Business
Snack Giant Four Seas Capitalizes on Hong Kong Property Slump: Secures Prime Office Space at a Bargain
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, drawn by discounted prices. Premium-grade office properties in Kowloon have seen a significant decrease in value, nearly 50%, since their apex in late 2018.
The producer of snack foods confirmed its purchase of 25,000 square feet of office space in Kwun Tong for a sum of HK$205.4 million (US$26.3 million), as indicated in a filing with the Hong Kong stock exchange on Monday. This translates to HK$8,226 for each square foot, marking a reduction of 12.5% from the original price requested for the same building.
"Due to a lack of fresh interest and a poor market outlook, the cost of some commercial properties in Hong Kong has dipped considerably to an unusually low point," stated chairman Stephen Tai Tak-fung in the report. "The purchase provides a promising investment opportunity."
The team consented to purchase the whole 31st level of a top-tier commercial building located at 41 King Yip Street, which includes naming rights, along with an additional office space on the 21st floor of a structure referred to as The Vision in the same vicinity. This package also comes with seven automobile parking slots and specific areas for signage.
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The Hidden Charm: A Deeper Observation of Hong Kong's Public Housing Complexes is Worthwhile
The vendor is a subsidiary of Max Paramount Business, a foreign-based corporation ultimately under the ownership of an individual named Choi Kin-yeung.
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