Lai Sun sells mid-levels apartments for $28m

It boasts a total saleable area of approximately 5,338 square feet.

Lai Sun Garment and Lai Sun Development have jointly announced the sale of the 18th and 19th floors of May Tower II, May Road, Hong Kong.

The properties, inclusive of designated car parking spaces, have been valued at HK$215.8m, subject to adjustments. It boasts a total saleable area of approximately 5,338 square feet, excluding the car parking spaces.

The net proceeds of HK$212.4m and HK$211.9m are allocated to the LSD Group and LSG Group, respectively.

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The assets are set to be acquired by a company registered in the British Virgin Islands.

The move is part of LSD Group's strategic plan to divest non-core assets, enabling reallocation of financial resources for capital structure enhancement and general corporate purposes. 

The property is being sold on an "as is" basis, with the completion date expected to be before 1 p.m. on 15 January 2025.