Business
Snack Giant Four Seas Capitalizes on Market Downturn, Acquires Bargain Hong Kong Office Space Amid Property Value Plunge
Four Seas, a snack food manufacturer, acquires office space in Hong Kong, attracted by the enticing deals.
Top-tier office structures in Kowloon have seen their value drop by approximately 50% since the market reached its highest point in late 2018.
The maker of snack foods consented to acquire 25,000 square feet of office spaces in Kwun Tong at a cost of HK$205.4 million (US$26.3 million), as revealed in a filing to the Hong Kong stock exchange on Monday. This translates to HK$8,226 per square foot, marking a 12.5 per cent discount from the original price for the same structure.
"Due to minimal new interest and a lackluster market outlook, the cost of some commercial properties in Hong Kong has considerably dropped to a fairly low point," noted chairman Stephen Tai Tak-fung in the report. "This purchase signifies a promising investment prospect."
The team consented to purchase the whole of the 31st level of a premium office structure located at 41 King Yip Street, which includes naming rights. In addition, they acquired another office section on the 21st level of a building named The Vision in the identical vicinity. The deal also encompasses seven vehicle parking slots and specific areas for signage.
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The vendor is a division of Max Paramount Business, a foreign-based company ultimately controlled by an individual named Choi Kin-yeung.
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