The saga of the empty industrial buildings along Hong Ting Road, Sai Kung has finally come to an end with the unit at No. 1 Hong Ting Road, formerly owned by the “Shop King” Tang Shing-Bor family, recently becoming a bank-owned property. It was recently sold for HK$173 million, representing a significant depreciation of approximately 53% over eight years. The buyer is the listed construction company Able Engineering Holdings Limited, which plans to purchase the property for its own use.
Completed in 1993, the four-story building has a total floor area of ​​approximately 100,000 square feet, and the ground floor is currently leased out. Based on the transaction price of HK$173 million, the price per square foot is approximately HK$1,730. Able Engineering stated that the purchased site will be used as self-owned workspace to support its business, including establishing its own factory and storing machinery, workshops, and building materials. This is another significant recent investment for the group, following its narrow acquisition last month of a residential site in Tung Chung Area 106A for HK$1.627 billion.
According to records, the Tang Shing-bor family purchased the industrial building in 2018 for HK$368 million. Together with several other sites on Hong Ting Road nearby, the original plan was to merge and redevelop them into a large-scale elderly care facility with over a thousand beds. However, due to a lack of market demand, the properties were gradually sold off to banks, and now the banks have finally sold them at a drastically reduced price.
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