Savills is pleased to announce the completion of acquisition involving Hing Tin Commercial Centre.
Savills is pleased to announce the completion of acquisition between Kato (Hong Kong) Holdings Ltd (2189.HK), the purchaser, and Mr David Chan and Mr Hugo Lin, the vendor, for HK$240 million. The acquisition was facilitated by Savills and involved various assets ("The Property") including Hing Tin Commercial Centre, cooked food stalls, G/F shops at Yan Tin House, Mei Tin House & Choi Tin House with 23 Car Parking Spaces at Car Park C. The purchaser intends to turn part of the property into a residential care home for the elderly.
The property is situated at 8 Lin Tak Road, Lam Tin, Kowloon, in a green and serene setting close to the Lam Tin Park with ample supporting facilities that would fit the orientation of an elderly home. The vendor bought the property via Savills as sole agent. Following a previous disposal exercise of a number of car parking spaces by way of strata sale, the latest transaction garnered a profit of more than 100% for the vendor.
Mr. Peter Yuen, Managing Director, Head of Investment & Sales of Savills commented: "An increasing number of discounted properties in the market has caught the attention of investors, and end-users in particular. From the purchaser's point of view, the transacted price is favourable given the concern of replacement cost. It is now a suitable time to buy for self-use and the purchaser is right to have taken the opportunity."