Business
Snack Giant Four Seas Capitalizes on Hong Kong Office Market Slump: Acquires Prime Kowloon Space at Bargain Price
Four Seas, a snack food manufacturer, acquires office space in Hong Kong due to attractive deals enticing purchasers. The value of premium office spaces in Kowloon has decreased by approximately 50% since the market reached its highest point at the end of 2018.
The maker of snack foods has confirmed its decision to purchase 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 implies the cost per square foot is HK$8,226, which is 12.5% lower than the original listed price in the same building.
"Due to a lack of fresh interest and a sluggish market outlook, the cost of some commercial properties in Hong Kong has notably dropped to a fairly low point," stated Chairman Stephen Tai Tak-fung in the report. "This purchase presents a beneficial investment chance."
The team consented to purchase the whole 31st level of a top-tier office complex located at 41 King Yip Street, including naming rights, as well as an additional office space on the 21st level of a structure called The Vision situated in the same vicinity. The deal also encompasses seven vehicle parking spots and specific areas for signage.
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The vendor is a subsidiary of Max Paramount Business, a foreign-based corporation which is ultimately under the ownership of an individual named Choi Kin-yeung.
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