Business
Snack Giant Four Seas Capitalizes on Slumping Office Space Prices in Hong Kong: Acquires Prime Real Estate Below Market Rate
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, attracted by the current bargain prices. Prime office spaces in Kowloon have seen their market value plunge by approximately 50% since reaching a high point in late 2018.
The producer of snack foods 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 stated in a filing on the Hong Kong stock exchange on Monday. This indicates a cost of HK$8,226 per square foot, translating to a 12.5% reduction from the original listing price in the same premises.
"Due to subdued market interest and scanty fresh demand, the cost of some commercial properties in Hong Kong have notably declined to a quite low point," stated chairman Stephen Tai Tak-fung in the report. "This purchase offers a promising investment potential."
The team consented to purchase the whole of the 31st floor in a top-tier office structure at 41 King Yip Street, including naming rights, plus an additional office space on the 21st floor of a building named The Vision, located in the same vicinity. This deal also encompasses seven automobile parking spots and a specific area for signage.
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The vendor is a division of Max Paramount Business, a foreign corporation ultimately controlled by an individual named Choi Kin-yeung.
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