Review of Operations – Business in Hong Kong Property Development moments with an overwhelming response. 2008 Highlights Thus, an attributable HK$9,892 million worth of properties in Hong Kong was 1 Approximately 1.4 million square feet of properties completed for sold, an increase of 25% as compared with sale or for lease HK$7,895 million for the year before. Some projects such as CentreStage, 2 Sold an attributable HK$9,892 million of properties in Hong Kong CentrePlace, Scenic Horizon and Paradise Square, were virtually sold out by the year Following the successful completion of A low-density luxury residential project in end. Taking into account the Group’s share Newton Place Hotel in the last financial Tong Yan San Tsuen was also completed of profi t contributions from associates and year, the Group continued to expand its during this financial year. Comprising jointly controlled entities, the total profi t presence in Kowloon East by completing two garden houses, 11 low-rise apartment contribution of property development in another four prime buildings there during blocks and a recreational clubhouse, this Hong Kong to the Group amounted to the financial year, namely Midas Plaza, project will be put on sale soon. Particulars HK$4,025 million. Win Plaza, Kwun Tong 223 and 78 Hung of these newly completed projects are In November 2007, the Group launched To Road. set out in greater detail on page 11 of the The Sparkle, with approximately 80% Chairman’s Statement. Midas Plaza was completely sold out of the total of 400 residential units pre- within four months after its launch in sold by the year end. Meanwhile, two August 2007. Win Plaza, also located Property Sales houses of The Beverly Hills (Phase 3) in San Po Kong, where there have been Consecutive interest rate cuts, improved had been sold through private sale by the virtually no newly-built industrial/office housing affordability and the influx of year end although Phase 3 was not yet developments for years, was completed in mainland buyers resulted in a property formally released for pre-sale. Th eir profi t time to capture the pent-up demand for price rally in Hong Kong in the run-up contributions will be refl ected in the results quality space. Kwun Tong 223 embodies from the fourth quarter of 2007 to early for the forthcoming year when they will be state-of-the-art facilities together with 2008, when the overall market sentiment ready for occupation. an environmentally sustainable design. was dampened by stock market volatility At the fi nancial year end, the Group had a 78 Hung To Road, to be linked up to and the uncertain outlook for the global total of 1,434 residential units available for the Kwun Tong 223 by an exclusive economy. sale, comprising a total gross area of over footbridge, is a 23-storey quality industrial During the year, the Group succeeded 2.3 million square feet, of which around development with various transport in releasing both of its luxurious 2.1 million square feet was attributable modes just footsteps away. Th e latter two developments at Th e Beverly Hills (Phase to the Group. Particulars of the major properties will be held for rental purposes. 1) and King’s Park Hill, as well as its large- development projects offered for sale scale residential projects such as Grand and pending sale or pre-sale are shown Waterfront, Grand Promenade, The on pages 12 to 13 of the Chairman’s Sherwood and Royal Green, at opportune Statement. 34 Henderson Land Development Company Limited Annual Report 2008 Review of Operations – Business in Hong Kong Property Development Status of Major Property Developments Th e Beverly Hills, 23 Sam Mun Tsai Road, Tai Po (90.10% owned) Site area : 982,376 square feet Gross fl oor area : 1,165,240 square feet Residential units : 535 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) Site area : 9,600 square feet Gross fl oor area : 84,090 square feet Residential units : 107 Th e Beverly Hills, Tai Po, Hong Kong 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 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. Th e Sparkle, Cheung Sha Wan, Hong Kong 35 Henderson Land Development Company Limited Annual Report 2008 Review of Operations – Business in Hong Kong Property Development 11, 12, 12A, 12B Headland Road, Island South (44.42% owned) Site area : 43,492 square feet Gross fl oor area : 32,619 square feet Residential units : 4 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) Site area : 11,375 square feet Gross fl oor area : 125,109 square feet 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. 712 Prince Edward Road East, San Po Kong (100% owned) Site area : 18,051 square feet Gross fl oor area : 216,590 square feet 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) Site area : 95,175 square feet Gross fl oor area : 358,048 square feet Residential units : 157 Expected completion : Mid-2009 Sha Tin Town Lot 539, Sha Tin, Hong Kong Located beside the lavish Lion Rock Country Park within easy reach of other parts of Hong (artist’s impression) 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. 36 Henderson Land Development Company Limited Annual Report 2008 Review of Operations – Business in Hong Kong Property Development Fanling Sheung Shui Town Lot 76, Fanling (100% owned) Site area : 42,884 square feet Gross fl oor area : 34,308 square feet Residential units : 51 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) Site area : 56,748 square feet Gross fl oor area : 229,255 square feet Residential units : 66 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 39 Conduit Road, Mid-Levels, Hong Kong views of Victoria Harbour and the picturesque scenery of the Peak. (artist’s impression) Fanling Sheung Shui Town Lot 231, Sheung Shui (100% owned) Site area : 45,779 square feet Gross fl oor area : 228,888 square feet Residential units : 362 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.