Hong Kong tycoon buys Sheung Wan serviced apartment block

George Sell By George Sell
15 January 2018 | Updated 15 January 2018

China: Payson Cha’s Hanison Construction Holdings has acquired a serviced apartment block in Hong Kong’s Sheung Wan neighbourhood for HK$506 million ($64.7 million).

Hanison's latest acquisition is the 25-storey Ovolo Sheung Wan serviced apartment building, which has 48 apartments covering 27,456 square feet (2,551 square metres). The 1995 structure is located on Hollywood Road, one subway stop west of the city's Central commercial hub.

According to local reports, the price that Hanison paid for the asset is about five per cent less than the HK$530 million that the previous owner, S Sundar, had hoped for when he put the property on the market in October last year.

Hanison has previously acquired two Ovolo-branded properties from the same seller, according to filings to Hong Kong's Stock Exchange. In late 2016, it paid HK$341 million ($44 million) for the Ovolo West Kowloon Hotel in Sham Shui Po, which has since been closed. In 2015 Hanison purchased the Ovolo 111 High Street serviced residence block in Sai Ying Pun for HK$253 million ($32.6 million) and later redeveloped it into a 22-unit serviced apartment property called One Eleven.

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