Project Details
Instruction Party:
Vendor: The United States of America
Purchaser: Hang Lung Properties
Location: Consulate General of the USA Quarters, 37 Shouson Hill Road, Hong Kong
Consideration: HK$2,566,000,000
Size: 94,796 SF approx. (GFA)
Background
As part of a global review of the U.S. Government’s investment portfolio, CBRE Capital Markets Hong Kong team was appointed as sole agent for the sale of the staff quarters via a public tender.
Challenges and concerns
The property has excellent potential for redevelopment as a new benchmark of luxury living at the top of Shouson Hill. However, the pandemic and political tensions added complexity to closing the deal.
How we created advantage
CBRE formed a dedicated team by drawing on the talents of the HK Capital Markets and US Transaction Teams. They rose to the various challenges by working closely with the US State Dept., providing timely strategic consultation and valuable market insights throughout the tendering process. They also closely monitored the investment market, delivering the latest market intelligence to both the US Government and potential purchasers.
The project drew phenomenal interest from both local and international investors. The Vendor finally accepted a HK$2.566 billion offer from Hang Lung Properties.
The sale of this high-profile building attracted a great deal of local and international media attention. The fact that CBRE was able to advise the U.S. Government and achieve a satisfactory outcome is testament to the strength of our brand, our professionalism and the quality of our work. We can be proud of all the project team accomplished.
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