Historic North Point Theatre Sold For HK$4.7 Billion
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2020-10-08 HKT 13:06
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The historic State Theatre Building in North Point has been sold at auction for HK$4.77 billion.
New World Development won approval for the sale after taking majority ownership of the building, and is a record high for a compulsory auction in Hong Kong.
The approved reserve price is 53 percent higher than the 2018 valuation of HK$3.117 billion.
The State Theatre Building is a commercial and residential project that was completed in 1959, and is a grade one historic building, meaning "every effort should be made to preserve it".
Responding to the news, New World Development said it would start a conservation plan for the building, and do its best to restore the historical features of the theatre, including the concrete arches above the building’s roof.
Charles Chan, the managing director for Savills Valuation and Professional Services Limited who was in charge of the auction, said the schedule for developers to apply for forced auctions has been affected this year because of the pandemic.
But, with courts slowly resuming operations, he said that schedule will gradually recover.
However, with the current uncertainties in the real estate market, Chan said he expected developers to be more cautious with their bids.
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