Hong Kong is entering into a “new golden era of development,” and Sino Group has full confidence in the city and the Northern Metropolis, chairman Daryl Ng Win-kong said.
The city’s first five-year plan is crucial to its future development, while the NM, which accounts for one third of its land, is an important part of the engine for future economic development, Ng said after the annual general meeting.
It is an opportunity the group cannot afford to miss, he stressed.
He stated that the group will study any future NM projects rolled out by the government and discuss collaboration plans with partners.
The developer acquired four prime sites over the past year, adding nearly 1.4 million square feet to its land bank, said executive director Ringo Chan Wing-kwong.
The firm will continue to explore other investment opportunities, reiterating its commitment to prudent and sound financial management principles to balance long-term business growth with stable dividend payouts, Chan added.
Over the coming year, the group plans to launch nearly 2,900 units across projects in Kowloon City and at Sung Wong Toi Station in Kai Tak, among others, with its Hung Hom project expected to go on sale in November.
Sino Land (0083) executive director Victor Tin Sio-un stated that Hong Kong's property market fundamentals remain solid.
Talent admission schemes, non-local students, and the influx of institutions are all driving housing demand, while attractive rental yields are drawing many investors to make bulk purchases, Tin said.
Chief commercial officer Bella Chhoa Peck-lim remarked that Hong Kong's retail sector is currently experiencing steady growth, benefiting from the government-driven "mega-event economy" such as Halloween month, while the "sports economy" has also boosted sales of related merchandise.
Footfall at the group's shopping malls has risen, and this momentum is expected to carry into next year, she added.
