Business
Four Seas Seizes Opportunity Amid Downturn: Snaps Up Bargain Office Space in Kowloon Amid Market Decline
Four Seas, a snack food manufacturing company, has acquired office space in Hong Kong, drawn in by the attractive deals on offer. Premium office structures in Kowloon have seen their worth decline by approximately 50% since reaching a high point in late 2018.
The snack food production company has consented to purchase 25,000 square feet of office spaces in Kwun Tong for a total of HK$205.4 million (US$26.3 million), as declared in a Hong Kong stock exchange document on Monday. This purchase price equates to HK$8,226 per square foot, which is 12.5 percent lower than the original asking price for the comparable spaces in the same structure.
"Due to a lack of fresh demand and a frail market outlook, the value of some commercial properties in Hong Kong has dropped substantially to an unusually low point," stated chairman Stephen Tai Tak-fung in the document. "This purchase presents a solid investment prospect."
The team consented to purchase the full 31st floor of a premium office structure on 41 King Yip Street, inclusive of naming rights, as well as an additional office section on the 21st floor of a building called The Vision within the same vicinity. The deal also incorporates seven automobile parking spots and specific areas for signage.
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The vendor is a subsidiary of Max Paramount Business, an overseas corporation ultimately under the ownership of an individual named Choi Kin-yeung.
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