Former JCube has been an iconic site of Jurong East and its transformation will bring new life to the area, offering a modern and integrated development hub, comprising residential, shopping and commercial amenities. It will also serve as an anchor for the Jurong Lake District’s goal to be a world-leading lifestyle destination.

Cheung Kei Center, a premier Grade-A office in Kowloon, Hong Kong, is currently on the market in a tender process being conducted by Savills. The property was previously owned by Cheung Kei Group, a private investment firm owned by Chinese tycoon Chen Hongtian who also serves as its chairman. In December 2016, the building was purchased by Cheung Kei Group for HK$4.5 billion.

In March, however, the company defaulted on a loan, leading to its creditors seizing the property. As part of the seizure, the ownership of two of Chen’s personal residences – including a 9,200 sqft luxury property on The Peak purchased for HK$2.1 billion in 2016 – was also lost.

Cheung Kei Center is a complex of an office building and a two-storey retail villa, which add up to a total of 279,000 sqft of commercial space. On-site car parking is available with a capacity of 155 spaces. The building was originally named One HarbourGate East Tower and is part of the complex built by Wheelock Properties, completed in 2016.

According to a valuation conducted by the property’s original owner last year, Cheung Kei Center has a value of HK$7 billion (or $1.18 billion). The tender for its sale will close on August 28th.

Savills is the appointed agent handling the sale of Cheung Kei Center, and encourages interested parties to take part in the tender process before the end of the month.