International real estate firm Savills is delighted to announce the successful  completion of the largest commercial property transaction in the market for 2024. The property, known as Cheung Kei Center located at 18 Hung Luen Road, Hung Hom, was sold for approximately HKD 2.65 billion, with the buyer being Hong Kong  Metropolitan University. 

This property is a 15-storey Grade-A office building by the sea, offering spectacular  views of Victoria Harbour. The total floor area is approximately 279,000 square feet,  with 155 parking spaces. The property features high-quality facilities, with floor-to-floor heights ranging from 3.15 to 3.55 meters, and is equipped with an access control  system.

The building has a large LED billboard that is clearly visible from across the  harbour, making it an iconic landmark along the Victoria Harbour coastline and it also  participates in the nightly spectacle of "A Symphony of Lights". 

Mr. Peter Yuen, Managing Director of Savills Hong Kong said, "This transaction  was the largest commercial property deal in the market for 2024. Following the  successful acquisition of a large student dormitory property on Wuhu Street, Hung  Hom, by Hong Kong Metropolitan University earlier this year, Savills has once again  facilitated a significant property transaction for the university.

The commercial property market has undergone adjustments from its peak, and this acquisition represents a  golden opportunity. Hong Kong Metropolitan University successfully acquired this property to expand its campus. Savills' team provided comprehensive advice from a  professional perspective, first understanding the buyer's needs and considering  factors such as investment budget and market changes.

Ultimately, through close  discussions with the receivers appointed by seven banks, Hong Kong Metropolitan  University successfully outbid other potential buyers, securing the ideal property and signifying a luminous start to the new year." 

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