Tag: CRL

ENT Fashion RLT

UMCity Medini Lakeside Partners with Samsung, Ascott, Shama, OZO, MBO and Regus

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– UMCity strengthens its position as the premier development in Medini and Iskandar via tie-ups with international and established brands

– Ascott to open award-winning Citadines Apart’hotel serviced residences in UMCity

– Samsung S-1 Security Solutions Korea to provide comprehensive security solutions for UMCity

– Shama Medini will be the first Shama property in Malaysia and the second Shama upscale serviced apartments outside of Hong Kong and Shanghai

– OZO Hotels to operate OZO Medini in UMCity for the smart savvy travellers on the go

– MBO Cinemas to bring the latest technology in entertainment to UMCity Lakeside Shopping Centre

– Regus to set up its international brand of serviced offices at the UMCity Corporate Office Tower

– Total GDV of UMCity is RM1 billion, UMLand has previously signed documents with Samsung C&T and Samsung Malaysia Electronics

NUSAJAYA, Malaysia, March 18, 2015 /PRNewswire/ — United Malayan Land Bhd (UMLand)’s premier mixed development in Medini Iskandar, UMCity Medini Lakeside today welcomed five (5) new established partners (representing 6 brands) who will bring a new level of quality services to Iskandar Malaysia.

UMCity Medini Lakeside Partners with International Brands

UMCity Medini Lakeside Partners with International Brands

 

Signing Ceremony of UMLand (UMCity Medini Lakeside) with Onyx Hospitalit

Signing Ceremony of UMLand (UMCity Medini Lakeside) with Onyx Hospitalit

 

Datuk Chia Lui Meng, UMLand Group CEO interacting with the media

Datuk Chia Lui Meng, UMLand Group CEO interacting with the media

This is a significant milestone for UMLand in positioning itself to become the lifestyle developer and to provide luxury and quality products in all their projects. The RM1 billion Gross Development Value (GDV) UMCity is uniquely located next to a lake, offering an exclusive enclave for business and living.

These new strategic alliances are with The Ascott Limited, ONYX Hospitality Group, Samsung S-1 Security Solutions Korea, MCAT Box Office and Regus.

UMCity Medini Lakeside will be enhanced with award-winning serviced residences by The Ascott Limited, the largest international serviced residence owner-operator globally and in Malaysia. Ascott is set to provide both residents and visitors to the Iskandar development with contemporary vibrant living at Citadines Medini Nusajaya, the first Citadines Apart’hotel in Nusajaya. The Ascott has over 26,000 operating serviced residence units in over 200 properties worldwide.

The Ascott Limited’s Chief Investment Officer, Gerald Yong said, “There is significant potential for serviced residences in Iskandar, which is primed to be a key economic growth region in Malaysia as more multinational companies set up base in the area. We are delighted to partner with UMLand again to bring our award-winning Citadines brand of serviced residences to UMCity. Ascott was the first international serviced residence owner and operator in Nusajaya, a major new growth centre of Iskandar, where we recently opened Somerset Puteri Harbour Nusajaya and will be opening Somerset Medini Nusajaya later this year. Somerset Puteri Harbour Nusajaya is our first collaboration with UMLand in Nusajaya and it has been performing well since it opened last month.”

Comfort, style and luxury at UMCity will come in the form of Shama Medini, the first Shama property in Malaysia. The Shama Medini lifestyle serviced apartments, which will have a lakeside view, is the 11th property under the Shama brand, which has presence in Shanghai, Hangzhou, Hong Kong and Bangkok. Shama Medini in UMCity will provide an unparalleled level of lifestyle, luxury and comfort for the discerning business travellers, residents and expatriates in a new city.

OZO Medini will offer stylish hotel accommodation designed to cater to the diverse needs of the business and leisure travellers. Practical yet stylish, OZO Medini is all about getting the important things right – the things that matter to travellers. OZO Medini is the second planned OZO property in Malaysia, after OZO Penang.

Both the Shama and OZO brands are managed and operated by the ONYX Hospitality Group, which is well known for its Amari brand of hotels in Thailand and the Middle East.

“We are pleased to bring the Shama and OZO brands to UMCity Medini Lakeside. The location and development master plan resonate with our core values and growth strategy. All Shama serviced apartments are located in neighbourhoods that brim with life and character. Likewise, OZO which provides quality services that matter and understand the lifestyle needs of its guests are always chic and located in prime locations. We found the perfect fit for both Shama and OZO in UMCity Medini Lakeside,” said Peter Henley, President & CEO of ONYX Hospitality Group.

Working and setting up office in UMCity Medini Lakeside is made easy with the Regus Serviced Offices, which will be located on the 16th floor of the UMCity Corporate Office Tower. The Regus Serviced Offices in UMCity will feature serviced business suites, conference facilities and full office operations and management services, bringing a brand of professional business space into Medini and Nusajaya. The world’s largest provider of ready offices that serve as flexible workspaces, Regus offers bespoke packages in over 120 countries.

In the entertainment area, MCAT Box Office will set up an MBO Cinema, which will boast the latest technology in cinema entertainment at UMCity Medini Lakeside. One of the largest cinema chains in Malaysia, MBO Cinemas has more than 24 cinemas and 176 fully digitalised screens. This fast growing brand will provide exciting entertainment for UMCity Medini Lakeside residents and visitors.

UMLand also extends its partnership with Samsung by collaborating with another Samsung subsidiary, Samsung S-1 Security Solutions Korea for its total security solutions for the UMCity Medini Lakeside project. Samsung S-1 is an international security services company with over 38 years of international experience.

UMLand had earlier in 2013 and 2014 entered into a comprehensive partnership agreement with Samsung Corporation C&T for joint construction works and Samsung Malaysia Electronics as an exclusive Smart Lifestyle Partner and official supplier for consumer electronic products in UMLand’s current and future developments.

UMLand Group CEO, Datuk Charlie Chia Lui Meng said, “UMCity Medini Lakeside is expected to redefine metropolitan living. UMCity is Phase One of UMLand’s Medini Lakeside master plan, which is situated at the gateway into Medini Iskandar and is strategically positioned to be the ideal enclave. This one of its kind waterfront commercial development is designed for vibrant community living and work. We are very excited that these international partners are bringing brands that are a class of its own, to help turn the concept of UMCity Medini Lakeside into reality.”

Upon completion in 2018, UMCity will have a premium corporate office tower, two (2) internationally-branded serviced residences, one hotel, a lakeside shopping centre and a wide range of business suites. UMCity will be the home of the renowned brands of Citadines, Shama, OZO, MBO and Regus, whilst Samsung is the comprehensive solutions provider. These full-fledged branded facilities set UMCity apart from other developments.

UMLand’s development in Medini reflects the high level of confidence in the efforts to position Medini as the preferred destination for investment. With continuous support from the Malaysian federal government as well as the state government together with the participation of prominent industry players, these collaborations will take UMCity and Medini to the next level. It will contribute towards investors worldwide recognising it as another positive milestone, thus encouraging them to explore investment opportunities in Medini and to be part of the development of Iskandar Malaysia.

About United Malayan Land Bhd (UMLand)

UMLand operates two development divisions, namely the Township and Niche Divisions and a construction and building materials division called UM Land Builders Sdn Bhd. The Group has over 1,800 acres of undeveloped land in both Township and Niche Divisions.

The Township Division has four mixed township developments; Bandar Seri Alam, Taman Seri Austin and Taman Seri Albion are strategically located within Iskandar Malaysia, Johor whilst Bandar Seri Putra is situated in Selangor.

The Niche Division has to date completed four residential serviced residences and condominiums in Kuala Lumpur — Suasana Sentral Loft at KL Sentral, Suasana Bangsar in Bangsar, Seri Bukit Ceylon and Suasana Bukit Ceylon located in the city centre. The Division is now actively developing Suasana, Iskandar Malaysia in Johor Bahru city centre.  Somerset Puteri Harbour and The Waves @ Puteri Harbour are some of the newest projects in Nusajaya while UMCity Medini Lakeside, a multi-phased mixed development in Medini, Nusajaya, Iskandar Malaysia.

Star Residences, upmarket service residences in the Kuala Lumpur City Centre is the latest addition of exclusive developments by UMLand.

UMLand operates numerous Sales Galleries in its townships of Bandar Seri Alam, Taman Seri Austin and Bandar Seri Putra and recently opened Sales Galleries for its niche development of UMCity Medini Lakeside and a new sales and service centre in Singapore.   

For more information, please visit www.umland.com.my 

Or contact:
Kairin Romeena
Group Corporate Communications
United Malayan Land Bhd (UMLAND)
Tel: 03-2036-8033
Fax: 03-2036-8014
pr@umland.com.my

Photo – http://photos.prnasia.com/prnh/20150318/8521501686-a
Photo – http://photos.prnasia.com/prnh/20150318/8521501686-b
Photo – http://photos.prnasia.com/prnh/20150318/8521501686-c

 

Fashion RLT

A Traditional Parisian Chic Christmas Experience Lights-up LANDMARK

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A Magical ‘Mini-Paris’ Awakens with the Launch of LANDMARK’s French-themed Festivities

HONG KONG, Nov. 25, 2014 /PRNewswire/ — LANDMARK, the epitome of top-tier luxury shopping, high fashion, prestigious lifestyle and fine international dining, awakens Christmas spirits and memories of a ‘mini-Paris’ today, with the launch of its Parisian chic Christmas installations and festive shopping campaign.

Stylish French curator Ines de la Fressange through her lifestyle brand has decided to creatively interpret and design a uniquely French traditional Christmas to LANDMARK.

Stylish French curator Ines de la Fressange through her lifestyle brand has decided to creatively interpret and design a uniquely French traditional Christmas to LANDMARK.
Stylish French curator Ines de la Fressange through her lifestyle brand has decided to creatively interpret and design a uniquely French traditional Christmas to LANDMARK.

Stylish French curator Ines de la Fressange through her lifestyle brand has decided to creatively interpret and design a uniquely French traditional Christmas to LANDMARK.
One of the key highlights of LANDMARK’s Parisian Christmas, is a confectionary candy house at LANDMARK ALEXANDRA. The candy house is a great place to pick up a special treat or a gift for your favorite sweet lover.

One of the key highlights of LANDMARK’s Parisian Christmas, is a confectionary candy house at LANDMARK ALEXANDRA. The candy house is a great place to pick up a special treat or a gift for your favorite sweet lover.

In a special creative collaboration with celebrated French designer, author, style icon and famed Karl Lagerfeld supermodel muse, Ines de la Fressange, LANDMARK has been transformed into magical Paris-themed traditional Christmas scenes dotted throughout LANDMARK’s 4 iconic buildings including, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE’S.

Ines has drawn on her childhood memories of Christmas to create a truly unique series of charming installations that reflect what it is like to celebrate Christmas in Paris and bring French sophistication to the festive shopping season at LANDMARK. 

A total of 282 miniature activities illuminated by 1,000 light combinations will ‘spring to life’ during the light show in special interludes.  A series of charming city-scenes feature Santa coming out from the centrepiece clock tower, lovers kissing in a Parisian café, festive-fun families skimming over a Christmas ice-rink installation, a fanciful French fashion show and charming illuminated lighting displays.

The installation took an international construction team of 150 specialists to complete.  A total of 160 Ines-inspired ‘figurines’ with 3,000 structural pieces enrich and add character to the Parisian Christmas cityscapes. Mini memorable festive moments include girls enjoying Christmas shopping; father and son decorating the Christmas tree; mother and daughter sending a postcard to Santa; a gentleman proposing to his girlfriend along the river side.  2 mini “Ines” are posed within the scenes, with her beloved dog at the park and spotted in front of the fashion show. A Paris city-scene with clock tower, hot air balloons, and métro scene are located in LANDMARK ATRIUM, together with a delightful Candy House at LANDMARK ALEXANDRA and a Citroën car full of gift at LANDMARK CHATER.

Children are encouraged to post their Christmas wishes to Père Noël (Santa Claus), on special Ines-inspired postcards, into Parisian-style post boxes located across LANDMARK’s 4 iconic buildings, on the G/F of LANDMARK ATRIUM; and 1/F of LANDMARK CHATER, LANDMARK ALEXANDRA and LANDMARK PRINCE’S.  For every card posted, LANDMARK will make a HK$20 donation to Make-A-Wish kids.

LANDMARK is also supporting Make-A-Wish this Christmas by inviting visitors to donate HK$30 to HK$50 with complimentary French candies or donate HK$100 for a LANDMARK’s Limited Edition Parisian Tote Bag designed by Ines de la Fressange, with all proceeds going to the charity.

Have a Parisian Christmas with the perfect winter wardrobe, festive home and gift ideas for her, for him and for kids. Shop for Christmas at LANDMARK! From 24th November to 26th December, 2014, shoppers spending HK$5,000 or above can enter into a lucky draw to win a HK$500 gift certificate*. Upon purchase of HK$50,000 or above, shoppers will be entitled to gift certificates valued between HK$500 and HK$13,000 and the top spender will receive a HK$200,000 gift certificate.

Purchase Level

Gifts

Top Spender *

Receive LANDMARK gift certificates with total worth of HK$200,000

HK$500,000 or above*

Receive LANDMARK gift certificates with total worth of HK$13,000

HK$200,000 or above*

Receive LANDMARK gift certificates with total worth of HK$4,000

HK$100,000 or above*

Receive LANDMARK gift certificates with total worth of HK$1,500

HK$50,000 or above*

Receive a LANDMARK HK$500 gift certificate

HK$5,000 or above*

Enter into a lucky draw to win a HK$500 gift certificate

The Parisian theme continues with LANDMARK’s online presence, with a special “Paris in Your Eyes”* photo contest. From 27th November to 28th December, 2014, snap your favourite Parisian Christmas scenes at LANDMARK for a chance to win HK$1,000 in gift certificates. The 3 submissions with the best photos and heart-warming greeting will be selected from LANDMARK’s Facebook and Instagram sites respectively to receive the HK$1,000 gift certificate prizes.

You can read more about LANDMARK, throughout the year, in our newly redesigned and re-imagined LANDMARK Magazine, which launches during the Christmas season, exploring the very best the worlds of luxury and fashion have to offer. 

To receive our latest news and register for upcoming events, please sign up for LANDMARK eNewsletter at www.landmark.hk; or follow us on Facebook at www.facebook.com/Landmark.hk; Instagram channel at www.instagram.com/landmarkhk or search “landmarkhk”; hashtags at #LANDMARKHK; Sina Weibo account at www.weibo.com/landmarkhk.

*Terms and conditions apply

– end –

Christmas Installations Photo Download:

https://www.dropbox.com/sh/890e8ba7sqz8ctc/AABQGXURmpqfXpFV8CH5i0I5a?dl=0

This link will be expired on 31st December, 2014.

About LANDMARK

LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which  began in 1904 – LANDMARK today is the luxury shopping destination of Hongkong Land’s Central portfolio including 4 iconic buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE’S. LANDMARK offers approximately 208 of the finest stores and restaurants which are all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customers.

About Hongkong Land

Hongkong Land is one of Asia’s leading property investment, management and development groups.  Founded in 1889, Hongkong Land’s business is built on excellence, integrity and partnership.

The Group owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.  Hongkong Land’s properties attract the world’s foremost companies and luxury brands. 

The Group’s prime Hong Kong portfolio of some 450,000 sq. m. is located in the heart of the Central district.  In Singapore, its 165,000 sq. m. portfolio consists largely of prestigious office space located at Marina Bay, much of which is held through joint ventures.  The Group also has a 50% interest in a prime office complex in Central Jakarta, and has a number of projects under development that include a luxury retail centre at Wangfujing in Beijing. 

Hongkong Land is developing a number of largely residential projects, in cities across Greater China and Southeast Asia.  In Singapore, its subsidiary, MCL Land, is a well-established residential developer.

Hongkong Land Holdings Limited is incorporated in Bermuda.  It has a primary listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group.

Photo – http://photos.prnasia.com/prnh/20141124/8521406980-a
Photo – http://photos.prnasia.com/prnh/20141124/8521406980-b
Photo – http://photos.prnasia.com/prnh/20141124/8521406980-c

Economy RLT TNM

Sterling Financial launches New Providence Opportunity Fund, A Real Estate Investment Fund, and Announces Its First Real Estate Acquisition

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— “The New Providence Opportunity Fund, Ltd. presents an excellent opportunity to investors to capitalize on decades of property experience of its Sponsor and it drives significant synergies with the existing fixed income mortgage funds managed by Sterling Financial Group, Inc.”

NASSAU, The Bahamas, Aug. 22, 2014 /PRNewswire/ — Nassau, The Bahamas based Sterling Financial Group (“Sterling”), announces the launch of the New Providence Opportunity Fund, Ltd. (the “Fund”). The Fund is a closed-end equity investment fund consisting of high net worth and institutional investors, which targets diverse real estate investment and development opportunities in the United States, Canada and the Caribbean.

The Fund seeks to benefit from Sterling’s access to fundamentally sound real estate investments including development opportunities that were financially challenged by the Recession. The Fund will be active in markets where Sterling has both extensive real estate experience and existing platforms. Leveraging its relationships with developers, real estate private equity firms, private family investors, entrepreneurs and financial institutions, the Sponsor will identify opportunities, and upon acquisition, provide value-add initiatives to maximize total returns.

“We are pleased to bring New Providence Opportunity Fund to the market,” said Steve Tiller, President and COO of Sterling “We believe that the combination of our extensive real estate investment, development and management capability and a highly efficient funding structure, is a recipe for success for many investors in today’s market,” Tiller continued. David Kosoy, Sterling’s Chairman and CEO added, “we are pleased to add this fund to our other real estate offerings available, and I believe it is a great complement to our platform.”

Simultaneously with the first closing of the Fund, Sterling is also announcing the acquisition and further development of Ocean Terrace, an existing ocean front condominium project located in the West end of New Providence island. The acquisition includes additional green-field acreage for future development.

“Ocean Terrace is now under new ownership and we are revitalizing a project that has been idle for some time. It is a true sign of strong improvements currently experienced in the Nassau real estate market and especially in the highly sought after western district. The project is an excellent addition to the notable projects that Sterling is involved in and it is a terrific complement to our portfolio”, added Tiller.

The Sterling platform focuses on providing access to alternative market opportunities without compromising the North American standard for risk management, operational efficiency and regulatory requirements. Sterling leverages a management team with interdisciplinary real estate experience, a strong internal infrastructure and partnerships with leading service providers in order to capitalize on unique real estate investments and structures.

Kosoy further noted, “We have seen an increased demand from investors for quality real estate projects and funds that would diversify their exposure to traditional investments as well as providing attractive returns. We are pleased that we can offer a proven strategy on a tried and tested platform to a wider base of offshore and onshore investors through a product that has a potential to significantly enhance and diversify their portfolios.”

Sterling Financial Group, Inc., a fully integrated and diversified real estate investment, development, management and services company that has an established track record of successes in the real estate industry. Over the past 40 years, Sterling and its principals have acquired over 5.5 million square feet of commercial real estate at a combined purchase price of over $2 billion. Prior to founding Sterling, the principals had previously been part of the controlling group of a publicly traded real estate company, which acquired and managed a portfolio of more than 20 million square feet of real estate across North America. Sterling is headquartered in Nassau, Bahamas.
www.sterlingbahamas.com

NPOF Launch Press Release
For further information please contact:

Sterling Financial Group
T: +1-242-677-1900
E: cwalker@SterlingBahamas.com

Sharell Carroll
SageEden Media Group
T: +1-242-356-0646
info@sharellcarroll.com

Notes for Editors

ABOUT STERLING FINANCIAL GROUP INC.
Sterling Financial Group is a Nassau, Bahamas based, financial services business founded in 2006. The company is privately owned and is regulated by the Securities Exchange Commission under the Financial Service and Corporate Providers Act.

The series of real estate and mortgage funds managed by Sterling invest and profit from a portfolio of privately held real estate investments and mortgage loans. The business is administered by David Kosoy and Steve Tiller and other respected real estate professionals who collectively have significant experience in the real estate and mortgage lending markets. The principals of Sterling have a track record over the past 40 years of successfully and consistently generating profits in the real estate investments and mortgage lending sectors in Canada, the Bahamas, the U.S. and the U.K.

Economy RLT

APAC Hospitality Investments in 2013 Highest in 5 Years

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1H 2014 continues to see healthy level

HONG KONG, Aug. 21, 2014 /PRNewswire/ — Cushman & Wakefield, Global Real Estate Consultancy, in their latest report on the hotel markets across 17 gateway cities and prime destinations in Asia and Australia, reported that hospitality investment market in the Asia Pacific reached a record high transaction volume of US$12.83 billion in 2013, the highest in the last 5 years and over 30% higher than 2012.

There had been a substantial weight of capital invested in the core markets with mainland China accounting for US$2.636 billion or 20.5% of the total investment volume, Singapore the second largest market at US$2.634 billion, followed by Japan at US$2.610 billion and Australia at US$2.271 billion. Hotel investments were also more widespread across the region in 2013, where emerging and non-core markets like Cambodia, Macau, Maldives saw some assets changing hands.

Akshay Kulkarni, Regional Director of Cushman & Wakefield’s Hospitality Services for South Asia and Southeast Asia said: “Hospitality investment volume in 2013 more than doubled since 2008 and can be attributed to the excess liquidity, the low borrowing costs and the region’s favourable tourism growth and outlook.”

The cities included in the report are Singapore, Hong Kong, Tokyo, Bali, Seoul, Mumbai, National Capital Region (India), Bangkok, Shanghai, Jakarta, Kuala Lumpur, Beijing, Ho Chi Minh City, Sydney, Melbourne, Perth and Brisbane. 

In the first half of 2014, total investment volume of hospitality assets reached US$5.203 billion, which is 9.5% higher compared to the same period last year. While the core markets of Japan, Singapore, mainland China and Australia are still the most traded ones and constitute about 68.8% of the investment volume, other emerging markets such as Philippines, Malaysia, Sri Lanka and Indonesia have experienced higher investment quantum compared to the same period last year.  For 2014, Cushman & Wakefield expects the hospitality investment market to moderate, and likely to close at US$9.0 to US$10.5 billion.

Table 1 : Asia Pacific Hospitality Investment Volume in US$ (million)

Countries/regions

2013

2012

2013 H1

2014 H1

Australia

2,271.06

2,699.10

592.42

654.27

Cambodia

6.40

–

–

8.71

Mainland China

2,636.26

1,558.60

787.56

1,678.62

Hong Kong

1,155.03

1,022.10

400.53

246.77

India

141.28

89.70

89.37

84.31

Indonesia

14.00

31.61

–

55.91

Japan

2,609.65

2,337.51

1,234.71

881.74

Korea

40.12

241.39

31.47

91.53

Macau

419.05

–

–

115.97

Malaysia

137.29

123.15

57.41

309.18

Philippines

35.85

96.34

35.85

204.16

Singapore

2,634.34

742.80

974.08

364.65

Sri Lanka

42.33

8.67

7.73

30.24

Taiwan

55.80

288.38

40.03

6.82

Thailand

205.11

350.67

176.22

166.76

Vietnam

246,04

184.28

246.04

44.66

Others (incl. Maldives)

181.94*

–

77.34

249.57

Total

12,831.55

9,774.29

4,750.76

5,202.58

Source: RCA Analytics, Cushman & Wakefield Hospitality

In 1H 2014, some notable transactions include the 5-star Park Hyatt in Melbourne sold by the GIC Pte Ltd to Hongkong-based Fu Wah Group for US$120.5 million (or US$502,000 / key), Hilton Hua Hin Hotel sold to Thai-listed Saha-Union PLC for US$98.9 million (or US$334,000 / key) and Sutera Harbour Resort at Kota Kinabalu grsold to SGX-listed GSH Corporation for US$275.7 million (or US$288,000 / key).

Kulkarni added, “We expect the balance of 2014 to equal or come close last year’s level in terms of transactional activity. Japan has already seen significant investment volume and will undoubtedly improve further and lead the pack, due to strong corporate demand and greater investor optimism arising from Abe’s economic reforms. Lower hotel transaction volume is expected for Singapore this year compared to last year, at least in the organized institutional side. However with the change in norms on the shop houses those that have approved hotel licenses will see high guest demand.

Mainland China in the first half of this year has seen investments of over US$1.5 billion. This obviously shows significant confidence in the markets and their potential, and also indicative of the fact that assets may be trading at below par and there is an eventual upside. However given the current trading performances in the key Chinese markets and also the relative slowdown of the economy the forecast in terms of investments is that these volumes will taper.

Some of those that gain would be India as it will see a significant rise due to the change in approach to debt service and banking norms forcing asset restructuring companies to offload some of their stocks. This in addition with the positive way in terms of the political climate provides India with a significant opportunity to attract a significant share of the regional investments.”

“Thailand, Indonesia, and to some extent, Philippines, Sri Lanka could see more exciting times ahead with some major transactions to be closed. Emerging countries such as Myanmar and Cambodia have seen some renewed interest and could become viable investment destinations.”

There were a few hotel portfolio transactions in 1H 2014, especially in Japan. Anabuki Kosan acquired 9 three-star and budget Comfort Hotels for US$58.4 million from Taisei Yuraku Real Estate Company, while Hoshino REIT acquired 21 Chisun Inn hotels from Lone Star for US$136.9 million. India-based DLF Global Hospitality had sold its Amanresort chain of 27 luxury hotels to Adrian Zecha and Peak Hotels for US$358 million. 

Cushman & Wakefield studied the hotel investment transactions in the past 18 months, covering gateway cities in Asia Pacific. The most expensive hotel investment market in terms of value per key in US$ is Hong Kong. The Chinese territory saw the Mercer by Kosmopolitan transacted at US$1.36 million. Singapore is ranked second at US$1.24 million, having seen the sale of the 305-room Westin Marina Bay to Daisho Group at US$369 million last December.  Third on the list is Tokyo at US$846,000 arising from the Yaesu Fujiya Hotel which would be redeveloped into an office building.

Kulkarni added, “Hotel assets in Singapore and Hong Kong have high selling price per room due to the high earnings multiples and the potential for capital appreciation ahead. Buyer competition for prime institutional quality assets in these two cities remain intense, and there is a shortage of such assets for sale. For Singapore market, it would be ideal to hold if your assets are of prime quality as there is some room for additional asset appreciation. In Hong Kong, smaller sized assets are highly sought after, and can be repositioned with higher upside in rates and value.”

To see the full version of this release, click here: http://photos.prnasia.com/prnk/20140821/8521404706-a

About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge. In Greater China, Cushman & Wakefield maintains seven market-leading offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hong Kong and Taipei. More information is available at www.cushmanwakefield.com.

General WRK

New World Facilities Management First Honored as “Family-Friendly Employer”

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HONG KONG, Aug. 7, 2014 /PRNewswire/ — New World Facilities Management Company Limited (NWFM) which manages and operates Youth Square is commended for the first time as the “Family-Friendly Employer” under the 2013/14 Family-Friendly Employers Award Scheme organized by the Family Council, in recognition of its outstanding achievement in implementing family-friendly employment policies and practices that enable employees to manage their time to undertake their family commitments and balance family life in the past year. 

As a non-profit making company, NWFM regards staff as the most valuable asset. During the past year, NWFM proactively instituted diversified family-friendly policies and practices including paternity leave, compassionate leave and early release on festive days to enable staff to manage their time to take care of their family needs. NWFM also cares about the wellness of staff and offers a variety of activities for them including family engagement events, festive meals, community events and interest groups, etc. to achieve a balance between work and life.

Established in 2011, the Family-Friendly Employers Award Scheme is launched by The Family Council. It aims at recognizing companies or organizations who attach importance to the family-friendly spirit, encouraging them to continue to put in place measures to raise employers’ awareness of the importance of family core values, and fostering a pro-family culture and environment. With reference to criteria including family-friendly employment policies and practices, benefits to the company and employees, as well as commitment shown by the management, the Assessment Panel honors those companies or organizations fulfilling the family-friendly requirements of the Award Scheme.

New World Facilities Management Company Limited

New World Facilities Management Company Limited is a non-profit making company and a wholly-owned subsidiary of New World Development Company Limited (Stock Code: 17.HK). Embracing the mission of youth development and supporting youth to contribute to society, we strive to develop Youth Square as the platform for youth to exchange knowledge and experience and to develop and discover their potential.

For more information on New World Facilities Management Company Limited, please visit www.nwfm.com.hk.

Youth Square

Youth Square is a project commissioned by the Home Affairs Bureau of HKSAR Government, and aims to be the hub of diversified youth development activities for youth to develop their potential. Youth Square has a 643-seat Y Theatre, Y Studio, multi-function areas and Y Loft with 148 guest rooms. Youth Square is located in Chai Wan and is managed and operated by New World Facilities Management Company Limited on a non-profit making basis.

For more information on Youth Square, please visit www.youthsquare.hk.

 

 

 

Economy RLT

Hong Kong Commercial Property Market Outlook Remains Unfavourable

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HONG KONG, July 30, 2014 /PRNewswire/ — The Royal Institution of Chartered Surveyors (RICS) recently published the Q2 2014 RICS Global Commercial Property Monitor, showing that Occupier Sentiment Index (OSI) for Hong Kong’s commercial property market remains negative for the fourth consecutive quarter. Occupier demand continued to fall with the retail segment losing significant momentum, while office and industrial occupier demand remains stable. As a consequence of falling tenant demand and rising supply, rent value expectations at the three month time horizon were turning more negative. Investment sentiment, as reflected by the Investment Sentiment Index (ISI), remained in negative territory in Q2. With the recent retail sales and exports data surprising on the downside, GDP growth in Hong Kong has been disappointing. Indeed, the risks to the growth outlook remain ever present. RICS believes the growth trajectory is likely to continue to be bumpy in the second half as the global recovery will probably remain tepid. This will undoubtedly weigh on the commercial property sector.

Recent data indicates the short-term economic outlook for Singapore continues to to be relatively sluggish. Although the OSI remains in positive territory, it declined in Q2. Similarly, the ISI edged down over the quarter. Meanwhile, China is not looking particularly favourable, with the OSI and ISI falling into negative territory for the first time since 2009. By way of contrast, Malaysia’s OSI increased notably since Q1, climbing firmly into positive territory. In addition, the ISI also turned positive, for the first time since mid-2013, partly driven by domestic demand and growth in export according to the RICS. Furthermore, the OSI and ISI in Japan continued their upward trend, with both indicators posting another strong reading and remaining positive for the 12th consecutive quarter.

Turning attention elsewhere, the US results show an improvement on an already solid picture with growth in tenant demand, supported by a strengthening labour market, exerting upward pressure on rents. Likewise, respondents to the survey continue to post strong underlying results within the New Zealand, German and UK markets, with the buoyant OSI and ISI figures indicative of high confidence levels.

RICS Senior Economist Andy Wu, said: “In Hong Kong, rents in the central business district continued to struggle to show any significant growth in the second quarter, given a lacklustre employment market in the financial services sector and rising levels of available rental stock in the decentralized business districts. Our survey results also indicate that investors are still somewhat hesitant towards making a commitment in the commercial property and we expect the trend to continue for the time being.

The biggest threat to China, other than headwinds from a recurrence of tighter credit conditions, is the seemingly oversupply of offices and retail space which will put a strain on current rental values and prices during a period of fading interest from businesses and investors. We believe investment levels and transaction volumes will likely continue to be depressed through the reminder of the year. Nevertheless, acceleration of government reforms and measures aimed at stimulating the economy should offset some of the adverse market forces.

Interestingly economic optimism, thought gently fading, has continued to trigger strong demand for property space in Japan. It’s clear both foreign and domestic investors still see the value of Japanese commercial real estate and remain particularly enamored with the office, retail and industrial sectors. We believe this upward trend will unlikely reverse itself anytime soon and investment numbers will continue to uptick for some time to come.

Finally in Singapore, there are signs that economic uncertainty is starting to affect the commercial property sector. We believe in the short term real estate activity will remain relatively depressed due to ongoing economic challenges. That said, the fundamentals of the city state’s real estate market still look positive for the medium to long term as Singapore could continue to emerge stronger through a high level of transparency and a business-friendly set of policies.”

Notes to Editors:

RICS Occupier Sentiment Index (OSI): OSI is constructed by taking an unweighted average of readings for three series relating to the occupier market measured on a net balance basis; occupier demand, the level of inducements and rent expectations.

RICS Investment Sentiment Index (ISI): ISI is constructed by taking an unweighted average of readings for three series relating to the investment market measured on a net balance basis; investment enquiries, capital value expectations and the supply of distressed properties.

Net Balances: Net balance percents, or scores, are calculated by subtracting the numbers of respondents reporting ‘down’ from the number who reported ‘up’.

About the Survey: Available at www.rics.org/economics, the RICS Global Commercial Property Survey is a quarterly guide to developing trends in the commercial property investment and occupier market.

Logo – http://www.prnasia.com/sa/2009/08/17/200908171721.jpg

About RICS & RICS Asia

RICS is the world’s leading qualification when it comes to professional standards in land, property and construction.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 118,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.

The RICS Asia supports a network of over 20,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People’s Republic of China and the Hong Kong SAR. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.

Economy RLT

Investment Volume Reaches New High Post-DSD; Capital Values Resilient to Cooling Measures

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HONG KONG, July 29, 2014 /PRNewswire/ — Cushman & Wakefield, the world’s largest privately owned real estate services firm, today released a mid-year update on the Hong Kong investment and residential sales markets and the outlook for the second half of 2014.

Investment activity stabilizing, evidence of investors’ renewed confidence; capital values increase slightly in 1H 2014

The investment market ended the first half of 2014 on a high note, whereas second quarter investment volume totaled HK$22.7 billion, an increase of 61% quarter-on-quarter. First half investment volume across the five major property sectors including hotels totaled HK$36.8 billion, up from HK$26.9 billion in 2H 2013 or an increase of 37%. The rebound in investment volume in the second quarter was driven by investment in office properties, where the sale of One Bay East – East Tower to Citi for a record breaking HK$5.43 billion was accompanied by another large en bloc sale in Wong Chuk Hang (Cheung Kong’s project at 41 Heung Yip Road in Aberdeen). Office investment was also highlighted by purchases by end-users and the return of more long-term investors making purchases in Kowloon East and other non-core locations.

Investors have grown accustomed to the cooling measures, leading to stable investment in retail properties. There is a growing focus on non-core properties and emerging areas where upside potential is greater, especially in the midst of slower retail sales growth and easing rents in prime locations. Retail investment in the first half of 2014 was highlighted by the Link Reit’s disposal of four small-scale shopping centers and also strata sales of 8 Russell Street in Causeway Bay, which received a positive response from investors due its prestigious location. Sales of prime street shops slowed as the quarter progressed due to low yields and still high prices. Industrial investment also showed greater stability in the first half of 2014. After dropping slightly in 1Q 2014, industrial investment picked up in the second quarter as some pent-up demand was released due to improved investor sentiment. More investors returned to the strata market, while the sector is also seeing more purchases by long-term investors, end-users and those aiming to refurbish or convert the property’s use. Capital values of non-residential properties were relatively stable in the first half of 2014, whereas values of office, industrial and retail properties increased by 1% to 2%. Capital value growth was slightly higher in 2Q 2014 as compared to the previous quarter, attributed to the rebound in investor sentiment which has led to firmer asking prices. 

Kent Fong, Executive Director, Investment — Hong Kong, said, “More investors and owner-occupiers have adapted to the cooling measures and are making purchases for the longer-term. Rents for most properties are stable and interest rates remain low, meanwhile supply of quality assets is limited. Capital values have been resilient to the cooling measures and recent momentum in the residential sector, not to mention some record-breaking purchases in Kowloon East, is boosting investors’ confidence.”  

Residential sector resilient to cooling measures as sales reach a new high post-DSD; prices are on the rise

As the first half of 2014 came to a close, residential sales reached nearly 6,000 units in June, the highest monthly total since the introduction of Double Stamp Duty (DSD). Sales showed a steady improvement since April and after slight relaxation of DSD in May. Activity increases remained focused on primary properties with developers seeing brisk sales and some launches oversubscribed as they continued to offer discounts, stamp duty rebates and prices close to those of nearby second-hand properties. More recently, improved market sentiment has penetrated the secondary market, whereas more prospective buyers, including first-time purchasers, are targeting mid-priced flats. As a result, secondary homes sales also climbed to its highest level post-DSD in June, having reached 4,585 units. Secondary homes sales increased by 14% in the first half of 2014 as compared to the second half of 2013.

Strong sales in recent months has brought record high prices in some districts, notably in the New Territories. A new house in Tsuen Wan West transacted at HK$55,889 per square foot, while a flat at Mayfair by the Sea in Tai Po sold for HK$36,132 per square foot. Luxury residential prices dropped by 2.9% in the first half of 2014, but their decline has softened in recent months on the back of more stable demand. Outweighed by a quiet market in the first half of the second quarter, luxury residential prices dropped by 0.5% in 2Q 2014. Existing owners are still facing little pressure to sizably reduce prices due to their low holding cost and also more limited supply.   

Vincent Cheung, National Director, Valuation & Advisory — Greater China, said, “Developers will continue to expedite new launches in the second half of this year as the look to cash in on strong buyer sentiment and close the year with strong sales performance. Recently, owners in the secondary market have been more aggressive on asking prices, but buyers’ response has been more conservative. Overall home prices have been on the rise in recent months, proving resilient to the government’s efforts to cool the market. Strong demand for mid-priced flats will support further price growth of such properties in the second half of this year. Moving up the ladder to those properties priced at HK$10 million and above, I expect prices to be more stable.”

— END —

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries and more than 16,000 employees.  It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management.  A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge. In Greater China, Cushman & Wakefield maintains seven market-leading offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hong Kong and Taipei. More information is available at www.cushmanwakefield.com.

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Economy RLT

Sluggish Demand Leads to Higher Vacancy and a Slight Drop in Both Office and Retail Rents

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HONG KONG, July 22, 2014 /PRNewswire/ —

  • Office leasing activities remained sluggish in the first half of 2014, leading to a 1.8% drop in overall grade A office rent.
  • Landlords will continue to show flexibility in their efforts to attract and retain tenants. As a result, rents are likely to drop by an additional 1% to 2% in the second half of 2014. Greater Central rents will be stable.
  • The retail sector continued to face headwinds with retail sales growth slowing markedly. Moderating sales performance and more cautious sentiment impeded retailers’ expansion in the first half of 2014.
  • Prime street shop rents eased by an average of 2.0% over the past six months; rents are likely to be stable or decrease slightly in 2H 2014. Local consumption is intact and the outlook remains generally positive.

Cushman & Wakefield, the world’s largest privately owned real estate services firm, today released a mid-year update on the Hong Kong office and retail leasing markets and the outlook for the second half of 2014.

Office leasing demand stays soft causing overall grade A office rent to ease slightly

Office leasing demand remained sluggish in the first half of 2014, whereas Grade A office net absorption totaled a modest 123,000 sq ft and only crossed into positive territory due to take-up in Kowloon East, primarily within new stratified buildings completed since late 2013. By submarket, leasing activities continued to gain momentum in Greater Central, as evidenced by positive net absorption of 120,500 sq ft, but remained subdued in other locations. Greater Central continued to see leasing demand being supported by mainland Chinese financials and tenants with smaller-sized requirements. For example, China Securities International recently expanded by a floor of 13,000 sq ft in Two Exchange Square earlier this year, while China United Credit Finance took a whole floor of 22,000 sq ft in Two Pacific Place. Foreign financials situated in the district are still tending to downsize (RBS in AIA Central) or relocate for cost savings (Wells Fargo moving from AIA Central to Three Pacific Place), but there were several instances of space upgrades (Banco Santander and Wellington Global Investment. moving from One Exchange Square to Two IFC; UOB consolidating from Landmark and Cosco Tower to Citibank Plaza). Tenants on 3-year leases expiring this year are facing market rents which are, on average, 20% lower than those under their current lease.

Wan Chai/Causeway Bay, Hong Kong East and Tsim Sha Tsui all recorded slight negative absorption of between 50,000 to 60,000 sq ft over the past six months due to higher availability and tempered demand as more occupiers have shelved their expansions or seek to consolidate their office space. These trends are becoming more prevalent in fringe-core and non-core office districts, where office rents are still at or near peak-levels. After dipping slightly to 5.0% in 1Q 2014, office availability rate climbed back to 5.4% in 2Q 2014. Both Wan Chai/Causeway Bay and Tsim Sha Tsui’s availability rates climbed to approximately 5.0% by mid-year, while availability in Hong Kong East, still the lowest at 3.2%, climbed to its highest level in two years due to some large tenants, such as Time Warner, Nokia, and Western Union releasing space into the market. In Tsim Sha Tsui, Deutsche Bank and Morgan Stanley in ICC consolidated operations which caused the district to experience the largest upswing in availability in recent months. Greater Central availability, which has stood at roughly 7.0% since 2Q 2012, remains the highest by district.

Overall grade A office rents dropped by 1.8% in the first half of 2014, led by a 5.5% drop in rents in Kowloon East. Kowloon East landlords are facing added pressure from new strata units put up for lease and also several new industrial revitalization projects to be completed this year whose low pre-commitment rates are indicative of slower overall demand. Rents inched upward by 0.7% in the first half in Wan Chai/Causeway Bay, but dropped mildly in other districts. Greater Central rents continued to hover around HK$96-97 per sq ft, on average. Gary Fok, Executive Director, Commercial – Hong Kong, said, “We anticipate that the Greater Central leasing market will continue to exhibit a stabilizing trend owing to a gradual improvement in demand. Availability will slightly ease and rents will remain stable over the next six months. Outside of Greater Central, demand has been sluggish with few tenants willing to expand or absorb relocation costs. Landlords will continue to show flexibility in their efforts to attract and retain tenants, most notably in Kowloon East where availability is higher. As a result, rents will drop by an additional 1% to 2%, but not more than this because availability is still at a healthy level, and there is a lack of new supply especially in core and fringe-core locations.”  

Sales slowdown urging caution, leading to slower brand expansion and a drop in rents

The retail sector continued to face headwinds associated with slower tourism growth and changes in visitor profile and spending in the first half of 2014. These factors, as well as a high base for comparison last year, caused the slowdown of retail sales to deepen. Total retail sales decreased by 0.2% year-on-year from January to May. The slight drop was led by the downturn in sales of watches and jewelry, which dropped by 14.3% after robust sales in mid-2013. Apparel and department stores sales and restaurant receipts all grew stably owing to intact local consumption.

Moderating sales performance and more cautious sentiment impeded retailers’ expansion in the first half of 2014. Luxury brands have stayed conservative, while watch and jewellery retailers notably cut back on new stores. Several leading local retailers announced lower sales during recent holidays and are also taking more cautious approaches. Despite the hurdles, Hong Kong has not lost a step as a leading retail destination in Asia, and, therefore, in its ability to attract new brands and support expansion of existing ones. As evidenced by recent activity, including Topshop’s and Esprit’s planned expansions and the entrance of J.Crew, renowned international brands are showing a long-term commitment to the market, which is also seeing a shift toward a more diverse offering of middle to high-end brands.

Vacancies in main streets have remained low, but have risen in 2nd and 3rd tier streets over the past six months. Prime street shop rents eased slightly in the first half of 2014, having dropped by an average of 2.0%. During the first half of 2014, average rental increment on renewals and new leases stood at approximately 40%, which is down from 60% to 70% growth during the same period last year. In the second half of 2014, we expect that prime shop rents will be relatively stable, potentially falling by 2% to 3%, while more secondary locations will see a slightly steeper adjustment of 5% to 8% due to higher vacancy and slower demand. Michele Woo, Executive Director, Retail – Hong Kong, said, “Luxury brands have turned more cautious as sales growth has slowed amid the shift toward more affordable luxury and mid-priced goods. Their slower expansion has opened some doors for more mid-tier brands, but they also operate under tighter margins, therefore, their real estate affordability is comparatively lower and this will have an impact on rents. Nonetheless, the outlook for the sector is still positive. The local consumer base remains strong and tourism is still growing at a high rate. Hong Kong will maintain its position as the premier shopping destination in Asia and this will continue to bring new brands to the city.”

APPENDICES

I.     GRADE A OFFICE LEASING TRANSACTIONS

Date

Tenant

Building

District

Area (sq ft)

Reason for Lease

Existing Address

2Q

United Overseas Bank

Citibank Plaza

Greater Central

33,500 (L)

Relocation & Consolidation

COSCO Tower & Landmark

2Q

China UCF Group

Two Pacific Place

Greater Central

22,100 (L)

Relocation & Expansion

Hutchison House

2Q

Nissan

Hopewell Centre

Wan Chai/ Causeway Bay

46,000 (L)

Relocation & Expansion

Citibank Tower

2Q

Wells Fargo

Three Pacific Place

Wan Chai/ Causeway Bay

32,000 (L)

Relocation

AIA Central

2Q

Societe Generale

Three Pacific Place

Wan Chai/ Causeway Bay

16,300 (L)

Expansion

Three Pacific Place

2Q

FWD

Devon House

Hong Kong East

27,000 (L)

Expansion

Devon House

2Q

Compass Office

Silvercord Tower 2

Tsim Sha Tsui

11,500 (G)

Expansion

N/A

2Q

E. Sun Commercial Bank

The Gateway Tower 6

Tsim Sha Tsui

7,400 (G)

Expansion

The Gateway Tower 6

2Q

National Investment Fund

Octa Tower

Kowloon East

23,800 (G)

Expansion

Great Eagle Centre

2Q

Sainsbury’s Asia

Millennium City 1

Kowloon East

21,400 (G)

Relocation

The Gateway Tower 1

1Q

Wellington Global Investment

Two IFC

Greater Central

23,000 (L)

Relocation

One Exchange Square

1Q

Banco Santander, S.A.

Two IFC

Greater Central

18,400 (L)

Relocation

One Exchange Square

1Q

HK Sanatorium & Hospital

One Pacific Place

Greater Central

39,000 (L)

New Set Up

N/A

1Q

Principle Insurance

Hopewell Centre

Wan Chai/ Causeway Bay

16,400 (L)

Expansion

Hopewell Centre

1Q

Facebook

One Island East

Hong Kong East

11,000 (L)

New Set Up

N/A

1Q

Medisun Co.

Octa Tower

Kowloon East

46,200 (G)

Expansion

Great Eagle Centre

1Q

Compass Office

Langham Place Office Tower

Kowloon West

17,400 (G)

Expansion

N/A

1Q

Sun Life Financial

Two Harbourfront

Kowloon Others

22,000 (G)

Expansion

Two Harbourfront

II.  MAJOR OFFICE SUPPLY

Completion

Project Name

District

Developer

NFA (sq ft)

Single Owner / Strata-Title

2014

33 Des Voeux Road Central

Greater Central

Bank of East Asia

53,500

Single Owner

Billion Plaza II

Kowloon West

Billion

166,200

Strata-Title

Pioneer Place (revitalized ind bldg)

Kowloon East

Pioneer Global

184,300

Single Owner

KOHO (revitalized ind bldg)

Kowloon East

Pamfleet

157,500

Single Owner

KC100 (revitalized ind bldg)

Kowloon West

Campell Group

157,500

Single Owner

Octagon

Kowloon West

K Wah

296,700

Single Owner

Sub-total:

1,015,700

2015

50 Wong Chuk Hang Road

Hong Kong South

SHK

68,000

Strata-Title

41 Heung Yip Road

Hong Kong South

Cheung Kong

186,800

Single Owner

2-12 Observatory Road

Tsim Sha Tsui

Lai Sun & Henderson

139,700

Single Owner

10 Shing Yip Street 

Kowloon East

Billion

198,300

Strata-Title

15-17 Chong Yip Street

Kowloon East

Billion

201,500

Strata-Title

52-56 Tsun Yip Street 

Kowloon East

Billion

297,700

Strata-Title

Manulife Tower (One Bay East – West Tower)

Kowloon East

Wheelock

409,600

Self-Use

Citibank Tower (One Bay East – East Tower)

Kowloon East

Wheelock

409,600

Self-Use

33 Tseuk Luk Street

Kowloon East

SHK

196,000

Strata-Title

Sub-total:

2,107,200

2016

Joyce Centre

Hong Kong South

Kwong Hing Investment

130,800

Single Owner

34 Wong Chuk Hang Road

Hong Kong South

K Wah

132,800

Single Owner

22 Des Voeux Road

Greater Central

Chinachem

65,400

Single Owner

10-12 Queen’s Road Central

Greater Central

SH Comm. Bank

106,200

Single Owner

Wing On Central Building

Greater Central

Chinachem

72,100

Single Owner

8 Cannon Street

Wan Chai/Causeway Bay

Phoenix

142,600

Single Owner

14-30 King Wah Road

Hong Kong East

Henderson

230,800

Single Owner

Goldin Financial Global Centre

Kowloon East

Goldin

681,900

Single Owner

2 Ng Fong Street

Kowloon East

Billion

251,200

Strata-Title

Hung Luen Rd. & Kin Wan St. (Two Towers)    

Kowloon Others

Wheelock

477,600

Strata-Title

On Kwan Street & On Muk Street 

Kowloon Others

Billion

281,600

Strata-Title

Sub-total:

2,573,000

2017

4 Yip Fat Street & 8 Heung Yip Road

Hong Kong South

SHK

117,600

Strata-Title

Asian House Redevelopment

Wan Chai/Causeway Bay

Chinachem

236,000

Single Owner

Somerset House Redevelopment

Hong Kong East

Swire

928,200

Single Owner

New World Centre Redevelopment

Tsim Sha Tsui

New World

637,100

Single Owner

Sheung Yuet Road & Wang Tai Road

Kowloon East

Pacific Investment

233,100

Single Owner

Wang Chiu Road & Lam Lee Street

Kowloon East

Swire

499,300

Single Owner

180 Wai Yip Street

Kowloon East

SHK & Wong’s

383,400

Strata-Title

On Yiu & On Kwan Street 

Kowloon Others

Billion

344,300

Strata-Title

Sub-total:

3,379,000

2018

Sunning Plaza Redevelopment

Wan Chai/Causeway Bay

Hysan

317,200

Single Owner

15 Middle Road Carpark Redevelopment

Tsim Sha Tsui

TBC

254,800

Single Owner

Wharf T&T Square Redevelopment

Kowloon East

Wheelock

447,000

Strata-Title

Hang Yip St. ,Yan Yip St. & Kwun Tong Rd.

Kowloon East

Mapletree

528,200

Single Owner

CSW Post Office Redevelopment

Kowloon West

First Group

135,500

Single Owner

Sub-total:

1,682,700

Grand Total:

10,757,600

*Note: The expected timeline is subject to changes

III.   MAIN STREETS RETAIL LEASING TRANSACTIONS

Date

Tenant

Location

District

Area (sq ft)

Retailer Type

2Q

Currency Exchange

Cannon Street

Causeway Bay

50

Currency Exchange

2Q

Prince Jewellery & Watch

Kai Chiu Road

Causeway Bay

400

Watch & Jewellery

2Q

Esprit

Leighton Road

Causeway Bay

7,000

Fashion

2Q

Pandora

Queen’s Road Central

Central

2,400

Accessories

2Q

Esprit

Queen’s Road Central

Central

17,900

Fashion

2Q

Chow Tai Fook

Haiphong Road

Tsim Sha Tsui

1,600

Watch & Jewellery

2Q

Sulwahsoo

Canton Road

Tsim Sha Tsui

700

Cosmetics

2Q

Chain Pharmacy

Park Lane

Tsim Sha Tsui

700

FMCG

2Q

Swatch

Sai Yeung Choi Street South

Mongkok

300

Watch

2Q

City Chain

Sai Yeung Choi Street South

Mongkok

1,400

Watch

1Q

Standard Chartered Bank

Russell Street

Causeway Bay

5,700

Banking

1Q

Tsui Wah

Lockhart Road

Causeway Bay

8,000

Catering

1Q

Samsung

Des Voeux Road Central

Central

6,000

Electronics

1Q

Marks & Spencer Food

Hollywood Road

Central

4,600

Grocery

1Q

Luk Fook

Canton Road

Tsim Sha Tsui

1,900

Watch & Jewellery

1Q

ISA

Carnarvon Road

Tsim Sha Tsui

10,800

Fashion

1Q

Innisfree

Granville Road

Tsim Sha Tsui

1,000

Cosmetics

1Q

Chow Tai Fook

Sai Yeung Choi Street South

Mongkok

4,800

Watch & Jewellery

1Q

Chain Pharmacy

Soy Street

Mongkok

900

FMCG