ABLE ENG HLDGS announced that wholly owned subsidiary Able Best Limited has secured Tung Chung Town Lot No. 54 (Area 106A, New Territories) for HK$1.63 billion, marking a transaction that qualifies as a “very substantial acquisition” under Hong Kong Listing Rules.

The residential site spans 14,152 sq m with a maximum gross floor area of 49,532 sq m and carries a 50-year lease term. An initial deposit of HK$50.00 million was paid on tender submission, HK$112.70 million was settled within seven working days of the Government’s acceptance letter dated 19 May 2026, and the remaining HK$1.46 billion is due within 28 days of that date.

Management plans to fund the premium through internal resources and new bank financing. Post-transaction, the Group expects no immediate earnings impact as the increase in land assets will be offset by lower cash or higher borrowings.

Strategically, the Board views the project as an entry into Hong Kong residential development, leveraging core construction expertise and the Chairman’s two-decade track record in real estate. Project completion is targeted within five years of land handover.

An Extraordinary General Meeting is set for 12 June 2026 to seek shareholder approval. Controlling shareholder Golden Lux Holdings Limited, holding 75% of issued shares, has indicated support, ensuring passage of the resolution.

As at 31 March 2026, the Group reported no outstanding bank borrowings, lease liabilities of HK$92.74 million and performance-bond guarantees of HK$769.04 million, with directors confirming sufficient working capital for at least the next 12 months.