HKJC Sells Tai Kok Tsui Shop to Church for HK$51M After 39 Years
SingTao · 2 SOURCESabout 2 hours ago6 MIN
Summary
The Hong Kong Jockey Club has sold a prominent ground-floor shop in Tai Kok Tsui to a local church for HK$51 million, transforming a site that once buzzed with betting enthusiasts into a place of worship. Originally acquired for HK$7 million in April 1987, the property at Shop 5, G/F, Pacason Building, 27-41 Tong Mi Road served as an off-course betting station for nearly four decades. The club closed the venue last June and put it on the market after failing to secure a tenant at a suggested monthly rent of around HK$200,000. The buyer, Hong Kong Christian Shuen Tao Church, plans to relocate from its current second-floor premises in Fuk Chuen Building, Fuk Chuen Street to the high-traffic street-level location.
Key Points
- The property spans approximately 3,497 square feet of building area and sold for HK$51 million, representing a per-square-foot price of roughly HK$14,584 .
- The Hong Kong Jockey Club held the property for 39 years, generating a paper profit of HK$44 million with appreciation of approximately 6.3 times its original purchase price of HK$7 million .
- The off-course betting station operated for over 20 years as a neighbourhood landmark where patrons gathered on race days to watch television screens and study racing newspapers .
- The new owner, Hong Kong Christian Shuen Tao Church, is upgrading from a second-floor unit in a commercial-residential building to a street-level shop, significantly boosting its visibility and accessibility .
- The Hong Kong Jockey Club currently has three other city shops on the market: a shop in Central's Chinese Manufacturers' Association Building, a shop at 9 Water Street in Sheung Wan, and a shop in Tsim Sha Tsui's Empire宝 Building .
Why It Matters
This transaction reflects how the digitisation of betting services is reshaping Hong Kong's retail property landscape, as the club consolidates its physical presence while monetising prime urban real estate. The church's acquisition of a street-level venue highlights how religious organisations are increasingly seeking high-visibility locations to strengthen community engagement, following the trend set by Island ECC's HK$750 million purchase of North Point's historic Sunbeam Theatre last year .
This transaction reflects how the digitisation of betting services is reshaping Hong Kong's retail property landscape, as the club consolidates its physical presence while monetising prime urban real estate. The church's acquisition of a street-level venue highlights how religious organisations are increasingly seeking high-visibility locations to strengthen community engagement, following the trend set by Island ECC's HK$750 million purchase of North Point's historic Sunbeam Theatre last year .