OCEAN ONE HLDG (09876) plans to acquire a property in Kwai Chung, New Territories, Hong Kong for HK$150 million, to be used as the Group's corporate headquarters.

OCEAN ONE HLDG (09876) announced that on September 29, 2026, the purchaser, Fung Yeung Development (an indirectly wholly-owned subsidiary of the Company), entered into a provisional agreement with the vendor, Yick Bun Limited, and the receiver for the acquisition of the property at a cash consideration of HK$150 million. The property is located at 57-59 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 upgrading and comprehensive renovation works in 2018. According to the approved building plans, the total gross floor area of the subject building is 117,234 square feet, and the lower ground, ground and first floors of the building provide parking spaces. In light of the Group's business development and future expansion, the property is intended to be used as the Group's corporate headquarters (being one of the permitted uses of the property under the exemption). Given the significant decline in industrial property prices in Hong Kong over the past few years, under the current property market conditions, the Board considers that the acquisition presents a strategic opportunity for the Group to acquire the property at a competitive price through a receiver's sale. The Directors consider that acquiring the property as office premises to save future rental expenses is in the interests of the Group. In addition, if the Group is unable to fully utilize the property, it intends to lease out the remaining portion of the property to generate rental income. The Board also considers that the consideration represents a discount to the preliminary valuation of HK$200 million conducted by Zhong Cheng Da Assets Appraisal Advisory Limited on September 29, 2026 in respect of the property. This reflects, among other things, the addition and alteration works that have been carried out but not completed and are currently ongoing at the property, the vendor is not obliged to complete such works or make such works comply with regulations before completion, and the Group will need to complete, rectify or make such works comply with regulations at its own expense after completion.