SOCAM Development Limited(00983.HK): Subsidiary Renews Property Tenancy Agreement, Recognises Right-of-Use Assets of Approximately HK$11.79 Million
NewTimeSpace News: On 26 June 2026, SOCAM Development Limited(00983.HK) issued an announcement stating that Shui On Mechanical Services, its non-wholly-owned subsidiary, has signed a tenancy agreement with Chun Ka Limited, the landlord, to renew the lease of a property at Ng Chau South Road, Ping Che, Fanling, New Territories, Hong Kong. The total site area is around 61,636 square feet, to be used for open-air storage, site office and other related purposes.
The fixed lease term is three years, commencing on 1 July 2026 and expiring on 30 June 2029.
In accordance with Hong Kong Financial Reporting Standard 16, the Group is required to recognise right-of-use assets with a value of approximately HK$11.79 million in respect of this lease arrangement.
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