Sun Hung Kai Properties is delighted to announce that it has won the tender for a commercial site atop the West Kowloon Terminus of the Hong Kong section of the Guangzhou–Shenzhen–Hong Kong Express Rail Link, said Sun Hung Kai Properties (SHKP) Chairman and Managing Director Raymond Kwok. The site is Hong Kong’s largest commercial land plot in recent years in terms of site area and boasts a strategic location with superb transport connections. Sitting atop the High Speed Rail station, it adjoins the Airport Express Line, the MTR Tung Chung Line and the West Rail Line, forming a transportation hub of four railway lines with convenient access throughout Hong Kong and to major cities on the mainland, while well connected to the world via the Airport Express and Hong Kong International Airport.

The successful tender is of great significance to both SHKP and Hong Kong. At a winning bid of HK$42,232 million, the development will have a total site area of about 643,000 square feet and a gross floor area of about 3,164,000 square feet. The Group intends to invite other long term strategic investors to participate in the development to pool additional and diversified resources and concepts for the project. Upon completion, the project is expected to provide the Group with stable rental income, while further strengthening the Group’s long term development.

Future tenants of this project will join those in the Group's adjacent International Commerce Centre (ICC) to benefit from the mainland’s High Speed Rail network, which is the largest of its kind in the world. Connecting Hong Kong with major cities on the mainland, the High Speed Rail greatly facilitates business, cultural exchanges and tourism among the cities. As Hong Kong’s only High Speed Rail station, the West Kowloon Terminus is of enormous strategic value and importance for the city to capture development opportunities in the Greater Bay Area.

SHKP remains fully confident in Hong Kong's future, said Mr Kwok. From the International Finance Centre (IFC) in the 1990s and the ICC in the 2000s to the tender for the site above the West Kowloon Terminus today, SHKP has been a major part of Hong Kong’s economic development and prosperity across generations. The site acquired in this tender will be developed into a new integrated commercial landmark and generate synergy with the ICC, which offers about 2.5 million square feet of grade-A office space, a large shopping mall and two prestigious five-star hotels. This is comparable to the IFC in Central and will contribute to reinforcing Hong Kong's status as an international financial, commercial and trade centre.

Mr Kwok added that SHKP has extensive experience in developing premium grade-A offices and large-scale integrated complexes. The ICC at Kowloon Station and the IFC at Hong Kong Station, which form the internationally renowned Victoria Harbour Gateway on the Hong Kong skyline, are two masterpieces of the Group. Adopting a transit-oriented development (TOD) model, the two developments fully leverage their geographical advantages and provide premium space for commercial activity with iconic office buildings, major shopping malls, and public transport infrastructure. Both have now become landmark business districts in Asia and the world. Hailed as the ‘Vertical Wall Street’, the 10-year ICC has consistently maintained a high occupancy rate and remains a much-coveted business address for multinational corporations and top international financial institutions, including investment banks, and fund and asset management companies.

The successful development and operation of the ICC over the past 10 years is a testament to SHKP's in-depth knowledge and vast experience in West Kowloon. Together with its strong financial position and experienced team, the Group will be able to effectively formulate the optimum development plan for this new superstructure project. Coupled with the government’s considerable investment in the development of the West Kowloon Cultural District, the entire district will become a crucial commercial, retail, cultural, entertainment and transportation hub in Hong Kong and the Greater Bay Area, providing over eight million square feet of grade-A office space, about three million square feet of retail space, cultural and recreational facilities, and five-star hotels.