Withersworldwide advised on two ground-breaking deals that were recently shortlisted by the Royal Institute of Chartered Surveyors (‘RICS’) for the Best Deal of the Year Award at the RICS Hong Kong Awards 2023.
One nomination is the sale of a top-notch luxury residential site for redevelopment primely situated on Magazine Gap Road at the Peak, Hong Kong, brokered by CBRE. The Withers team, which comprised of Withers’ Head of Greater China Commercial Mabel Lui, Michelle Chow and Quinncy Wu, acted for the seller and worked with the dedication and professionalism of other parties to achieve a satisfactory outcome for our client. The deal value is significant and marks the largest residential transaction in Hong Kong over the last three years during the Covid-19 period.
The other nominated deal is a unique double deal with a total value of HK$2.32 billion, brokered by Knight Frank. We represented Hong Kong-listed Magnificent Hotel Investments Limited (a member of the Shun Ho Group) and executed a same-day back- to-back disposal of Grand City Hotel in Sai Yan Pun to a joint venture between US-headquartered global investor Angelo Gordon and Warburg Pincus-backed Hong Kong-based lifestyle-focused rental accommodation provider Weave Living, for approximately HK$900 million, and a simultaneous acquisition from Stan Group of Bay Bridge Lifestyle Retreat, a 435-room waterfront hotel in the western New Territories overlooking Tsing Ma Bridge, for approximately HK$1.42 billion.
The acquisition has been touted as the largest hotel transaction by a local buyer in Hong Kong since December 2018. This “two in one” transaction entailed navigation of significant complexities. The Withers team was led by Mabel Lui with support from Howard Wong, Joey Lau, Helen Kwong and Quinncy Wu. The team was gratified with the commendations from William Cheng, chairman of the Shun Ho Group: “We are delighted to proceed with such a historic transaction which highlights our confidence in Hong Kong’s tourism industry. The proficiency and experience of the Withers team has been key to the success of both transactions, with its deep bench strength and impressive service delivery.”
Mabel Lui comments: “It has been a pleasure being able to advise on these transactions, whilst resolving the various complexities along the way. Reaching a satisfactory outcome for our clients is a testament to our robust corporate, real estate and hospitalities practice in Asia and the collaborative efforts of our team.”
Entries for the RICS Hong Kong Awards, which were made by leading developers, surveyors, valuers and agents, demonstrate industry leading achievements and show the highest standards of professionalism across the built environment in Hong Kong.