Sino Land (0083) remains upbeat about Hong Kong’s property market outlook, and potential interest rate cuts, talent admission schemes and the Northern Metropolis development are expected to drive the city’s economic growth, Chairman Daryl Ng Win-kong said on Wednesday.
Speaking at the company’s general meeting, Ng said he was pleased with the solid sales performance of the city’s residential projects across different districts. He noted that more than 16,000 new homes were sold in the first nine months of the year, surpassing the roughly 15,000 transactions recorded for the whole of last year.
Sino Land won a residential site on Hoi Chu Road in Tuen Mun in August. When asked whether the company would bid for the nearby MTR station project, Ng said the site has strong potential and that the area’s transport links would improve further after the station opens. He added that he remains positive about the outlook for Tuen Mun, and the company will study the project.
Sino Land plans to launch three new residential projects in the coming year, providing more than 3,700 units in Yau Tong, To Kwa Wan and Lohas Park, said executive director Victor Tin Sio-un.
As for its investment properties, Director of asset management Bella Chhoa Peck-lim said the developer’s portfolio remains stable, with shopping mall occupancy at 93 percent and residential leasing above 90 percent. She added that the company expects to benefit from Hong Kong’s mega events and policies attracting overseas students.
Chhoa noted that Sino Land’s Grade-A office building in Yuen Long, with about 500,000 square feet of space, has achieved a 70 percent occupancy rate, with tenants including MTR Corparation (0066), law firms, accounting firms and non-governmental organizations. She said the project is well-positioned to benefit from the overall development of the Northern Metropolis.
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