Development Projects Completed
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REVIEW OF OPERATIONS Development Projects Completed The following development projects were completed during the financial year: Group’s Interest Site Gross Gross Area Floor Area Floor Area Location (sq.ft.) (sq.ft.) Purpose (%) (sq.ft.) HONG KONG 1 8 Tung Chung 228,896 1,195,817 Commercial/ 20.00 239,163 Waterfront Road, Residential Tung Chung (Tung Chung Town Lot No. 3) (Seaview Crescent) 2 99 Tai Tong Road (Note 1) 467,738 Residential 44.00 205,805 Yuen Long (Sereno Verde – Phase 1) 3 99 Tai Tong Road (Note 1) 140,897 Residential 44.00 61,995 Yuen Long (Sereno Verde – Phase 2 Blocks 9 & 10) 4 9 Durham Road 10,981 19,765 Residential 100.00 19,765 (9 Durham Road) Seaview Crescent, 5 28 Mercury Street 5,128 48,939 Commercial/ 36.38 17,804 Tung Chung (Supernova Stand) Residential 6 108 Castle Peak Road 2,129 16,142 Commercial/ 100.00 16,142 (Wealth House) Residential 7 50 Castle Peak Road, 8,216 76,426 Commercial/ 15.20 11,617 Yuen Long Residential (Opulence Height) 8 19 Cheong Lok Street 4,583 45,444 Commercial/ 16.67 7,576 (Excellent Court) Serviced Forming as a part of the Tung Apartment Chung Station Development (Package One), this 20%- owned project provides 4 579,867 residential towers and associated facilities totalling approx. 1,196,000 sq.ft. in G.F.A. It was completed in Note 1: The site area for the whole of Sereno Verde is 380,335 sq.ft. early 2002. 18 HENDERSON LAND Henderson Land Development Company Limited REVIEW OF OPERATIONS Development Projects Completed (cont’d) Group’s Interest Site Gross Gross Area Floor Area Floor Area Location (sq.ft.) (sq.ft.) Purpose (%) (sq.ft.) THE PEOPLE’S REPUBLIC OF CHINA Phase IX of Lexi New City 1 Phase VIII of 1,689,145 2,576,058 Retail/ 16.36 421,443 (Green Island House) Lexi New City, Residential/ Shajiao Island, Panyu Shajiao Island, Carparks/ Panyu, Guangdong Club (Fanghua Garden - Luotao South Zone Villa) 2 Phase IX of 1,805,718 682,621 Residential/ 16.36 111,677 Lexi New City, Club Total G.F.A.: Shajiao Island, approx. 683,000 sq.ft.; 16.36% owned by Group. Panyu, Guangdong This project was completed (Green Island House) in February 2002. 533,120 2002 ANNUAL REPORT 19 Henderson Land Development Company Limited REVIEW OF OPERATIONS Projects under Sale & Pre-Sale The Group has commenced pre-sale or sale of the following development projects which are under construction or have been completed: Completion Gross Date or Site Floor Group’s Expected Area Area Interest Development Completion Location (sq.ft.) (sq.ft.) Purpose (%) Progress Date HONG KONG 1 8 Hung Lai Road 162,246 1,478,552 Residential 50.00 Completed December (Royal Peninsula) 2000 2 1-98 King’s Park 168,392 241,113 Residential 62.04 Completed January Hill Road 2000 (King’s Park Hill) 3 108 Castle Peak Road 2,129 16,142 Commercial/ 100.00 Completed February (Wealth House) Residential 2002 4 28 Lo Fai Road, 283,200 226,561 Residential 100.00 Completed March Tai Po 1999 (Casa Marina I) Park Central Phases 1 & 2, 5 1 Lo Ping Road, 228,154 182,545 Residential 100.00 Completed May Tseung Kwan O Tai Po 2000 (Casa Marina II) 6 Tung Chung Town Lot No. 1 (Note 1) 863,156 Commercial/ 20.00 Completed August (Tung Chung Crescent – Residential 1999 Blocks 7 to 9) 7 28 Mercury Street 5,128 48,939 Residential 36.38 Completed August This 24.63%-owned project (Supernova Stand) 2001 of the Group is being developed into 11 residential tower blocks Note 1: The site area for the whole of Tung Chung Crescent is 331,537 sq.ft. totalling G.F.A. of approx. 2,960,000 sq.ft. Phase 1 was completed in August 2002. Superstructure construction work of Phase 2 is in progress and the development is expected to be completed in early 2003. 20 HENDERSON LAND Henderson Land Development Company Limited REVIEW OF OPERATIONS Projects under Sale & Pre-Sale (cont’d) Completion Gross Date or Site Floor Group’s Expected Area Area Interest Development Completion Location (sq.ft.) (sq.ft.) Purpose (%) Progress Date 8 99 Tai Tong Road (Note 2) 467,738 Residential 44.00 Completed September Sereno Verde, Yuen Long Yuen Long 2001 (Sereno Verde – Phase 1) 9 99 Tai Tong Road (Note 2) 140,897 Residential 44.00 Completed June Yuen Long 2002 (Sereno Verde – Phase 2 This 44%-owned project is Blocks 9 & 10) being developed in four phases into 16 residential tower blocks with a total 10 99 Tai Tong Road (Note 2) 150,829 Residential 44.00 Superstructure December G.F.A. approx. 1,140,000 Yuen Long in progress 2002 sq.ft. Phase I was completed in late 2001. (Sereno Verde The whole development – Phase 2 project is expected to be Blocks 13 & 15) completed by early 2003. 11 8 Tung Chung (Note 3) 898,170 Commercial/ 20.00 Completed March Waterfront Road, Residential 2002 Tung Chung (Tung Chung Town Lot No. 3) (Seaview Crescent – Blocks 1 to 3) 12 933 King’s Road 16,744 138,373 Commercial/ 100.00 Completed August (Royal Terrace) Residential 2002 13 Tseung Kwan O (Note 4) 1,492,028 Commercial/ 24.63 Completed August Town Lot Nos. 57 and 66 Residential (Note 5) 2002 (Park Central – Phase 1) 14 Tseung Kwan O (Note 4) 1,469,557 Commercial/ 24.63 Superstructure January Town Lot Nos. 57 and 66 Residential (Note 5) in progress 2003 (Park Central – Phase 2) Note 2: The site area for the whole of Sereno Verde is 380,335 sq.ft. Note 3: The site area for the whole of Seaview Crescent is 228,896 sq.ft. Note 4: The total site area for Phases 1 and 2 is 359,883 sq.ft. Note 5: The combined percentage interest of the two lots 2002 ANNUAL REPORT 21 Henderson Land Development Company Limited REVIEW OF OPERATIONS Projects under Sale & Pre-Sale (cont’d) Completion Gross Date or Site Floor Group’s Expected Area Area Interest Development Completion Location (sq.ft.) (sq.ft.) Purpose (%) Progress Date 15 198 Yee Kuk Street 5,218 39,113 Residential 100.00 Completed September (City Regalia) 2002 16 2 Kwun Tsing Road, 456,964 1,249,560 Commercial/ 25.00 Completed September So Kwun Wat, Residential 2002 Castle Peak Road (Tuen Mun Town Lot No. 374) (Aegean Coast) 17 8 Fuk Lee Street (Note 6) 878,703 Residential 72.76 Superstructure December (Kowloon Inland in progress 2002 Lot No. 11127 R.P.) (Metro Harbour View – Phase 1) Aegean Coast, Tuen Mun 18 8 Fuk Lee Street (Note 6) 835,699 Residential 72.76 Superstructure August (Kowloon Inland Lot in progress 2003 No. 11127 R.P.) (Metro Harbour View – Phase 2) Note 6: The site area for the whole of Metro Harbour View is 228,601 sq.ft. 25% owned by the Group, this development comprises seven 29-storey residential towers, a 2-storey commercial complex consisting of shops and kindergarten over two basement levels of carparks. Providing a total G.F.A. of approx. 1,250,000 sq.ft. and 1,038 carparking spaces, this development was completed in September 2002. 22 HENDERSON LAND Henderson Land Development Company Limited REVIEW OF OPERATIONS Projects under Sale & Pre-Sale (cont’d) Completion Gross Date or Site Floor Group’s Expected Area Area Interest Development Completion Location (sq.ft.) (sq.ft.) Purpose (%) Progress Date THE PEOPLE’S REPUBLIC OF CHINA Heng Bao Garden, 1 Lot HR-2 256,549 1,227,527 Residential 65.45 Completed June Li Wan District, Guangzhou Li Wan District 2001 Guangzhou (Metro Line One – Changshou Road Station) (Heng Bao Garden) 2 Phase VIII of 1,689,145 2,576,058 Retail/ 16.36 Completed December Lexi New City, Residential/ 2001 Shajiao Island, Carparks/ Panyu, Guangdong Club (Fanghua Garden – Luotao South Zone Villa) 3 Phase IX of 1,805,718 682,621 Residential/ 16.36 Completed February Total G.F.A.: 2,245,000 sq.ft.: 65.45% owned by Lexi New City, Club 2002 Group. Shajiao Island, Situates right above the Panyu, Guangdong Changshou Road Station along Guangzhou Metro (Green Island House) Line One, this large-scale development project consists of 7 residential towers built on a five-level shopping podium with carparking facilities. It was completed in June 2001, and the residential portion is over 85% sold by now. 2002 ANNUAL REPORT 23 Henderson Land Development Company Limited REVIEW OF OPERATIONS Progress of Major Development Projects Two IFC, Central Hong Kong 1 96-116 Hollywood Road/1-27 Bridges 5 Airport Railway Hong Kong Station Street/15 Shing Wong Street Development (Group’s interest – 36.51%) (Group’s interest – 100.00%) This is a major commercial development The site is planned to be developed into of approximately 4,477,000 sq.ft. and is two residential towers with a total gross located above the Airport Railway Hong floor area of approximately 277,000 Kong Station in the heart of the Central sq.ft.. Foundation work is in progress and Business District. The development the development is expected to be consists of two office towers, a 3 to 4 completed in early 2005. storey retail and entertainment complex, a 1,000 room six star and suite hotel 2 933 King’s Road complex and approximately 140,000 (Group’s interest – 100.00%) sq.ft. of open space. The site has been developed into a 31- The development is being implemented storey residential tower over a level of in two phases.