Snack Giant Four Seas Capitalizes on Hong Kong Office Space Bargains Amid Real Estate Market Slump

Snack food manufacturer, Four Seas, seizes office space in Hong Kong as deals attract purchasers. Premium office structures in Kowloon have seen a decline of approximately 50% in their worth since the market reached its highest point in late 2018.

The company that produces snack foods has 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), according to a statement given in a Hong Kong stock exchange file on Monday. This translates to HK$8,226 for each square foot, which is 12.5 percent less than the initial price requested for the same property.

"Due to diminishing fresh interest and poor market outlook, the cost of some commercial properties in Hong Kong have dropped drastically to a fairly low point," said chairman Stephen Tai Tak-fung in the report. "The purchase offers a promising investment chance."

The team consented to purchase the whole of the 31st floor in a top-rated office structure located at 41 King Yip Street, inclusive of naming rights. In addition, they acquired another office section on the 21st floor of a building called The Vision, situated in the same vicinity. The package also comprises seven parking spots and specific advertising areas.

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The vendor is a division of Max Paramount Business, a foreign firm ultimately controlled by an individual named Choi Kin-yeung.