Business
Snack Giant Four Seas Capitalizes on Market Dip to Secure Bargain Hong Kong Office Space Amid Kowloon’s Property Value Decline
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, attracted by affordable prices. Premium office structures in Kowloon have seen a decrease in their worth by approximately 50% since the market reached its highest point at the end of 2018.
The producer of snack foods has consented to purchase 25,000 square feet of office space in Kwun Tong for a price of HK$205.4 million (US$26.3 million), as per the information shared in a Hong Kong stock exchange document on Monday. This equates to HK$8,226 per square foot, which is 12.5 per cent less than the original price asked for the same space in that building.
"Due to a lack of new interest and a poor market outlook, the cost of some commercial properties in Hong Kong have dropped drastically to a comparatively low rate," stated chairman Stephen Tai Tak-fung in the document. "The purchase provides a promising investment prospect."
The team consented to purchase the full 31st level of a top-tier commercial building located at 41 King Yip Street, complete with naming rights, and an additional office space on the 21st level of a building referred to as The Vision in the same vicinity. The deal also encompasses seven parking spots and specific areas for signage.
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The sales entity is a subsidiary of Max Paramount Business, an overseas corporation that is ultimately under the ownership of an individual named Choi Kin-yeung.
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