MEGA Well, a subsidiary of Chuang's Consortium International, is paying $280 million for a vacant site and row of residential and commercial buildings in Hunghom.
Directors said they saw the purchase as a good investment opportunity but gave no details of what they intended to do with the properties stretching from 71 to 97 Wuhu Street.
However, under the agreement the 947 sq metre site is earmarked for residential development.
Mega has agreed to pay $200 million to Tyrant Investment for 71 to 89 Wuhu Street, a vacant site.
An initial deposit of $40 million has already been made and a further $20 million in deposit will be handed over in a month.
Mega will pay $20 million to Same Fortune for 91 Wuhu Street and $60 million to Soundwill Investments for 93 to 97.