Ponte 16 op in property deal for Hong Kong’s Wan Chai

Aug 24, 2018 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  

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Success Universe Group Ltd, the operator of the Ponte 16 casino and hotel complex in Macau, says it has agreed to buy commercial space in a building in Wan Chai, Hong Kong, for HKD106.8 million (US$13.7 million).

Success Universe told the Hong Kong Stock Exchange that a subsidiary, Total Gain Ltd, and the seller, catering services and property investment company Concept Italian Co (HK) Ltd, had reached a preliminary agreement on Wednesday.

The investment property is the 34th floor and storeroom at Sunshine Plaza in Lockhart Road. The space, now occupied by the seller, has a gross area of about 5,134 square feet (about 477 square metres). Success Universe said it was buying as an investment, adding the building’s price and suitability for third-party rental were attractive.

Success Universe stated its subsidiary paid an initial deposit of HKD5 million, will pay a further deposit of HKD5.68 million on or before 4 September, and will pay the other HKD96.12 million on or before October 5. The buyer says it will use its own money or borrow – or both – in order to cover the cost. The buyer and seller are due to conclude the formal agreement on the deal on or before 4 September and complete the deal on or before 5 October, Success Universe said.

Success Universe was required to make the deal public as it is considered a “discloseable transaction” under the exchange’s listing rules.

Earlier this month, Success Universe said it expected to record a profit for the first half of the year – thanks to its expected share of returns from Ponte 16 – turning round the first-half loss it made during the same period last year.

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