Emperor International steps up developments

Business | Samantha Wong 23 Jun 2017

Emperor International Holdings (0163) will launch in the third quarter this year a residential project in Tuen Mun which will provide 14 detached and semi- detached houses.

It will also undertake an urban redevelopment project in Sham Shui Po which will provide over 130 flats.

It said construction of a 29-story hotel on Queens Road East in Wan Chai was completed in April this year and it will offer 300 rooms when it opens for business in the first quarter next year.

Meanwhile, construction of a serviced apartment project on Yik Yam Street in Happy Valley will be completed next year. The 21-story project will provide 68 service apartments.

Emperor International currently runs two hotels and a serviced apartment in Hong Kong, as well as two hotels in Macau.

The group also said that it has continued to acquire investment properties with high appreciation potential so as to broaden its property portfolio.

Among its acquisitions were Ampersand Building on Oxford Street in London, retail shops at Fairview Height in Mid-Levels and commercial and car park premises at Sui Wo Court in Sha Tin.

Emperor International executive director Donald Cheung Ping-keung said construction of the group's flagship project in Beijing, Emperor Group Centre, has been completed.

"Backed by the rapid expansion of domestic financial services and professional services sectors, leasing demand for Grade-A office spaces in the central business district remains strong," he said. The group expects its Beijing project to be received well by potential tenants who want to set up a presence in a prominent location in China's capital city.

Emperor International said yesterday that net profit for the first quarter this year amounted to HK$3.48 billion although revenue dropped by 27 percent to HK$4.07 billion. The board has recommended a final dividend of 58 HK cents per share.

Separately, V Group launched its Castle One service apartment project in Mid-Levels. The second batch of units that was launched comprised 591-square-foot two-bedroom apartments with terraces and a 1,050-sq-ft penthouse three-bedroom duplex.

Vivien Chan Wan-wan, who chairs the developer, said V Group was pleased with the project as the leasing benchmark has reached HK$100 per sq ft.

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