Chinese Mainland Residential Market Outlook Thailand The residential market for high-quality developments in In February 2023, the Group acquired a 40% interest in a prime locations of Tier-1 cities is expected to be resilient site located on Wireless Road in Lumphini sub-district in in the short run, for example, good sales results achieved Pathum Wan district, Bangkok. In partnership with City for premium projects launched in Shanghai in the first Realty Co. Ltd., the site, which is under design stage, is half of 2024. The outlook for Shanghai’s luxury residential expected to be developed for residential purposes with market in prime locations is anticipated to be positive in a site area of approximately 136,000 square feet. the long run. The development is expected to comprise approximately 400 residential units in two towers and to be completed Indonesia in 2029. In 2019, a joint venture between the Group and Jakarta Setiabudi Internasional Group completed the acquisition U.S.A. of a plot of land in South Jakarta, Indonesia. The land is In June 2023, the Group announced plans to develop a being developed for residential purposes with an luxury residential and hospitality project in Miami. aggregate GFA of approximately 1,123,000 square feet. The project, branded as The Residences at The Mandarin The three towers have been topped out and façade works Oriental, Miami, will consist of two towers on Brickell Key. are in progress. The development is expected to The first tower will comprise luxury private residences. comprise around 400 residential units to be completed in The second tower will comprise a new Mandarin Oriental 2024. The Group has a 50% interest in the joint venture. hotel as well as private residences and hotel residences. Pre-sales are in progress. 98 units had been pre-sold at The market response in relation to the sales reservations 2nd August 2024. since December 2023 has exceeded expectations. Vietnam Indonesia, Vietnam, Thailand and U.S.A. In 2020, the Group agreed with City Garden Joint Stock Residential Market Outlook Company to develop The River, a luxury residential With urbanisation, a growing middle class and a limited property in Ho Chi Minh City, Vietnam. The development, supply of luxury residential properties, the residential which was completed in August 2022, comprises 525 markets in Jakarta, Indonesia, Ho Chi Minh City, Vietnam luxury apartments in three towers. The Group has an and Bangkok, Thailand are expected to be stable. effective 20% interest in the development. Approximately The outlook for the luxury residential market in Miami 93% of the units had been sold at 2nd August 2024. remains robust. Florida is an attractive destination for In 2021, the Group made a minority investment in homebuyers due to its favourable climate and tax regime, Empire City, a residential-led mixed-use development as well as its location as a gateway city to and from (with residential, retail, office, hotel and serviced Latin America. apartment components) in Ho Chi Minh City, Vietnam. The development is under construction and is expected Estate Management to be completed in phases up to 2029. The Group invested in the development through an agreement with The Group manages 18 residential estates which it has Gaw Capital Partners, an existing participant in the developed. It also manages OPUS HONG KONG, development. Over 52% of the residential units had been a residential property in Hong Kong which the Group pre-sold or sold at 2nd August 2024. redeveloped for Swire Pacific Limited. The management services include day to day assistance for residents, management, maintenance, cleaning, security and renovation of common areas and facilities. The Group places great emphasis on maintaining good relationships with residents. 41