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Ma Sa Restaurant spam and eggs
Photograph: Courtesy Ma Sa Restaurant

Sheung Wan’s Ma Sa Restaurant to close at the end of 2023

The cha chaan teng was sold at more than 40 percent of its original cost

Cherry Chan
Written by
Cherry Chan

Since its opening 35 years ago, Ma Sa Restaurant has been one of Hong Kong’s most beloved restaurants. The cha chaan teng is perched on Sheung Wan’s Hillier Street and frequented by locals and visitors alike who come for their signature dish – spam with fried egg on rice, drizzled with a rich soy sauce. Most recently, South Korean celebrity chef Baek Jong Won also visited Ma Sa to try out the spam and fried egg-topped rice, which he thoroughly enjoyed.

Unfortunately, Ma Sa Restaurant will be closed at the end of the year, and the property will be available to rent. According to multiple local news sources, the 800 sq ft store was previously listed for $48 million, but the price eventually got reduced to only $28 million. The sale resulted in a staggering 42 percent price reduction of $20 million, making each square foot worth $35,000. The original owner of Ma Sa Restaurant bought the shop for $23.5 million in 1988 for his personal use. It’s reported that the restaurant became an inherited property as of last year, and that the shop has appreciated nearly 11 times in value over the past 35 years.

The restaurant’s new buyers are part of the Bridgeway Prime Shop Fund. Edwin Li, the fund’s founder, states that even though the shop is 52 years old, it will be sold at a good price due to its wide entrance and prime location on the corner of Hiller and Burd Street. Currently, Ma Sa’s market rent costs roughly $9.5 million, but based on the restaurant’s latest transaction price, it is estimated to have a return of almost 4.1 percent.

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