Valuation of Project at 123 Hoi Bun Road, Kwun Tong
CHFT was employed by LVGEM (China) (00095.hk) to value the above developing project at waterfront of Kwun Tong. The project was acquired by the Group from Wharf (Holding) as at consideration of HK$9.0 billion, which represented the 3rd highest value en-bloc office transaction in Hong Kong, the two highest values deals were China Evergrande Centre (formerly known as Mass Mutual Tower)* and Dah Sing Financial Centre.
The acquisition showed the intention of LVGEM to have a stronger presence in the Hong Kong property market and high confidence of the Group on the status of Hong Kong as an international finance centre.
Background information of the Project are
Usage: Office, retail and public car park
Building Height : 23 storeys plus basement
Site Area: 48,438 sqft
ProposedTotal GFA: 596,214 sqft
Expected Completion: Nov 2019
*Note: Mass Mutual Tower was valued by one of our directors in 2015 for the purchaser.