development. Approximately 94% of the units had Outlook been sold at 4th August 2023. Handover of the The reopening of the border with the Chinese Mainland completed units to purchasers is in progress. and various HKSAR Government policies, including a In 2021, the Group made a minority investment in revamped investment immigration scheme and tax Empire City, a residential-led mixed-use development incentives, have been beneficial to the market. However, (with residential, retail, office, hotel and serviced we expect buyers to remain cautious in the short term, apartment components) in Ho Chi Minh City, Vietnam. in light of an increase in interest rates and economic The development is under construction and is uncertainties. Market sentiment is however expected to expected to be completed in phases up to 2028. remain resilient in the medium to long term, due to solid The Group invested in the development through an demand and a gradual economic recovery. agreement with Gaw Capital Partners, an existing With urbanisation, a growing middle class and a limited participant in the development. Over 53% of the supply of luxury residential properties, the residential residential units had been pre-sold or sold at markets in Jakarta, Indonesia, Ho Chi Minh City, Vietnam 4th August 2023. and Bangkok, Thailand are expected to be stable. Despite the recent increase in interest rates in the U.S.A., Thailand the outlook for the luxury residential market in Miami In February 2023, the Group acquired a 40% interest remains positive. Florida is an attractive destination for in a site located on Wireless Road in Lumphini homebuyers due to its favourable climate and tax regime. sub-district in Pathum Wan district, Bangkok. In partnership with City Realty Co. Ltd., the site is expected to be developed for residential purposes Estate Management with a site area of approximately 136,000 square feet. The Group manages around 18 residential estates which U.S.A. it has developed at 30th June 2023. It also manages In June 2023, the Group announced plans to develop a OPUS HONG KONG, a residential property in Hong Kong luxury residential project on Brickell Key in Miami. which the Group redeveloped for Swire Pacific Limited. The project, called One Island Drive, will consist of two The management services include day to day assistance towers. The first tower will comprise luxury private for occupants, management, maintenance, cleaning, residences. The second tower will comprise a new security and renovation of common areas and facilities. Mandarin Oriental hotel as well as private residences The Group places great emphasis on maintaining good and hotel residences. Sales are expected to launch in relationships with occupants. early 2024. 39