30th November 2023 – (Hong Kong) Ma Sa Restaurant, located at G/F, 23 Hillier Street, Sheung Wan, a beloved culinary institution in Hong Kong for the past 35 years, has announced its imminent closure. This cha chaan teng has garnered a loyal following of locals and tourists alike, drawn to its renowned signature dish: spam with fried egg on rice, complemented by a flavorful soy sauce drizzle. Recently, the restaurant had the honour of hosting South Korean celebrity chef Baek Jong Won, who expressed his delight in trying the iconic spam and fried egg-topped rice.
Regrettably, Ma Sa Restaurant will bid farewell to its patrons at the end of this year, as the property becomes available for rent. Local news sources report that the 800 sq ft establishment was initially listed for an impressive $48 million. However, after a series of negotiations, the price was eventually reduced to a significantly discounted $28 million. This remarkable 42 per cent price reduction translates to a staggering $20 million decrease, valuing each square foot at approximately $35,000. Notably, the original owner acquired the shop for personal use in 1988, purchasing it for a modest $23.5 million. Over the past 35 years, the property’s value has appreciated nearly 11-fold.
The new proprietors of Ma Sa Restaurant are affiliated with the Bridgeway Prime Shop Fund. Edwin Li, the founder of the fund, highlights the property’s prime location at the corner of Hillier and Burd Street, along with its wide entrance, as major selling points. Despite the establishment’s 52-year age, it is expected to command a favourable price due to these attributes. Currently, Ma Sa Restaurant’s market rent amounts to approximately $9.5 million. Based on the recent transaction price, experts estimate a potential return of almost 4.1 per cent.