New World Development Company Limited (the “Group”) is pleased to announce that the Group has successfully tendered for the commercial site at King Lam Street, Cheung Sha Wan, Kowloon.
Cheung Sha Wan has undergone significant development in recent years. Many industrial buildings have been successfully transformed into commercial properties. With a gross floor area of around one million square feet, the King Lam Street site is conveniently located a few minutes from Lai Chi Kok MTR Station. The project benefits from the well-developed transport network in the subject area with excellent connectivity to the airport and other major transport hubs.
The commercial market is expected to remain stable with both rents and prices on a rising spiral due to the limited office supply in the city centre. The site constitutes a valuable expansion to the Group’s investment portfolio. The Group is very optimistic about the prospects for Kowloon West. Its initial plan is to build two grade A office towers, with retail provision in the podium levels. The site’s surrounding area offers an open view with green mountain scenery in the north and Stonecutters' Bridge in the west. Upon completion, occupants on the upper floors will be able to enjoy a sea view.
“This is the largest commercial site in Kowloon West to be made available in recent years. Office supply with similar development scale is very rare in this area and even elsewhere in Hong Kong,” says Mr. Adrian Cheng, Executive Vice-chairman and Joint General Manager of New World Development. This premier office project will set an outstanding landmark, epitomising the Group’s brand personality - The Artisanal Movement.
About New World Development Company Limited
Founded in 1970, New World Development Company Limited (“The Group”, Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality defined by The Artisanal Movement, New World Group’s core business areas include property development, infrastructure and services, department stores and hotels. As of 30 June 2016, the total asset value of the Group amounted to HK$392.1 billion. The Group has an effective interest of approximately 61% in NWS Holdings Limited (Hong Kong stock code: 00659), approximately 72% in New World Department Store China Limited (Hong Kong stock code: 00825). New World China Land Limited is wholly owned by the Group.