2024-04-25 28Hse Editor
A property in North Point, which houses one of Hong Kong's iconic theaters, has reportedly been sold for HK$1 billion, resulting in a staggering windfall of over HK$800 million for the seller.
The portfolio of properties, encompassing the Sunbeam Theatre, the ground floor to the sixth floor, and the rooftop of the Kiu Fai Mansion on King's Road in North Point, was put up for tender by Savills in August.
Kiu Fai Mansion boasts a total gross floor area of approximately 96,000 square feet. In 2003, veteran investor Francis Law Sau-fai, through Toyo Mall, acquired the landmark theater and the shopping mall for HK$168 million.
The Sunbeam Theatre and the commercial area occupy the ground to fifth floors, while the sixth floor is designated for residential use.
The property that was tendered constituted around 77.4 percent of the undivided shares of the building, which is in close proximity to the compulsory sale application threshold of 80 percent.
Operating since 1972, the Sunbeam Theatre has gained renown for its Chinese traditional art performances, particularly Cantonese opera.
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