Joyful Group Acquires Full Floor at Kwun Tong Hing Yip Centre for HK$29.7M
AM730 · 1 SOURCESabout 2 hours ago5 MIN
Summary
Midland CSI (中原工商舖) has facilitated the sale of the entire 3rd floor at Hing Yip Centre on Hing Yip Street in Kwun Tong for approximately HK$29.7 million to Joyful Group, which plans to use the space as its corporate headquarters . The property spans a built area of approximately 10,847 square feet, translating to an average price of approximately HK$2,738 per square foot . Joyful Group, which previously participated in the Kwun Tong "K Series" industrial building sub-division project, currently leases offices at the adjacent Yee Sang Industrial Centre and will consolidate operations into the new premises for Yick Shun Property Management Limited and Luk King Cleaning Services Limited . Jonathan Lau, Director of the Industrial and Commercial Division at Midland CSI, noted that the transaction represents a return to price levels last observed around 2010, with the property's peak price of HK$5,860 per square foot recorded in 2019 now down by over 50% .
Key Points
- Transaction: Full 3rd floor at Hing Yep Centre, 31 Hing Yip Street, Kwun Tong — HK$29.7 million
- Property specifications: Built area of 10,847 sq ft; average price HK$2,738 per sq ft
- Buyer: Joyful Group; will house headquarters for Yick Shun Property Management and Luk King Cleaning Services
- Price history: Peak was HK$5,860 psf in 2019; current price down over 50%, back to 2010 levels
- Market data: Hong Kong industrial building sales reached 804 deals in Q2 2024, up 28% QoQ, highest since 2022
Why It Matters
The transaction signals renewed confidence among industrial property users who view the current price correction as a strategic entry point, particularly as interest rate stabilization has boosted market activity despite prices continuing to find their floor . Kwun Tong's traditional industrial-commercial corridor, situated just seven minutes from the MTR station, remains attractive to occupiers seeking quality premises at reduced investment thresholds .
The transaction signals renewed confidence among industrial property users who view the current price correction as a strategic entry point, particularly as interest rate stabilization has boosted market activity despite prices continuing to find their floor . Kwun Tong's traditional industrial-commercial corridor, situated just seven minutes from the MTR station, remains attractive to occupiers seeking quality premises at reduced investment thresholds .