Review of Operations – Business in Hong Kong Property … · 2010-02-08 · Henderson Land...

Henderson Land Development Company Limited

Annual Report 2008

34

Property DevelopmentReview of Operations – Business in Hong Kong

moments with an overwhelming response.

Thus, an attributable HK$9,892 million

worth of properties in Hong Kong was

sold, an increase of 25% as compared with

HK$7,895 million for the year before.

Some projects such as CentreStage,

CentrePlace, Scenic Horizon and Paradise

Square, were virtually sold out by the year

end. Taking into account the Group’s share

of profi t contributions from associates and

jointly controlled entities, the total profi t

contribution of property development in

Hong Kong to the Group amounted to

HK$4,025 million.

In November 2007, the Group launched

The Sparkle, with approximately 80%

of the total of 400 residential units pre-

sold by the year end. Meanwhile, two

houses of The Beverly Hills (Phase 3)

had been sold through private sale by the

year end although Phase 3 was not yet

formally released for pre-sale. Th eir profi t

contributions will be refl ected in the results

for the forthcoming year when they will be

ready for occupation.

At the fi nancial year end, the Group had a

total of 1,434 residential units available for

sale, comprising a total gross area of over

2.3 million square feet, of which around

2.1 million square feet was attributable

to the Group. Particulars of the major

development projects offered for sale

and pending sale or pre-sale are shown

on pages 12 to 13 of the Chairman’s

Statement.

2008 Highlights

1 Approximately 1.4 million square feet of properties completed for

sale or for lease

2 Sold an attributable HK$9,892 million of properties in Hong Kong

Following the successful completion of

Newton Place Hotel in the last financial

year, the Group continued to expand its

presence in Kowloon East by completing

another four prime buildings there during

the financial year, namely Midas Plaza,

Win Plaza, Kwun Tong 223 and 78 Hung

To Road.

Midas Plaza was completely sold out

within four months after its launch in

August 2007. Win Plaza, also located

in San Po Kong, where there have been

virtually no newly-built industrial/office

developments for years, was completed in

time to capture the pent-up demand for

quality space. Kwun Tong 223 embodies

state-of-the-art facilities together with

an environmentally sustainable design.

78 Hung To Road, to be linked up to

the Kwun Tong 223 by an exclusive

footbridge, is a 23-storey quality industrial

development with various transport

modes just footsteps away. Th e latter two

properties will be held for rental purposes.

A low-density luxury residential project in

Tong Yan San Tsuen was also completed

during this financial year. Comprising

two garden houses, 11 low-rise apartment

blocks and a recreational clubhouse, this

project will be put on sale soon. Particulars

of these newly completed projects are

set out in greater detail on page 11 of the

Chairman’s Statement.

Property Sales

Consecutive interest rate cuts, improved

housing affordability and the influx of

mainland buyers resulted in a property

price rally in Hong Kong in the run-up

from the fourth quarter of 2007 to early

2008, when the overall market sentiment

was dampened by stock market volatility

and the uncertain outlook for the global

economy.

During the year, the Group succeeded

i n r e l e a s i n g b o t h o f i t s l u x u r i o u s

developments at Th e Beverly Hills (Phase

1) and King’s Park Hill, as well as its large-

scale residential projects such as Grand

Waterfront, Grand Promenade, The

Sherwood and Royal Green, at opportune


Annual Report 2008

35

Property Development

Review of Operations – Business in Hong Kong

Th e Sparkle, 500 Tung Chau Street, Cheung Sha Wan (100% owned)

Site area : 35,629 square feet

Gross fl oor area : 320,659 square feet

Residential units : 400

Expected completion : Th ird quarter of 2008

Th e Sparkle, a 38-storey twin tower above a 6-storey shopping and car-parking podium,

off ers stunning, south-facing harbour views. Only minutes from MTR Cheung Sha Wan

and Nam Cheong stations, Th e Sparkle enjoys fast and easy access to every part of Hong

Kong. Th e exclusive deluxe clubhouse, “Club Vacation”, is an example of the Group’s

carefully thought out design planning for residents, serving the needs of both introverts and

extroverts. Facilities range from an outdoor swimming pool, indoor children’s play area, a

gymnasium, an aerobic room and function rooms. Th e property also included a sky garden,

making it an unusual property option in the district.

Status of Major Property Developments

Th e Beverly Hills, 23 Sam Mun Tsai Road, Tai Po (90.10% owned)


Gross fl oor area : 1,165,240 square feet


Expected completion : October 2008 (Phase 3)

Majestically situated on the most exclusive stretch of the Tolo Harbour coastline, Th e Beverly

Hills combines the best of world-renowned French classical revival architecture and refi ned

artistic design. Th e fi rst two phases of Th e Beverly Hills were previously completed and Phase

3 will off er a further 163 luxury villas with fl oor areas ranging from 3,500 to 11,000 square feet.

Benefi ting from a fi ve-level grand clubhouse and over 1.8 million square feet of greenery and

recreation areas, Th e Beverly Hills off ers a number of superb facilities, including the longest

jogging path, as well as the only mini race car track in a Hong Kong residence.

Cité 33, 33 Lai Chi Kok Road, Mong Kok (100% owned)




Expected completion : October 2008

Th e property is at the transport nexus of Mong Kok, with an MTR station just steps away.

Th is site will be developed into a 31-storey residential tower with a commercial podium,

complemented by a residents’ clubhouse. Deluxe duplex units will be situated on the top

fl oor of the tower, leading to a private roof.

Th e Beverly Hills, Tai Po, Hong Kong

Th e Sparkle, Cheung Sha Wan, Hong Kong


Annual Report 2008

36



712 Prince Edward Road East, San Po Kong (100% owned)



Expected completion : End of 2008

Located next to the former Kai Tak Airport, this development commands panoramic views

of Victoria Harbour and will provide approximately 216,500 square feet of quality offi ce

space with state-of-the art facilities and a beautifully landscaped sky garden. Th is project is

due for completion by the end of 2008.

Sha Tin Town Lot 539, Sha Tin (100% owned)




Expected completion : Mid-2009

Located beside the lavish Lion Rock Country Park within easy reach of other parts of Hong

Kong, this signature residential project off ers homebuyers both tranquility and convenient

access to modern life. Comprising two blocks of 33-storey apartment buildings and four

luxury houses, residences feature a magnifi cent blend of fascinating art and innovative

design that is themed to harmony with nature.

11, 12, 12A, 12B Headland Road, Island South (44.42% owned)




Expected completion : December 2008

Th is site will be developed into four three-storey luxurious mansions with a total gross fl oor

area of approximately 32,600 square feet. Th e living space of each mansion will extend from

the ground fl oor to the second fl oor and will be complemented by a private roof, garden,

swimming pool and basement car parking spaces. Superstructure works are now in progress.

52 Hung To Road, Kwun Tong (100% owned)



Expected completion : End of 2008

Th is development will comprise approximately 125,000 square feet of quality industrial

space. Superstructure works have been completed and internal finishing works are in

progress.

Sha Tin Town Lot 539, Sha Tin, Hong Kong

(artist’s impression)


Annual Report 2008

37



Fanling Sheung Shui Town Lot 76, Fanling (100% owned)




Expected completion : Th ird quarter of 2009

Upon completion in the third quarter of 2009, this site will be developed into 51 apartments,

complemented by a residence clubhouse and car parking spaces.

39 Conduit Road, Mid-Levels (60% owned)




Expected completion : First quarter of 2009

Situated in Mid-Levels, this 46-storey residential development is destined to stand out

among all other properties in the district. Construction of the superstructure is in progress

and upon completion in the fi rst quarter of 2009, it will provide residents with unrivalled sea

views of Victoria Harbour and the picturesque scenery of the Peak.39 Conduit Road, Mid-Levels, Hong Kong


Fanling Sheung Shui Town Lot 231, Sheung Shui


Fanling Sheung Shui Town Lot 231, Sheung Shui (100% owned)




Expected completion : Late 2009

Situated adjacent to the Group’s Royal Green project, which was sold out soon aft er it was

launched for sale due to its unparalleled location and well-designed layout, this site will be

developed into a 38-storey residential tower, providing 362 housing units. Surrounded by

lush greenery in a tranquil environment, superstructure works for this project commenced

in mid-August 2007.

590-600 Canton Road, Jordan (100% owned)




Expected completion : December 2009

Th is prime site is located in the world-famous shopping boulevard, with many local cultural

attractions such as the jade bazaar and cinematheque nearby. It benefi ts from excellent

transport links, with the terminus of the planned national Hong Kong to Guangzhou high-

speed intercity rail network within walking distance. Above three levels of commercial

podiums and a residents clubhouse will be built a 22-storey apartment tower off ering 62

units with an aggregate residential gross fl oor area of 27,312 square feet.


Annual Report 2008

38

Major Development ProjectsReview of Operations – Business in Hong Kong

Existing Line MTR

Tung Chung Cable Car

Light Rail

Guangzhou-Shenzhen-Hong Kong Express Rail Link

Route 3

Cross Harbour Tunnels

Under ConstructionKowloon Southern Link

Under Planning

Sha Tin to Central Link

Residential

Commercial/Residential

Office

Industrial

Lantau Island

Mui WoTung Chung

Tuen Mun

Discovery Bay

Hong Kong International Airport

18

y

Major Projects Under Development

■ 1 Th e Beverly Hills – Phase 3, 23 Sam Mun Tsai Road, Tai Po

■ 2 Fanling Sheung Shui Town Lot 231, Sheung Shui

■ 3 Cité 33, 33 Lai Chi Kok Road, Mong Kok

■ 4 Fanling Sheung Shui Town Lot 76, Fanling

■ 5 39 Conduit Road, Mid-Levels

■ 6 Sha Tin Town Lot 539, Sha Tin

■ 7 11, 12, 12A, 12B Headland Road, Island South

■ 8 590-600 Canton Road, Jordan

■ 9 52 Hung To Road, Kwun Tong

■ 10 712 Prince Edward Road East, San Po Kong

■ 11 Th e Sparkle, 500 Tung Chau Street, Cheung Sha Wan

Major Completed Development Projects Off ered for Sale

■ 12 Casa Marina I, 28 Lo Fai Road, Tai Po

■ 13 Casa Marina II, 1 Lo Ping Road, Tai Po

■ 14 Royal Terrace, 933 King’s Road

■ 15 Grand Promenade, 38 Tai Hong Street, Sai Wan Ho

■ 16 CentreStage, 108 Hollywood Road

■ 17 Grand Waterfront, 38 San Ma Tau Street, To Kwa Wan

■ 18 Th e Sherwood, 8 Fuk Hang Tsuen Road, Tuen Mun

■ 19 Th e Beverly Hills – Phases 1 and 2, 23 Sam Mun Tsai Road, Tai Po


Annual Report 2008

39

Major Development Projects


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Review of Operations – Business in Hong Kong Property … · 2010-02-08 · Henderson Land...

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