(5 May 2022 – Hong Kong) LOFTER GROUP (“LOFTER” or “the Group”), a Hong Kong-based property developer, is pleased to announce the partnership with BentallGreenOak and Schroders Capital to acquire majority portion of Nos. 31-37 Hankow Road, Tsim Sha Tsui for Grade-A commercial redevelopment.
Carol Chow, Founder and Chairperson of LOFTER, said this redevelopment project is in core Tsim Sha Tsui area along Hankow Road, one of the most prominent streets in core Tsim Sha Tsui. The site is a mere 2-minute walk from Tsim Sha Tsui MTR Exit A and only minutes away from various large-scale shopping malls, 5-star hotels and Grade-A commercial buildings. The proposed Grade-A commercial development will be a unique landmark building enjoying Victoria Harbour view.
Alvin Leung, Director of Investment Management of LOFTER, said the subject site with a total site area of approximately 9,650 sq. ft. is zoned as "Commercial" yielding a maximum gross floor area of approximately 115,800 sq. ft. The total acquisition price is over HKD1.5 billion, representing an accommodation value of HKD12,953 per sq. ft. The site has a wide frontage of over 33-metre facing Hankow Road with high retail value. The site will be redeveloped into the best-in-class Grade A commercial tower incorporating various cutting-edge technology and green and sustainable design features. With majority ownership in the buildings, the compulsory sale procedures have been commenced to obtain the remaining ownerships in the domestic portion.
Top-tier international capital partnership with reputable local developer
“We are pleased to be partnering with BentallGreenOak and Schroders Capital on this strategic real estate acquisition in one of the most core commercial area in Hong Kong. The partnership signifies an excellent synergy bringing together the global horizons of top-tier international private equity and asset management firms and deep local market knowledge and expertise of a reputable local developer.” Chow added.