Snack Food Giant Four Seas Capitalizes on Falling Office Space Prices in Kowloon, Acquires Property Below Asking Price

Snack manufacturer Four Seas acquires office property in Hong Kong due to enticing deals

Kowloon's premium office edifices have experienced approximately 50% drop in value since the market reached its highest point at the close of 2018.

The junk food production company consented to purchase 25,000 square feet of office spaces in Kwun Tong for a sum of HK$205.4 million (US$26.3 million), as mentioned in a statement filed at the Hong Kong stock exchange on Monday. This amounts to HK$8,226 for each square foot, marking a 12.5% decrease from the original price for the same property.

"Due to a lack of fresh interest and poor market outlook, the cost of some business properties in Hong Kong has notably dropped to a comparatively low point," stated chairman Stephen Tai Tak-fung in the report. "This purchase presents a promising investment chance."

The collective consented to purchase the complete 31st floor of a top-tier office structure at 41 King Yip Street, which includes naming rights, along with another office space on the 21st floor of a building named The Vision within the same vicinity. This agreement also encompasses seven automobile parking spots and specific areas for signage.

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The vendor is a subsidiary of Max Paramount Business, a foreign corporation ultimately under the ownership of someone named Choi Kin-yeung.