Four Seas Capitalizes on Real Estate Downturn, Acquires Kowloon Office Spaces for a Bargain

Four Seas, a snack food manufacturer, acquires office property in Hong Kong as attractive deals attract purchasers. Kowloon's high-quality office structures have seen a decrease in value by approximately 50% since the market's high point at the close of 2018.

The producer of snack foods has confirmed their purchase of 25,000 square feet of office space in Kwun Tong for a sum of HK$205.4 million (US$26.3 million), as reported in a filing with the Hong Kong stock exchange on Monday. This equates to HK$8,226 per square foot, marking a discount of 12.5% from the initial price asked for the same building.

"Due to a lack of fresh interest and poor market outlook, the costs of some commercial properties in Hong Kong have sharply declined to a comparably low point," stated chairman Stephen Tai Tak-fung in the document. "This purchase presents a promising investment opportunity."

The team consented to purchase the whole of the 31st level of a high-quality office structure situated on 41 King Yip Street, which includes naming rights, as well as an additional office space on the 21st level of another building referred to as The Vision in the same vicinity. The deal also encompasses seven automobile parking spots and some designated advertising space.

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The vendor is a subsidiary of Max Paramount Business, a foreign corporation ultimately controlled by an individual named Choi Kin-yeung.