institutions.
Wheelock Properties’ Kowloon East Portfolio includes a gross floor area of 2 million square feet. In addition to One Bay East, the company plans to redevelop the current Wharf T & T Square into a 600,000 square foot grade-A waterfront office building. There is a redevelopment plan for Kowloon Godown, and an upcoming residential development at the newly acquired site at Kai Tak.
ONE BAY EAST Premier Grade-A Commercial Development by Wheelock Properties
One Bay East is a twin tower grade A office buildings ideally located in the heart of Hong Kong’s CBD2. The development stands distinctively on the coastline of 83 Hoi Bun Road, overlooking the cruise terminal, the future metro park, and enjoys world-class views of both the stunning Victoria Harbour and auspicious Lei Yue Mun.
One Bay East is just few minutes to the MTR Ngau Tau Kok station, connectivity will be further enhanced via the future environmental friendly elevated monorail system which links Kowloon Bay MTR station to Kai Tak Development station of the future Shatin-to-Central Link.
This grade-A office building is designed to achieve both HK BEAM Plus and US LEED “Gold” certification. The property features a variety of state-of-the-art provisions such as round-the-clock air-conditioning for server room, additional generator back up, VAV system, raised floor system, fibre-optic networks and WiFi, etc.
Project Particulars
| Address | No. 83 Hoi Bun , Kwun Tong, Kowloon |
| No. of Towers | 2 (East Tower & West Tower*) |
| Total GFA | Approx. 1,025,000 sf |
| No. of Office Storeys | 18 (3/F - 23/F; excluding 4/F, 13/F & 14/F ) |
| Office Space Per Floor | Approximately 27,000 sf plus |
| Office Storey Headroom (Floor to Floor) |
Approximately 4.228m (3/F - 20/F) Approximately 4.8m (21/F - 22/F) Approximately 4.98m ( 23/F) |
| Car Parking Spaces | 298 for private car (disable parking inclusive) 30 for motorcycle |
| Lift Facilities | 8 passenger lifts for each tower 2 services lifts and 2 podium lifts for each tower |
| Estimated Completion | End of 2015 |
*Note
East Tower - enbloc acquisition by Citi
West Tower - enbloc acquisition by Manulife (International) Limited, the tower will be named as Manulife Tower
