Business
Snack Titan Four Seas Capitalizes on Property Market Dip: Acquires Bargain Hong Kong Office Space Amid Kowloon’s Real Estate Slump
Snack food manufacturer Four Seas acquires office property in Hong Kong as deals attract purchasers. Premium office establishments in Kowloon have experienced approximately a 50% decrease in their worth since the market's height in late 2018.
The company that produces snack foods has consented to purchase 25,000 square feet of office space in Kwun Tong for a sum of HK$205.4 million (US$26.3 million), as stated in a filing with the Hong Kong stock exchange on Monday. This translates to HK$8,226 per square foot, which is 12.5 percent less than the listed price for the same building.
"Due to the lack of fresh demand and poor market atmosphere, the cost of some commercial properties in Hong Kong has substantially dropped to an unusually low rate," stated 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 floor in a top-tier office complex located at 41 King Yip Street, including the naming rights, along with an additional office space on the 21st floor of another building named The Vision in the same vicinity. The deal also encompasses seven parking spots and some advertising space.
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The Aesthetic Appeal of the Obvious: A Case for Paying More Attention to Hong Kong's Public Housing Estates
The vendor is a division of Max Paramount Business, a foreign corporation ultimately under the ownership of an individual named Choi Kin-yeung.
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