（By Yan Lunle and Liang Yueqin）
There is progress of Kwun Tong Town Centre Redevelopment. URA bought 4 stores of Cathay Mansion in Yue Man Square by HKD 278.9 million with average sq ft price at HKD 64,983. On other side, Joint Electronic Teller Services Limited (JETCO) was confirmed as the buyer who spent HKD 70 million to buy No.3-7 of 5th floor of Rykadan Capital Tower in Kwun Tong in earlier.
The average sq ft price is HKD 64,983.
The 4 stores between No.26 to No.32 of Cathay Mansion in Yue Man Square bought by URA are store A and B on the ground and store A and B on the ground in low building;The total price was HKD 278.9 million and the sq ft price was HKD 64,983 base on the total area in 4,292 sq ft, according to data from Land Registry.
It is known that, the original owner who is SMART RICHEST INTERNATIONAL LIMITED bought the above stores at HKD 74.5 million on August 16th, 2001 and earned book profit at about HKD 204.5 million which is 2.74 times after holding for 12 years. The Directors of the company are Wu Jinqing, Huang Haiyan and so on, and Mr.Wu also is the Director of Sun Century Watches, data from company register office.
JETCO bought commercial building in Kwun Tong by HKD 70 million.
According to the data from Land Registry, No.3-7 of 5th floor of Rykadan Capital Tower in Kwun Tong was bought by Joint Electronic Teller Services Limited at HKD 70 million with the average sq ft price at HKD 9,545 base on the total cover area of 7,334 sq ft. At the same time, buyer should pay DSD (Double Stamp Duty) of which the rate is from 7.5% to 8.5% and the amount is about HKD 5.4824 million.
JETCO which is the largest company managing the Automatic Teller Machines (ATMs) network system in Hong Kong and Macao estimated to buy the properties for own occupation because they did not purchase many offices in the past years. The original owner is an investor who bought the whole 5th floor of Rykadan Capital Tower by HKD 98.9 million in this February and No.1, No.3-7 among have been sold until now taking HKD 86.737 million cash in, found from the old data. The No.3-7 sold this time was bought at about HKD 64 million and it appreciated 9.37% in 5 months bringing book profit of about HKD 6 million.
Pak Lee Café rent store at monthly HKD 160,000 to expand business to Sheung Wan.
Furthermore, Pak Lee Café located in Shau Kei Wan which is an old store and famous for their Huangshao ball and cartoon cookies just rented a ground shop in the Pemberton of Sheung Wan at about monthly HKD 160,000 for their first branch. The sq ft rent is about HKD 38 which is much the same to the rent for last tenant who also was a restaurant. The Senior Business Director of Commercial Department of Centaline Property, Zheng Deming expressed, the store Pak Lee Café rent is ground shop of high building of the Pemberton located in No.22-26 of Bonham Strand in Sheung Wan with cover area of 4,180 sq ft.
