Joyful Group Purchases Full Floor at Hing Yip Centre for HK$29.7M
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
Joyful Group has purchased the entire 3rd floor of Hing Yip Centre on Hing Yip Street in Kwun Tong for HK$29.7 million, acquiring approximately 10,847 square feet of space at HK$2,738 per square foot. The deal, brokered by Centaline (Industrial & Commercial), represents a dramatic price decline from the property's 2019 peak of HK$5,860 per square foot. The group plans to relocate its Yixin Property Management and Luk King Cleaning Services headquarters from nearby Yat Seng Industrial Centre to the new premises.
Key Points
- The buyer, Joyful Group, previously participated in the "K Series" strata-title sales in Kwun Tong and currently leases space at Yat Seng Industrial Centre
- Hing Yip Centre is located at 31 Hing Yip Street, approximately 7 minutes' walk from Kwun Tong MTR station
- Industrial building transactions in Q2 2024 reached about 804 cases, up 28% quarter-on-quarter, the highest single-quarter volume since 2022
- Despite improved transaction volume, property prices continue to search for a bottom amid ample supply in the Kwun Tong district
- Interest rate stabilization has contributed to the recovery in commercial and industrial property transactions
Why It Matters
This transaction illustrates how the Kwun Tong industrial property market is attracting price-sensitive buyers as entry barriers have significantly lowered following the 50% correction from peak prices. The trend suggests that while volume is recovering, price discovery is still underway, potentially offering opportunities for end-users with long-term perspective to acquire quality assets at historically low levels .
This transaction illustrates how the Kwun Tong industrial property market is attracting price-sensitive buyers as entry barriers have significantly lowered following the 50% correction from peak prices. The trend suggests that while volume is recovering, price discovery is still underway, potentially offering opportunities for end-users with long-term perspective to acquire quality assets at historically low levels .