Take a guess at what Bosco Wong spent $4 million on

29 July 2013 / 3 years 2 months ago

Bosco Wong (黃宗澤) may have finally found the space to start his new business venture.

After gaining valuable experience from his previous business attempts in Malaysia, Bosco is ready to try out the Hong Kong market, reports an article in Popular Asians.

On July 10, Bosco was seen in Kowloon City inspecting a vacant property. Dressed casually with no intention to hide his identity, Bosco toured the space briefly and left with a stack of documents in hand.

When reporters caught up with him afterwards, Bosco confirmed rumors that he has secured a retail space, and hopes to hold a grand opening in October at the latest.

Always wanting to become a chef, Bosco first entered the restaurant business in 2011 when he spent 7 figures opening the OverTime restaurant in Ipoh, Malaysia.

Last year, Bosco and his investment partners suddenly decided to overhaul the restaurant, prompting speculations that the business was failing.

Bosco later clarified the rumors, saying that OverTime did indeed break even and that he and his partners simply wanted to steer their business towards a new direction.

Bosco later invested another $3 million and turned OverTime into a thriving new bar called The House.

Due to his success with The House, Bosco is now eyeing the Hong Kong market.

A big fan of oysters, Bosco is rumored to eat oysters weekly, and has frequently expressed interest in opening an oyster bar.

In April, Bosco was spotted scouting for retail space in Central, touring several shops with his manager and real estate agents. Last Wednesday, Bosco and his manager once again continued their mission.

Driving a $1.25 million HKD Audi RS5 sports car, Bosco, his manager, and his assistant arrived at Kowloon City’s Nam Kok Road in the afternoon. Two female real estate agents greeted them and led them to a gated storefront.

Bosco carefully examined the space, stepping outside several times to observe the exterior and surroundings. An hour later, Bosco left the store with a large stack of paperwork that resembled rental contracts.

According to close sources, the store space is roughly 2,000 square feet with a monthly rent of $60,000 HKD.

Despite Hong Kong’s rising property costs, Bosco was luckily able to rent the space at below market price.

“Bosco was referred [to the real estate agency] by mutual friends. He already toured various vacant spaces three or four times. He finally chose a place a few days ago and signed the contract. He is very good with words and repeatedly bargained with the property owner, saying that he will build an upscale oyster bar that will attract business to the entire street. The owner gave in at the end and agreed to give him a discount!”

When asked about his new business plans, Bosco confirmed that he has found a retail space and hopes to open the bar this year. “Kowloon district is great! The store is around 2,000 square feet.

"My bar in Malaysia already broke even, so I am investing around $4 million HKD this time!

"Construction will take around two months. I hope to open the bar at the end of September or early October!”

Bosco added that he is confident in his new venture, and that he will turn the store over to his mother, who will help Bosco manage the day-to-day details.

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