New World Development sells interest in D·PARK mall to Chinachem for HK$4.02b

New World Development (0017) announced on Friday that it has sold all its interest in the D·PARK mall in Tsuen Wan and the mall’s parking spaces to Chinachem Group for a total cash consideration of HK$4.02 billion. 

New World said the move is to optimize its business portfolio, adding that the two parties have signed a commercial property sale and purchase agreement already. 

The commercial properties being sold in this transaction include the retail portion of D·PARK, with total area of 630,000 square feet, and 1,000 parking spaces. 

The transaction is expected to be completed this April. 

Chinachem said it is delighted to have acquired D·PARK mall and its carpark and is confident about Hong Kong long-term economy and property market. 

The group noted that it intends to hold the D·PARK mall as a long-term investment. 

Chinachem also said it believes that the acquisition of this premium regional mall will create synergy with its investments in Tsuen Wan including Nina Mall 1 & 2, Nina Hotel Tsuen Wan West and Nina Park.