Savills facilitates $240m acquisition involving Hing Tin Commercial Centre

Part of the property will be turned into a home for the elderly.

Savills has announced the completion of an acquisition between purchaser Kato Holdings and vendors David Chan and Hugo Lin amounting to $240m.

The acquired assets include Hing Tin Commercial Centre, cooked food stalls, G/F shops at Yan Tin House, Mei Tin House, and Choi Tin House with 23 car parking spaces.

According to Savills, which facilitated the acquisition, the purchaser intends to turn part of the property into a residential care home for the elderly.

"An increasing number of discounted properties in the market has caught the attention of investors, and end-users in particular. From the purchaser's point of view, the transacted price is favourable given the concern of replacement cost," Savills managing director Peter Yuen said.