First long-term strategic investor introduced for SHKP’s commercial project atop High Speed Rail West Kowloon Station
Sun Hung Kai Properties Limited (SHKP) announced that it has introduced the first long-term strategic investor for the commercial site project atop the West Kowloon Terminus of the Hong Kong section of the Guangzhou–Shenzhen–Hong Kong Express Rail Link, acquired recently through tender. SHKP will continue to seek other suitable long-term strategic investment partners to pool additional resources to add value to the project.
The investor is an investment company owned by the Kwok Family Companies. The investment company will purchase 25% of the shares in the project’s office portion, with the first investment of approximately HK$9,394 million, which is equivalent to 25% of the land tender price of the office portion. The retail portion of the project will remain wholly owned by SHKP.
SHKP Chairman and Managing Director Raymond Kwok said SHKP attaches great importance to the commercial project atop the High Speed Rail West Kowloon Station and expects to add value to the development of this landmark project by introducing suitable long-term strategic investors, pooling together the expertise, resources and strengths of different parties. He added the introduction of a new investor not only demonstrates the investor’s vote of confidence in the site and SHKP, but also underscores the faith of both sides in Hong Kong’s future. SHKP is actively seeking other suitable investors in its efforts to develop the site into an international integrated commercial landmark, which will contribute to the sustainable development of the Group, as well as the West Kowloon district and Hong Kong at large.
SHKP’s expertise in developing grade-A commercial projects has been widely recognized by the market. The development of the International Commerce Centre (ICC), which has become an iconic commercial hub of Hong Kong over the past 10 years, showcases SHKP’s solid experience in West Kowloon. The new site atop the High Speed Rail West Kowloon Station will have synergy with the ICC. And SHKP is in a prime position to formulate the optimum development plan for this new superstructure project, driving West Kowloon’s evolution into a crucial commercial core of Hong Kong and the Greater Bay Area.
The site boasts a unique and highly attractive strategic location and is Hong Kong’s largest commercial land plot in recent years in terms of site area. It is the city’s only transportation hub of four railway lines that sits atop a High Speed Rail station and adjoins the Airport Express Line, the MTR Tung Chung Line and the West Rail Line. It offers convenient access to different districts in Hong Kong and major cities on the mainland, along with excellent global connections via the Airport Express and Hong Kong International Airport. Upon completion, the development, together with the ICC, will become an integrated commercial, retail, cultural, entertainment and transportation hub.
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