appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Salina Li

Savvy investors, including a buyer of a floor at Opus in Mid-Levels who is connected to the family of a Cambodian Chinese tycoon, are pouncing on Hong Kong’s slumping commercial property market to snap up bargains.
The 12th floor of 18 On Lan Street, a Ginza-style commercial building in Central, was handed over to Surplus Inc for HK$34 million (US$4.4 million) on Friday, according to Land Registry records. That represented a 65 per cent loss for the previous owner, Zhou Shubo, who bought the floor for HK$96 million in 2013.
Kanika Sam Ang was a director at Surplus, according to Companies Registry data. Sam Ang has been associated with the family of tycoon Tony Tandijono, who owns Cambodia-based President Airlines, Phnom Penh casino Holiday Palace and a travel agency in Hong Kong.
Sam Ang and Holik Tandijono bought the second floor of Opus Hong Kong – a luxury residential building in Mid-Levels designed by architect Frank Gehry – for HK$369 million in 2015, according to Land Registry records.
Other family members of the tycoon have been active in the city’s property market. In 2021, Homan Sentoni Tandijono bought a 1,424 sq ft unit at Epworth Lodge at 51 Barker Road for HK$78 million, Land Registry records showed. Tony Tandijono himself owned five of the six homes at Epworth Lodge, according to media reports.

Meanwhile, another heavily discounted commercial property has been put up for sale. The landlord of Golden Scene Cinema, the only cinema in the Western District of Hong Kong Island, was asking for HK$130 million for 14,000 sq ft of retail space at 2 Catchick Street in Kennedy Town, according to CBRE, the sole agent.
That represented a 63 per cent discount from the HK$355 million price the owner paid nine years ago, according to media reports.
It was currently leased to a well-established cinema operator with a stable business and a long-term lease, providing the incoming owner with a steady rental income stream, CBRE said. The tenant has occupied the premises since 2021.
While the property was currently optimised for cinema use, its existing layout and structure offered flexibility for a wide range of future uses, CBRE said. Previously occupied by a church and a restaurant, it was well suited for various commercial purposes, including educational institutions and fitness centres, it added.
On Friday, two McDonald’s shops in Hong Kong were sold to the same buyer for HK$183 million, marking the fast-food chain’s second and third sales this month as it proceeded with an asset-disposal plan.
A 7,357 sq ft property in Mong Kok’s Good Hope Building was handed over to Verity Partners for HK$83.2 million, or HK$11,293 per square foot, according to data from the Land Registry.
A two-storey shop spanning 6,826 sq ft at 12 Smithfield Road in Kennedy Town was sold to Meridian Capital for HK$100 million, or HK$14,723 per square foot, on the same day.
The director of both Verity Partners and Meridian Capital is Ng Yin, and the firms were both incorporated on September 22, Company Registry records showed.
The interest in retail shops reflected a slowly improving trajectory in the city’s retail market. According to Census and Statistics Department data last month, retail sales jumped by 5.9 per cent in September to HK$31.3 billion from a year earlier, the best performance since December 2023.


Asia-Pacific hotels a ‘most compelling’ investment amid travel growth, flat supply: CBRE

Hong Kong catching up with Dubai in ‘super-prime’ property sales amid Iran war

High office vacancy rates spur bid to rezone Kowloon East site for residential development

Hong Kong rises in property market transparency rankings, but trails Singapore and Japan

Hong Kong property

Hong Kong’s slumping commercial property market lures savvy tycoon-linked buyer

The 12th floor at 18 On Lan Street has been sold for HK$34 million. Photo: Google

The landlord of Golden Scene Cinema is asking for HK$130 million for 14,000 sq ft of retail space on 2 Catchick Street in Kennedy Town, according to CBRE. Photo: Jonathan Wong

A U-shaped rebound of Hong Kong’s commercial property? Unlikely

Commuters in Hong Kong’s Tsim Sha Tsui district on September 1. Revenue in Hong Kong’s retail and hospitality industries in the second quarter of this year was 10-20 per cent below 2018 levels. Photo: Sam Tsang

Commuters in Hong Kong’s Central district on August 15. Hong Kong’s office sector has benefited from increased leasing demand from financial institutions and professional services firms, in light of Hong Kong’s hefty IPO pipeline and rising wealth management activity. Photo: Jelly Tse

People heading to Shenzhen from Hong Kong via the Lok Ma Chau border crossing on April 12. Major changes in Hongkongers’ shopping habits have had an impact on the domestic retail market. Photo: Dickson Lee

Why Hong Kong’s commercial property market could do with some stress

With Hong Kong now experiencing an IPO boom that has helped to restore confidence in its role as a financial centre, this is arguably the right time for the city’s commercial property market to be undergoing a stress test. Photo: Sam Tsang

HKMA chief executive Eddie Yue Wai-man speaks at HSBC Global Investment Summit in March this year. Photo: Handout

Fed’s rate cut to fuel property investment globally, but Hong Kong faces hurdles

Commercial real estate transactions in Hong Kong fell 45 per cent to US$900 million in the April to June quarter, the lowest since the 2008 global financial crisis, according to MSCI. Photo: Eugene Lee

Federal Reserve chair Jerome Powell announces the rate cut on September 17. Photo: Reuters

How closer mainland integration is lifting Hong Kong’s residential market

People walk past a property agency in Tai Koo on July 29, 2024. Home prices have stabilised since the start of this year after a nearly 30 per cent decline since the 2021 peak. Photo: Eugene Lee

Hong Kong customers browse products at the Holiland grocery store at Coco Park, in Shenzhen, on April 12. Photo: Dickson Lee

Reclassified commercial property loans are no cause for panic

A woman sits outside HSBC’s main building in Central, on July 30. Photo: Eugene Lee

Business

Property

Economy

Investor connected to family of Cambodian tycoon Tony Tandijono snaps up floor in Ginza-style Central building at a 65 per cent discount


Investor connected to family of Cambodian tycoon Tony Tandijono snaps up floor in Ginza-style Central building at a 65 per cent discount.


Hong Kong’s slumping commercial property market lures savvy tycoon-linked buyer

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Investor connected to family of Cambodian tycoon Tony Tandijono snaps up floor in Ginza-style Central building at a 65 per cent discount

Investor connected to family of Cambodian tycoon Tony Tandijono snaps up floor in Ginza-style Central building at a 65 per cent discount