Miramar Hotel and Investment (00071) said it agreed to sell the entire building of No. 6 Knutsford Terrace, Kowloon for HK$480 million.
The property to be disposed of is a multi-storey commercial building. It has been used by Miramar Hotel as investment property for the purpose of generating rental income. Since 2013, the Group has been renovating the property to convert it into a hotel building.
It is estimated that upon completion, the net gain arising from the disposal is expected to be about HK$120 million.
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