Wang On Group buys retail podium in New Territories
Hong Kong-listed Wang On Group has acquired the commercial podium at the Parkside, a residential community near the Tseung Kwan O MTR station in the northwest.
The 32,564sqft, two-storey retail property was purchased for HK$780 million (US$99.42 million) from the Chellaram family – one of the territory’s oldest shipping families – which owned the space in joint venture with US real estate fund manager Angelo Gordon.
The deal values the property at around $24,000 ($3059)/sqft of net lettable area, and is expected to help expand Wang On’s asset management business as well as improve its rental portfolio.
Last year, the property attracted revenues of close to $21.5 million ($2.74 million).