Business
Four Seas Snack Food Manufacturer Seizes Investment Opportunity, Acquires Bargain Office Space in Kowloon Amidst Property Market Downturn
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong as attractive deals entice purchasers. Since the market reached its zenith at the close of 2018, premium office structures in Kowloon have seen a significant decrease in their worth, approximately by half.
The producer of snack foods confirmed its decision to purchase 25,000 square feet of office space in Kwun Tong for a price of HK$205.4 million (US$26.3 million), as stated in a filing on the Hong Kong stock exchange on Monday. This translates to HK$8,226 for each square foot, which is 12.5% less than the initial asking price for similar spaces in the same building.
"Due to a lack of fresh interest and poor market mood, the cost of some commercial properties in Hong Kong has considerably dropped to a more modest rate," chairman Stephen Tai Tak-fung stated in the report. "The purchase offers a beneficial investment prospect."
The consortium consented to purchase the whole 31st floor of a high-quality commercial property on 41 King Yip Street, inclusive of naming rights, in addition to another office space on the 21st floor of a building called The Vision located in the same vicinity. The deal also covers seven car parking lots and specific billboard area.
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The vendor is a subsidiary of Max Paramount Business, a foreign corporation that is ultimately under the ownership of an individual named Choi Kin-yeung.
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