The saga of the industrial buildings along Hong Ting Road continues. In June BUZZ reported that one of the buildings, No.1, was sold at a 53% loss; now buildings at No. 2 and No. 9 are also on the market again.
The two industrial buildings, formerly owned by the “Shop King” Tang Shing-Bor family, are now up for sale. As the properties have become bank-owned properties, the expected transaction price is only 40% of the original purchase price, amounting to approximately HK$132 million for No. 2 and over HK$100 million for No. 9.
No. 2 Hong Ting Road has a total gross floor area of approximately 59,991 square feet (land area of 18,094 square feet), and an industrial building at No. 9 has a total gross floor area of approximately 53,158 square feet (land area of 15,177 square feet). Located just a five-minute drive from Sai Kung town centre, the properties are currently used as warehouses and offices, are three to for storeys high and a maximum floor height of 4.4 metres, capable of bearing a floor load of 15 kPa. The properties are being offered for flexible use and could be converted into student activity centres, cold storage facilities, data centres, or automotive-related applications. Currently they are classified as “Residential (Category E) 1,” allowing for medium- to long-term redevelopment into residential buildings.
The two industrial buildings were originally purchased by the Tang Shing-Bor family between 2018 and 2019 for approximately HK$329 million and HK$250 million respectively, at an average price of approximately HK$5,117 per square foot. Following the earlier sale last month of No. 1 Hong Ting Road to Able Engineering for approximately HK$173 million (approximately HK$1,720 per square foot), as reported by BUZZ, the transaction price for these two industrial buildings is estimated to be a significant drop of up to 66% compared to the purchase price, based on the latest transaction price per square foot.
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