HK$680 million ($116 million) flat on 53 Stubbs Road in Opus Hong Kong, Eastern Mid-Levels has been put up for sale in an open tender by the receivers. This flat was owned by tycoon Chen Hongtian and his wife Chen Yao Li Ni, who purchased it for HK$387 million in September 2015. This flat is said to be one of the most valuable properties in Asia.
Developed by Swire Properties, the project is a collaboration with Frank Gehry and is his first and only residential project in Asia. It is known for its open-plan design and ceiling height of more than four metres. The flat consists of five bedrooms with four being ensuites, a study, a living room, a dining room and a kitchen.
J’Den Capitaland offers a wide range of luxurious amenities, from gymnasium, indoor and outdoor swimming pools, and Jacuzzis. Furthermore, the development is a stone’s throw away from Jurong East MRT station. With 300m direct underground link to the station, accessing the rest of Singapore with convenience and ease is a luxry that we all aspire for.
The main lenders for this property, Bank of Communications, has appointed Deloitte China partners Derek Lai Kar-yan and Ivan Chan Man-hoi as the receivers. It is speculated that the current market value of this property stands at HK$680 million, as noted by Savills. The tender for this property is expected to close at noon on August 8 and it will be sold as-is with occupation.
It should come as no surprise that Chen Hongtian’s properties have been seized by lenders. His Cheung Kei Group owns offices, hotels and finance firms, which boasted the mortgaged properties of 15 Gough Hill Road on The Peak, the Opus Hong Kong flat and One HarbourGate East Tower. These properties, however, are valued at approximately HK$10 billion.
When asked about the flat, Chen told the Post in 2016 that the Opus Hong Kong flat was “too tiny”. His other asset, One HarbourGate East Tower in Hung Hom was also put up for sale through a tender by receivers which Chen noted he will have his lawyers study.
Chen Hongtian’s HK$680 million ($116 million) flat on 53 Stubbs Road in Opus Hong Kong is extraordinary and it is easily one of the most valuable residential properties in Asia. On Tuesday, creditors continued selling the tycoon’s assets in Hong Kong, with this property being put up for sale by tender. Deloitte China partners Derek Lai Kar-yan and Ivan Chan Man-hoi were appointed as the receivers by Bank of Communications.
The open tender method is to be closed at noon on August 8 tentatively. It has a unique floor plan with five bedrooms, four of which are ensuites, a study, a living room, a dining room and a kitchen. It has an open-plan design with a ceiling height of more than four metres. Furthermore, it is only nine minutes’ drive away from the business district and SoHo in Central.
