Hong Kong University of Science and Technology recently spent HK$141 million to purchase an entire industrial building in Sai Kung. The old Pricerite building has a total floor area of approximately 77,000 square feet. The industrial building at No. 6 Hong Ting Road, Sai Kung, occupying an area of approximately 34,778 square feet. It is a three-sided site. The site currently houses a three-story building completed in 1988 with a total floor area of approximately 76,979 square feet, which was offered for sale in April this year for approximately HK$180 million.
As reported by BUZZ a number of times over the past nine years, the industrial building property was owned by the family of the late “Shop King” Tang Shing-bor. They had previously applied to the Town Planning Board to change its use to residential. Although the rezoning was approved, no related development was carried out.
Over the past year, HKUST has spent a total of HK$490 million purchase properties. According to records, the university spent HK$354.4 million in June to purchase the entire fourth floor of the Admiralty Centre, with a total area of 31,400 square feet, which translates to a price of approximately HK$11,300 per square foot.
In addition to purchasing property, the university has also expanded the size of its back office by leasing approximately 24,000 square feet of space in Block B of the Manulife Financial Centre in Kwun Tong. It is understood that the university leased the space at a rate of approximately HK$24 per square foot, with an estimated monthly rent of approximately HK$576,000 and an annual rental expenditure of approximately HK$6.91 million.
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