Properties

One HarbourGate at 18 Hung Luen Road, Hong Kong is a grade-A full seaview office development developed by Wheelock Properties. En-bloc East Office Tower and East Retail Villa was sold to Cheung Kei Group for HK$4.5 billion. The Sales and Purchase Agreement was signed by both parties on 17 July 2016. The 15-storey East Office Tower has a gross area of approximately 254,000 square feet, while the 2-storey East Retail Villa has a gross area of approximately 26,000 square feet. The East Office Tower at One HarbourGate will serve as the headquarter for Cheung Kei Group’s Hong Kong operations and one of their long-term investment. The development has been completed and has obtained Certificate of Compliance.

One HarbourGate is perfectly located in a premier commercial hub along the world-renowned waterfront, enjoying the panoramic seaview of Victoria Harbour. It comprises two full seaview office towers and two retail villas. The West Office Tower and West Retail Villa was earlier sold to China Life Insurance (Overseas) Company Limited (CLIO) in November 2015. This remarkable en-bloc transaction price for East Office Tower and East Retail Villa shows that multinational corporations have keen demand for premier en-bloc office buildings; as well as their confidence in the quality properties developed by Wheelock Properties.

“We are delighted that two large corporations have chosen One HarbourGate as the strategic base for their business operations, and as one of the major investment in their global portfolio. This is also a strong testimonial of their continual strong confidence in Hong Kong.” Stewart Leung, Chairman of Wheelock Properties, said.

Wheelock Properties possess proven experiences in developing premier Grade-A offices in strategic commercial districts. Following the respective acquisition of en-bloc East Tower and en-bloc West Tower at One Bay East by Citi and Manulife, and the acquisition of en-bloc West Office Tower and West Retail Villa of One HarbourGate by CLIO, this is the fourth en-bloc office tower transaction by the Group, indicating Wheelock’s en-bloc disposal strategy gains strong market recognition.

Subsequent to the sale of all office towers and retail villas at One HarbourGate, Wheelock Properties would speed up the redevelopment of ex-Wharf T & T Square (123 Hoi Bun Road) into a 600,000 square foot grade-A waterfront office building in meeting the strong demand and stringent requirements of multinationals, PRCs and Fortune 500 companies.

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