Swire Properties is to partner in the development of a site in Chai Wan into a mixed use complex including housing and retail.
Swire says it has created a joint venture with China Motor Bus Company (CMB) to acquire a plot of land at Chai Wan from CMB for of HK$850 million. The joint venture is 80 per cent owned by Swire Properties and 20 per cent by CMB.
Planning permission has been granted by the Town Planning Board for the property, together with adjoining land, to be redeveloped into a residential and commercial complex, comprising three residential towers, with shops, a covered public transport terminus and a public open space subject to a number of planning conditions.
Subject to further regulatory approvals, Swire Properties will be responsible for coordinating the planning and the implementation of the redevelopment which, when complete, will have an aggregate GFA of approximately 692,000 sqft.
There is an element of land banking in the deal: while a deposit has been paid by the JV company, the transaction will not be completed before July 1, 2017