Ocean One Holding (09876) has announced that on September 29, 2026, the buyer, Fung Yeung Development (an indirectly wholly-owned subsidiary of the company), entered into a provisional agreement with the seller, Yick Bun Limited, and the receiver to acquire the property for a cash consideration of HK$150 million.

The property is located at 57 to 59 Kwok Shui Road, Kwai Chung, New Territories, and comprises a site area of 13,600 square feet.

The property is a 12-storey reinforced concrete industrial building. The subject building was completed around 1973 and underwent major building upgrades and comprehensive renovation works in 2018.

According to the approved building plans, the subject building has a total gross floor area of 117,234 square feet, with parking spaces on the lower ground, ground, and first floors.

In response to the group's business development and future expansion, the property is intended to be used as the group's corporate headquarters, which is one of the permitted uses under the exemption.

Given the significant decline in Hong Kong industrial property market prices over the past few years, the board believes that under current property market conditions, the acquisition presents a strategic opportunity for the group to acquire the property at a competitive price through a receiver sale.

The directors consider that acquiring the property as office premises to save future rental expenses is in the group's interest. In addition, if the group is unable to fully utilize the property, it intends to lease out the remaining portions to generate rental income.

The board also believes that the consideration represents a discount compared to the preliminary valuation of HK$200 million conducted by Zhong Cheng Da Asset Valuation Advisory Limited on September 29, 2026.

This reflects, among other things, the additional and alteration works that have been carried out but not yet completed and are currently ongoing, the seller is not obligated to complete such works or make them compliant before completion, and the group will need to complete, rectify, or make such works compliant at its own expense after completion.