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MEDIA CENTRE
(Hong Kong, January 10, 2017) Emperor International Holdings Limited (“Emperor International” or the “Group”) (Stock code: 163) announced that it has acquired 12 retail spaces at G/F and LG/F, Fairview Height, No 1 Seymour Road, Mid-Levels, Hong Kong (the “Properties”) at a consideration of HK$515 million.
Situated at the corner of Robinson Road and Seymour Road, the Properties occupy a total gross floor area of approximately 13,173 square feet. Such acquisition is expected to be completed on 10 July 2017. The Group intends to use the Properties for property investment purpose for rental return.
The existing tenants of the Properties include property agencies, supermarket, personal care store and convenience store, etc. For the eleven months ended 30 November 2016, the Properties generated a turnover of approximately HK$16.16 million, translating to an annualised rate of return of approximately 3.4%.
Mr. Donald Cheung, Executive Director of Emperor International, said, “Such acquisition has once again demonstrated our ambition to optimise the Group’s property investment portfolio by introducing quality properties. Located at the traditional luxury residential area on Hong Kong Island, the Properties are surrounded by upscale residential properties in Mid-Levels where its local retail market is supported by high income group. As the supply of retail spaces in Mid-Levels is limited, we are confident towards the leasing demand for the Properties and hence their future potential of rental returns.”
