WT sells branch in Hong Kong for 65M

by Viva la Vida 12 Replies latest jw friends

• 

  Viva la Vida

  http://www.savills.com.hk/_news/article/574/141879-0/12/2015/savills-appointed-sole-agent-for-the-tender-sale-of-12-and-14-kent-road--kowloon-tong

  Savills appointed sole agent for the tender sale of 12 & 14 Kent Road, Kowloon Tong

  21 December 2015

  Owned by the religious group, the two sites are at the most remarkable location in Kowloon Tong. The three-storey property at 12 Kent Road spans a site area and saleable area of 10,775 sq ft and 7,182 sq ft respectively. The two-storey property at 14 Kent Road has a site area and saleable area of 10,771 sq ft and 4,303 sq ft respectively. The total site area and saleable area are 21,546 sq ft and 11,485 sq ft respectively. The property possesses huge gardens and carports.

  Sam Mock, Senior Director of Investment, Savills said, “the sites are located at an impeccable and luxury area in Kowloon Tong. It is worth mentioning that they are the only two adjoining residential sites currently on sale in the market. The owner holds the sites for over 25 years and it is a very unique moment they are out in the market for sale now. In addition, the townhouse sites are usually well sought-after, such as No.22 Barker Road, The Peak (transacted at HK$1.5 billion / unit price per saleable sq ft HK$151,668), No.1 Purves Road (Transacted at HK$760 million / A.V. per sq ft HK$96,729 sq ft) and No.35 South Bay Road (Transacted at HK$808 million / unit price per saleable sq ft HK$110,776). Comparatively speaking, the A.V. for 12 & 14 Kent Road is at a range of HK$37,000 to HK$40,000 per sq ft which is very attractive.”
• 

  evilApostate

  Is this really Watchtower's property? I didn't see anything in your link about Watchtower owning the property. Additionally, according to this:

  https://www.facebook.com/media/set/?set=a.280118342181278.1073741832.150992685093845&type=3

  Watchtower's branch is located at 4 Kent Road, Kowloon Tong. Can you clarify?
• 

  Viva la Vida

  Check the Yearbook for 1992 p. 26 (you can find it here from the Avoid JW webpage: https://drive.google.com/file/d/0Bw0qjUoEReBVQ3pVaVVMV1VPbVk/view)
• 

  Lostandfound

  So more bethelites hit the road , with Hong Kong now under Chinese rule I would have though this gateway to China held many opportunities for preaching good news there. In relative terms, when purchased, these spacious properties must have been costly, even then WT able to buy properties beyond the reach of mere mortals. Where does money go if WT ceasesoperation and presumably legal entity I HK?
• 

  evilApostate

  Check the Yearbook for 1992 p. 26 (you can find it here from the Avoid JW webpage:https://drive.google.com/file/d/0Bw0qjUoEReBVQ3pVaVVMV1VPbVk/view)

  I see. However, wouldn't that mean that they are only partially closing? Don't they still own the other property at 4 Kent Road, Kowloon Tong?

  From the yearbook:

  On January 1, 1980, the branch office moved from a tiny
  facility to a more spacious and quieter one at 4 Kent Road in
  the suburb of Kowloon Tong. These premises were to serve
  the needs of the branch very well for eight years. Time then
  came for further expansion. Right on time a beautiful building
  suitable for a small branch office and Bethel Home became
  available at 12 Kent Road, and this was purchased. However,
  after only three years, it became obvious that another property
  would soon be needed. Again Jehovah provided.
  One afternoon, a Catholic priest living at 16 Kent Road
  told the Branch Committee coordinator, "Our friends have
  gone." He was referring to a Chinese family who owned
  14 Kent Road. This family had moved out that weekend, and
  their house was for sale. It was ideal. The property at 14 Kent
  Road is an excellent addition to our other properties at
  numbers 4 and 12. This is a two-story, white reinforced concrete building.

  The Bethel family now numbers 19, and
  there are accommodations for 30.
  
• 

  Viva la Vida

  @evilApostate: that can be the case. I found out that they move their operations (or some of it) to the 19th floor of an office building (check here: http://wol.jw.org/en/wol/pc/r1/lp-e/1200272761/15/0)

  I found another piece of news that reports on this story: http://www.scmp.com/property/hong-kong-china/article/2022895/prime-site-kowloon-tongs-beacon-hill-expected-sell-more-hk7

  Apparently the former branch buildings are prime property (I think they are making good money from moving the branch out of it).

  I'm not in HK (or near) so I'm just sharing what I found on the news. Maybe someone closer to it can provide some details.
  
• 

  shepherdless

  It looks like it makes good business to sell, but wow, that is another big asset liquidation.

  I would have thought that the Borg would be extremely keen to keep and strengthen its foothold in China. It can't have an official presence elsewhere in China, and China has a huge number of Christians, who are generally a little uneducated, and are getting wealthier at a rapid rate. China is far too potentially lucrative for an evil high control cult to walk away from. I.m.o., more evidence that the Borg is liquidating whatever it can to pay expenses.
• 

  Finkelstein

  more evidence that the Borg is liquidating whatever it can to pay expenses.

  Another sell off of a branch panders to the idea that the WTS is going into a state of feasible sustainability in relation if the overall membership declines or falters.
  

  Take the money and run is the headlining doctrine going into the 21st century for the WTS.
  

  If the WTS heads were smart they would come forward and drop many of its long standing doctrines, such as this generation and 1914, mankind is living in the end times etc.

  Unfortunately the WTS leaders are too prideful and assumingly arrogant to show that can of humility and sincerity about the organization which they belong to.

  And hey with hundreds of millions $$$ in your pocket and more coming in, maybe being totally sincere and honest has less engaging importance at the moment. ????
  
• 

  darkspilver

  Thanks - interesting - I note that the original link was to a news story from December 2015, and the two buildings have now been sold

  Thanks to the OP's additional link, from a story regarding another (unrelated) property sale nearby in September 2016, it refers to the SOLD prices obtained for 12 and 14 Kent Road:
  

  http://www.scmp.com/property/hong-kong-china/article/2022895/prime-site-kowloon-tongs-beacon-hill-expected-sell-more-hk7

  Number 12 Kent Road has a total gross floor area of 6,465 sq ft and sold for HK$260 million, or HK$40,216 per sq ft, while number 14, a total land area of 10,751 sq ft with the plot ratio of 0.6 times and the gross floor area is 6,450 sq ft, sold for HK$238 million, or HK$36,899 per sq ft.
  

  Number 12 Kent Road sold for HK$260 million = US$33.5 million
  Number 14 Kent Road sold for HK$238 million = US$30.7 million
  TOTAL = $64.2 million

  BTW, there are some more, external, photos at the following website - including one that shows the frontage and clearly shows an advertisement for jw.org

  http://www.landscope-christies.com/property-detail/kowloon-tong/61e943

  
  
• 

  Finkelstein

  Expensive looking properties , I can see why the WTS would want to sell them off.

  Why have these branches now if the WTS is moving more toward computerized on line literature distribution ?

  Just have translators on hand to post the literature in different languages and leave on line for everyone to download.

  No printing costs, a major decrease in expenditures to house and feed people at those printing locations/branches.

  Selling these branches for a huge financial gain is just the cherry on top the cake.