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Evergrande’s Hong Kong office for sale

By Atiqah Mokhtar

/ EdgeProp Singapore |

September 28, 2022 4:01 PM SGT

China Evergrande Centre (Picture: Bloomberg)

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SINGAPORE (EDGEPROP) - China Evergrande Centre, the 27-storey office building that serves as developer China Evergrande Group’s Hong Kong headquarters, has been launched for sale by tender by sole marketing agent Savills.

Savills was mandated to market the property by restructuring firm Alvarez & Marsal Asia, acting on behalf of the developers’ creditors. The receivers were appointed earlier this month to seize and liquidate the building valued at an estimated HK$9 billion ($1.6 billion).

Savills says the Wan Chai district property has a land area of 23,021 sq ft and a total approved gross floor area of approximately 345,423 sq ft. The building is being disposed of on an “as-is” basis with existing tenancies. It includes a lobby, shops, a chairman floor and office floors, each with a typical floor area of 12,000 sq ft to 14,000 sq ft, plus 55 parking spaces.

The building’s proximity to the harbourfront and its location in Gloucester Road — the main thoroughfare in Wan Chai — makes it a “rare gem”, says Savills Greater China CEO Raymond Lee in a Sept 26 statement. He adds that transactions of landmark office sites in the vicinity include a site on Murray Road in the Central area, which was acquired by Henderson Land in 2017 at HK$50,000 psf, while the Hong Kong government sold Site 3 at the New Central Harbourfront project last year at about HK$31,000 psf.

The tender for the building will close on Oct 31. Despite being one of the company’s most valuable assets, Evergrande has been trying to sell the building to raise funds, but without success.

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