Four Seas Group announced the acquisition of two floors at 41 King Yip Street, Kwun Tong, for over HK$205 million. It comprises: the entire 31st floor of the building, with a gross floor area of approximately 16,969 square feet, and 7 car parking spaces, certain signage space and the naming rights of the building; and Office 2 on the 21st floor of the building, with a gross floor area of approximately 8,000 square feet. The Properties are located at a newly built Grade A intelligence office building with full 5G coverage. The office building will be named the “Four Seas Group Centre”.

The Group has been renting office space in 1 Hong Ting Road, Sai Kung, since the disposal of its own property in 2017. With limited new demand and weak market sentiment, the prices of certain commercial buildings in Hong Kong have decreased significantly to a relatively low level. Taking into account the prevailing market prices of similar properties in the vicinity; and business development of the Group, the Board considers that the Acquisition represents a good investment opportunity and would provide cost saving on office rentals in the long term as well as improving the working environment of the Group’s employees.