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Property developer New World Development has secured ownership of the State Theatre Building, a commercial and residential property at 277-291 King’s Road, North Point at an auction for HK$4.77 billion.
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NWD plans to implement a conservation plan and to restore the theater's historical features such as arches atop the roof.
The theater was declared as a Grade I historic building by the Antiquities Advisory Board in 2017.
The building, known for its sculptures by Mei Yutian atop the front door and the parabolic rooftop, has been at the site for more than six decades.
Two years ago in October, the developer had made an application to the Lands Tribunal for a compulsory sale order for the building, the former State Theatre. NWD said at the time, the group aims to conserve the former State Theatre.
In 2018, October, NWD acquired 82 percent of the title to the project when it applied for compulsory sale and rebuilding.
The approved reserve price is 53 percent above the 2018 valuation of HK$3.117 billion.
The bid was a record for a compulsory auction in the city.
The State Theatre, known for its sculptures by Mei Yutian, was declared a Grade I historic building by the Antiquities Advisory Board in 2017. In 2018, October, NWD acquired 82 percent of the title to the project.
