Listed Company Chairman Spends Over HK$10 Million on Three Units in Hung Hom Old Building
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
Chan Hong-kai, chairman of Simple Living Life Company Limited (08370), and Poon Kai-yi, founder of Owl Square Co-Living, have jointly acquired three units in Gillies Avenue Building on Gillies Avenue South in Hung Hom for approximately HK$10.23 million. The purchase of units F, G, and H on the low floor totaled about 1,898 square feet, translating to an average price of around HK$5,390 per square foot. The acquisition comes as the government actively promotes the Simple Housing registration system, spurring market interest in older urban buildings with renovation potential. The investors previously sold a full building on Ma Tau Wai Road in Hung Hom last year before making this latest purchase.
Key Points
- Chan Hong-kai and Poon Kai-yi purchased units F, G, and H at Gillies Avenue Building, 27-37 Gillies Avenue South, Hung Hom
- Total purchase price reached approximately HK$10.23 million for three units spanning about 1,898 square feet combined
- Individual units ranged from 511 to 867 square feet, with prices between HK$2.79 million and HK$4.6 million each
- The property features elevator access and good maintenance, located near major new developments in Hung Hom
- The buyers previously sold a full building on Ma Tau Wai Road in Hung Hom in 2024 before reinvesting in the area
Why It Matters
The transaction signals growing investor confidence in Hong Kong's old building market amid policy shifts toward standardized housing. As the Simple Housing regime takes effect, demand for compliant rental units in prime urban locations is expected to intensify, potentially reshaping investment patterns in older districts across the territory. This acquisition demonstrates how seasoned investors are positioning themselves to capitalize on the conversion of traditional subdivided units into regulated, higher-margin housing options.
The transaction signals growing investor confidence in Hong Kong's old building market amid policy shifts toward standardized housing. As the Simple Housing regime takes effect, demand for compliant rental units in prime urban locations is expected to intensify, potentially reshaping investment patterns in older districts across the territory. This acquisition demonstrates how seasoned investors are positioning themselves to capitalize on the conversion of traditional subdivided units into regulated, higher-margin housing options.