One Harbourgate East Tower, formerly known as Cheung Kei Center, is up for auction

Cheung Kei Center, a Grade A office located situated in Kowloon, Hong Kong, is available for sale via tender according to Savills appointed by the receivers of the building to sell the property. The building was owned previously by Cheung Kei Group, a private investment firm owned by Chinese billionaire Chen Hongtian, also the chairman of the company. Cheung Kei Group purchased the property in December 2016 at a price of HK$4.5 billion.

Pinetree Hill Ulu Pandan floor plan has a total suite area of 22,534.7 square metres (sq m) with a maximum Gross Floor Area (GFA) of 47,323 sq m. It is expected to house 520 spacious and an elegant condominium.

The creditors, however, took it in March following the company failed to pay the loan. Chen also lost the ownership of two residences he owned personally which included a 9,200 sq ft luxurious property situated on The Peak he had purchased at a record HK$2.1 billion in the year 2016.

Cheung Kei Center comprises an office building as well as a two-storey retail villa that covers 279,000 square feet of space for commercial use. The building also houses an additional 155 parking spaces for cars. The structure, which was originally dubbed One HarbourGate East Tower – forms part of The One Harbourgate complex constructed in 2016 by Wheelock Properties, completed in the year 2016.

Savills has announced that a market assessment done by the building’s first owner in 2012 puts the value of the property at 7 billion HK dollars ($1.18 billion). The auction to purchase Cheung Kei Center will close on August 28.