Business
Snack Giant Four Seas Capitalizes on Hong Kong’s Real Estate Slump: Acquires Prime Office Space Below Market Price
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, attracted by the deals available to purchasers. Office structures of Grade A in Kowloon have experienced a decline of approximately 50% in their worth since the market's high point in late 2018.
The producer of snack foods has consented to purchase 25,000 square feet of office spaces in Kwun Tong for a cost of HK$205.4 million (US$26.3 million), as stated in a filing with the Hong Kong stock exchange on Monday. This calculates to HK$8,226 for every square foot, which is a 12.5 per cent discount from the original price asked for the same property.
"Due to constrained fresh interest and poor market outlook, the cost of some commercial properties in Hong Kong has seen a substantial drop to a comparably low point," according to chairman Stephen Tai Tak-fung in the report. "The purchase offers a promising investment prospect."
The team consented to purchase the whole of the 31st level of a high-quality commercial property located at 41 King Yip Street, including naming rights, as well as an additional office space on the 21st level of a building referred to as The Vision, situated in the same vicinity. The deal also comprises of seven vehicle parking spots and specific advertising areas.
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The Aesthetic Appeal of the Obvious: Reasons to Pay More Attention to Hong Kong's Public Housing Estates
The vendor is a subdivision of Max Paramount Business, a foreign firm ultimately controlled by an individual named Choi Kin-yeung.
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