The current site of the "Hong Kong Building" High-Sen Cinema is for sale, with an intended price of 130 million, which is 63% lower than the purchase price nine years ago

CBRE has been appointed as the exclusive agent to sell the ground floor shop 1(i) and shop 1(ii) of Block 3, Ocean Park Garden, 2 Gennys Street, Kennedy Town, involving approximately 14,000 square feet of rare street-level retail space. The property will be sold in its current condition along with existing leases through a private agreement, with an intended selling price of HKD 130 million (approximately HKD 9,337 per square foot). According to Ming Pao, the owner purchased it in 2016 for about HKD 355 million from "Seafood King" Yu Chulin or related parties, and the current asking price is about HKD 225 million or 63% lower than the purchase price nine years ago.

CBRE stated that the property is only about a two-minute walk from Kennedy Town MTR station, with a built-up area of approximately 13,923 square feet, featuring a large single frontage and high ceiling. It is currently leased to a cinema, which operates stably under a long-term lease, allowing the new buyer to enjoy stable income. Although the property is currently best utilized as a cinema, its layout and structure offer flexibility, making it suitable for diverse long-term uses. The property was formerly a church and restaurant, showcasing its potential for various uses, catering to different industries in the area, such as churches, restaurants, educational institutions, cinemas, fitness centers, and other commercial purposes.

The property is currently leased to a cinema that has been operating stably since 2021. The agency noted that while the property cannot be immediately repurposed, buyers can benefit from its high flexibility. Major local universities have recently been actively expanding off-campus teaching spaces by acquiring suitable commercial properties to meet future development needs. At the same time, religious organizations and emerging industries are frequently seeking large commercial spaces in the market, reflecting the ongoing diversification of demand for investment and owner-occupied commercial properties