Wong Chuk Hang Station Package Four Property Vietnam Development In 2020, the Group agreed with City Garden Joint Stock A joint venture formed by the Group, Kerry Properties Company to develop The River, a luxury residential Limited and Sino Land Company Limited is undertaking a property in Ho Chi Minh City, Vietnam. The development residential development in Wong Chuk Hang in Hong Kong. comprises 525 luxury apartments in three towers. The The development will comprise two residential towers with Group has an effective 20% interest in the development. an aggregate GFA of approximately 638,000 square feet Approximately 93% of the units had been sold at 7th March and about 800 residential units. Superstructure works are in 2023. Handover of the completed units to purchasers is progress. Pre-sales are expected to start in the second in progress. quarter of 2023. The development is expected to be In 2021, the Group made a minority investment in Empire completed in 2024. The Group has a 25% interest in the City, a residential-led mixed-use development (with joint venture. residential, retail, office, hotel and serviced apartment Chai Wan Inland Lot No. 178 components) in Ho Chi Minh City, Vietnam. The In 2021, a project company held as to 80% by the Group development is under construction and is expected to be and as to 20% by China Motor Bus Company, Limited completed in phases up to 2028. The Group invested in the completed a land exchange with the HKSAR Government in development through an agreement with Gaw Capital respect of a plot of land in Chai Wan. The plot of land is Partners, an existing participant in the development. expected to be redeveloped into a residential complex Over 47% of the residential units had been pre-sold at (with retail outlets) with an aggregate GFA of 7th March 2023. approximately 694,000 square feet. Foundation works are Thailand in progress. The development is expected to be completed In February 2023, the Group acquired a 40% interest in a in 2025. site located in Lumphini sub-district in Pathum Wan district, 269 Queen’s Road East, Wan Chai Bangkok. In partnership with City Realty Co. Ltd., the site is In June 2022, the Group acquired (via a government land expected to be developed for residential purposes with a tender) a plot of land at 269 Queen’s Road East in Wan site area of approximately 136,000 square feet. Chai. The plot of land will be developed primarily for Indonesia, Vietnam and Thailand Residential residential uses with an aggregate GFA of approximately Market Outlook 116,000 square feet. Works preparatory to demolition of With urbanisation, a growing middle class and a limited the existing building have commenced. The development is supply of luxury residential properties, the residential expected to be completed in 2025. markets in Jakarta, Indonesia, Ho Chi Minh City, Vietnam Hong Kong Residential Market Outlook and Bangkok, Thailand are expected to be stable. In Hong Kong, demand for residential accommodation is Estate Management expected to be weak in the short term (due to increased interest rates and economic uncertainty) but resilient in The Group manages approximately 20 residential estates the medium and long term, reflecting local demand and which it has developed. It also manages OPUS HONG KONG, limited supply. a residential property in Hong Kong which the Group Indonesia redeveloped for Swire Pacific Limited. The management In 2019, a joint venture between the Group and Jakarta services include day to day assistance for occupants, Setiabudi Internasional Group completed the acquisition of management, maintenance, cleaning, security and a plot of land in South Jakarta, Indonesia. The land is being renovation of common areas and facilities. The Group developed for residential purposes with an aggregate GFA places great emphasis on maintaining good relationships of approximately 1,123,000 square feet. Superstructure with occupants. works are in progress. The development is expected to comprise over 400 residential units and to be completed in 2024. The Group has a 50% interest in the joint venture. Pre-sales are in progress. 59 SWIRE PROPERTIES ANNUAL REPORT 2022