Hong Kong Indonesia EIGHT STAR STREET, Wan Chai In 2019, a joint venture between the Group and Jakarta EIGHT STAR STREET at 8 Star Street, Wan Chai is a Setiabudi Internasional Group completed the acquisition residential building (with retail outlets on the lowest of a plot of land in South Jakarta, Indonesia. The land is two levels) of approximately 34,000 square feet. The being developed into a residential development with an occupation permit has been obtained and the units will aggregate GFA of approximately 1,123,000 square feet. be handed over to the purchasers later this year. 28 out Basement works are under construction. The development of 37 units had been pre-sold at 9th August 2022. is expected to comprise over 400 residential units and to be completed in 2024. The Group has a 50% interest in Wong Chuk Hang Station Package Four Property the joint venture. Pre-sale is in progress. Development Vietnam A joint venture formed by the Group, Kerry Properties In 2020, the Group agreed with City Garden Joint Stock Limited and Sino Land Company Limited is undertaking a Company to develop The River, a luxury residential residential development in Wong Chuk Hang in Hong property in Ho Chi Minh City, Vietnam. The development Kong. The development will comprise two residential comprises 525 luxury apartments in three towers. The towers with an aggregate GFA of approximately Group has an effective 20% interest in the development. 638,000 square feet and about 800 residential units. Approximately 90% of the units had been pre-sold at Superstructure works are in progress. Subject to getting 9th August 2022. necessary approvals, pre-sales are expected to start by the end of 2022. The development is expected to be In 2021, the Group made a minority investment in completed in 2024. The Group has a 25% interest in the Empire City, a residential-led mixed-use development joint venture. (with residential, retail, office, hotel and serviced apartment components) in Ho Chi Minh City, Vietnam. Chai Wan Inland Lot No. 178 The development is under construction and is expected In 2021, a project company held as to 80% by the Group to be completed in phases up to 2027. The Group and as to 20% by China Motor Bus Company, Limited invested in the development through an agreement completed a land exchange with the HKSAR Government with Gaw Capital Partners, an existing participant in the in respect of a plot of land in Chai Wan, Hong Kong. development. Over 45% of the residential units had been The plot of land is expected to be redeveloped into a pre-sold at 9th August 2022. residential complex with an aggregate GFA of approximately 694,000 square feet. Foundation works are in progress. Outlook The development is expected to be completed in 2025. In Hong Kong, demand for residential accommodation is expected to be resilient in the medium and long term. 269 Queen’s Road East, Wan Chai In June 2022, the Group successfully acquired With urbanisation, a growing middle class and a limited (via a government land tender) a plot of land located supply of luxury residential properties, the residential at 269 Queen’s Road East in Wan Chai. The plot of land markets in Jakarta, Indonesia and Ho Chi Minh City, is expected to be developed for residential use with Vietnam are expected to be stable. an aggregate gross floor area of approximately 116,200 square feet. 37