Business
Four Seas Seizes Opportunity Amid Market Slump: Snaps Up Bargain Hong Kong Office Space in Kowloon
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, enticed by the attractive deals available. The value of premium office structures in Kowloon has plunged by roughly 50% since the market hit its highest point in late 2018.
The producer of snack foods has consented to purchase office spaces measuring 25,000 square feet in Kwun Tong, costing HK$205.4 million (US$26.3 million), as stated in a filing with the Hong Kong stock exchange on Monday. This amounts to HK$8,226 for each square foot, which is 12.5% less than the initial price for the same building.
"Due to the lack of new interest and a frail market outlook, the cost of some commercial properties in Hong Kong have drastically dropped to a relatively low point," stated chairman Stephen Tai Tak-fung in the document. "The purchase offers a valuable investment prospect."
The team consented to purchase the full 31st floor of a premier office building located at 41 King Yip Street, including naming rights. Additionally, they procured another office space on the 21st floor of a building called The Vision situated in the same vicinity. The deal also encompasses seven parking spots and specific areas for signage.
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The Unseen Aesthetics: A Deeper Glance at Hong Kong's Public Housing Estates
The vendor is a subsidiary of Max Paramount Business, a foreign corporation ultimately under the ownership of someone named Choi Kin-yeung.
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