Joint Venture with Shun Tak
Hongkong Land Hldgs Ld
30 September 2005
For immediate release
HONGKONG LAND AND SHUN TAK TO DEVELOP A MIXED-USE PROJECT
ON THE MACAU WATERFRONT
Hongkong Land Holdings Limited ('Hongkong Land') today announced that it will form
a joint venture with Shun Tak Holdings Limited ('Shun Tak') to develop a mixed
residential, hotel and retail project on a prime 200,000 sq. ft site in Macau.
The project site is in the heart of the city in an area destined to become the
focal point of Macau's new casino district. The site is adjacent to the MGM Grand
Macau project currently under construction.
The joint venture marks Hongkong Land's first entry into the rapidly growing
Macau property market. A gross floor area of some 1.9 million sq. ft will be
for residential and serviced apartments that will enjoy views towards Nam Van
Lake, the Macau Tower and the harbour. The development will also include a
380,000 sq. ft retail arcade and a 210-room hotel that will be managed by the
Mandarin Oriental Hotel Group.
Nicholas Sallnow-Smith, Chief Executive of Hongkong Land, said, 'Macau is
fast becoming one of Asia's premier destination cities, and we are delighted
to be developing what is considered to be the best residential and retail site
in Peninsula Macau. Hongkong Land is also very pleased to be partnering with
Shun Tak, the leading developer in the Macau property market.'
Hongkong Land and Shun Tak have agreed to purchase the interest in the entire
project site from Pansy Ho, Managing Director of Shun Tak. Shun Tak will own
51% of the project and Hongkong Land the remaining 49%. Shun Tak's acquisition
is subject to the approval of its independent shareholders, which is also a
condition of the joint venture arrangements. Hongkong Land's share of the total
acquisition cost amounts to approximately US$82 million which will be funded from
its general corporate funding resources. The project is subject to the receipt of
necessary rights and approvals from the Macau Government.
The residential and retail portions of the project are scheduled to be completed
in 2008, and the hotel and serviced apartments in the following year.
Shun Tak is a leading Hong Kong-based conglomerate operating four core
businesses - transportation, property, hospitality and investments. It has an
established track record in the property markets in both Hong Kong and Macau and
currently owns one of the largest land banks in Macau.
Hongkong Land is a leading property investment, management and development group
with a major portfolio in Hong Kong, where it owns and manages some five million
sq. ft of prime office and retail space in the heart of the Central business
district. It also develops high quality property projects elsewhere in Asia.
Hongkong Land Limited manages these assets from Hong Kong by providing services
to Group companies. Hongkong Land Holdings Limited is incorporated in Bermuda
with its primary share listing in London. The Company's shares are also listed
in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.
- end -
For further information, please contact:
Hongkong Land Limited
Robert Wong (852) 2842 8383
Matheson & Co Ltd
Martin Henderson (44) 207 816 8135
GolinHarris
Kennes Young (852) 2501 7987
Weber Shandwick Square Mile
Richard Hews / Helen Thomas (44) 207 067 0700
This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
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