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Tag: Hongkong Land

  • Hongkong Land unveils WF CENTRAL, a billion dollar project in Beijing

    Hongkong Land unveils WF CENTRAL, a billion dollar project in Beijing

    Hongkong Land officially opened WF CENTRAL, its US$1.2 billion first flagship retail-led project in Beijing. It will play a crucial role in the redevelopment of the historic Wangfujing area of Beijing into a pre-eminent destination for retail, dining and commercial activities.

    Drawing from the success of LANDMARK – a leading retail complex in Hong Kong – and the shared vision of Hongkong Land and the Dongcheng District Government, WF CENTRAL now represents the premier shopping and lifestyle destination in Beijing.

    “With vision to develop and manage exceptional, high-quality, best-in-class commercial and residential properties across Asia, Hongkong Land has historically played a crucial role in developing important urban Central districts into pre-eminent destinations for retail, dining and commercial activities,” said Mr Robert Wong, Chief Executive of Hongkong Land. “WF CENTRAL is a testament to the Group’s expertise and experience as a leader in creating vibrant commercial districts.”

    “WF CENTRAL not only serves as a thriving and sustainable business platform for our retail partners, but will also achieve the mission of Dongcheng District to be the ‘Beijing capital’s cultural centre, and window of a global city.’” said Mr Raymond Chow, Executive Director of Hongkong Land. “As an integration of rich cultural heritage and luxury, WF CENTRAL will be key in transforming and revitalising Wangfujing as a best-in-class destination offering a unique premium lifestyle experience in the heart of the capital.”

    WF CENTRAL has a footprint of more than 21,000 sq. m., with a total gross floor area of more than 150,000 sq. m., including retail space of 43,000 sq. m. together with a 73-room luxury hotel, Mandarin Oriental Wangfujing, Beijing.

    It sets a new benchmark in Beijing for retail and lifestyle, through its FIVE core categories. Each category offers unmatched experiences, namely: Luxury; Fashion; World-class Gastronomy; Lifestyle & Wellness; and Art & Culture.

    With an exciting and diverse mix of over 130 tenants, including 20 brands debuting in either Beijing or China, WF CENTRAL breathes new life into Wangfujing and brings excitement, insight and inspiration to the City’s modern life.

    Engaging, connecting and building community through a considered curation of art, cultural creativity and experiential lifestyle, WF CENTRAL also provides the focal point for highly prestigious artistic collaborations with renowned international organisations.

    These include the recent successful Barbican ‘Digital Revolution’ exhibition; the opening of the Serpentine Pavilion Beijing and launch of the WF CENTRAL Serpentine Pavilion Beijing cultural programme; along with an upcoming MAISON&OBJET design showcase, scheduled in September this year.

    The Serpentine Pavilion Beijing programme, a unique and highly diverse series of cultural and artistic activities, special events, inspiring lifestyle experiences and exciting social encounters to be experienced by visitors to WF CENTRAL from June to October 2018.

    A key feature of the Pavilion programme will be the ‘Inspiration Talk Series’, a special series of talks and panel discussions involving leading architects and artists, together with thought-leaders across a wide spectrum of industries including leading finance, media, entertainment, retail and hospitality experts, invited to debate a range of topics exploring the role of art and culture in subjects such as urban renewal, innovation and social inclusion.

    “The Serpentine Pavilion cultural programme at WF CENTRAL focuses on community and explores the power and social benefits of art and culture,” explained Mr Raymond Chow, Chairman of Wangfu Central Real Estate Development Company Limited and Executive Director of Hongkong Land. “The Serpentine Pavilion Beijing provides the architectural focal point for these activities, as part of WF CENTRAL’s ongoing vision to engage, connect and build community through a considered curation of art and cultural creativity and experiential lifestyle.”

    “Today marks an important milestone as we officially open the first Pavilion co-commissioned by the Serpentine outside the UK,” explained Mr Hans Ulrich Obrist, Artistic Director of the Serpentine Galleries. “Over the past 18 years, the annual Serpentine Pavilion commission has become a pioneering and powerful example of living architecture for people of all ages and we hope that experience will be replicated in Beijing.”

    Ms Yana Peel, CEO, Serpentine Galleries, said: “Liu Jiakun’s inspiring Pavilion, set alongside the historic setting of the House21 (the Courtyard House), and wonderful open space of The Green, sets the scene for a thrilling programme of art, cultural and social events and happenings. Like the London Pavilion that inspired it, the Serpentine Pavilion Beijing will serve as a place for meeting and exchange, creating an engaging and rewarding cultural experience for all.”

    “What I hope we have achieved is a spatial installation that goes beyond mere function to push the boundaries of contemporary architectural practice,” explained Mr Liu Jiakun. “I hope this work will also prove to be both an inspirational physical environment as well as a thought provoking and creative catalyst for lively intellectual debate, fun community activities and joyful social engagement.”

    At the core of the Serpentine’s Pavilion programme is a wide range of art, cultural and lifestyle activities programmed within and around the structure. Activities include special ‘Pavilion Weekends’, which, once a month, in conjunction with two themed thought-leadership talks in the ‘Inspiration Talk Series’, involve a wide range of community events focused on the family; including well-being and creativity workshops; lawn parties; kids disco classes; digital performances and specially curated outdoor art-cinema evenings.

    The Serpentine Pavilion Beijing programme at WF CENTRAL provides visitors and the local community with the opportunity to not only appreciate but actively engage with the installation itself and enjoy the social and cultural activities that take place alongside and within the Pavilion.

    Images of WF Central can be viewed in the gallery below (4 images) :

  • Hongkong Land set to open US$1.1b Beijing shopping centre

    Hongkong Land set to open US$1.1b Beijing shopping centre

    Hongkong Land Holdings, the largest commercial landlord in Central, is making its first retail foray in Beijing – a market that drastically differs from its home turf.

    The developer will start trial operation of WF Central, a 150,000 square metre retail, dining, hospitality and lifestyle hub in downtown Wangfujing, at the end of November 2017.

    The US$1.1 billion investment is the company’s first large-scale shopping centre endeavour in China’s capital. It also operates shopping centre in Shanghai, Chengdu and Chongqing.

    The company said it envisaged the complex as a Beijing landmark of quality living, by integrating luxury, fashion, food, lifestyle, art and culture, and a 74-room Mandarin Oriental hotel. The retail space is about 50,000 square metres.

    Hongkong Land has spent a lot of time and energy on this project. Although it acquired the site in 2011, negotiations to buy the property stretch back more than 10 years.

    “WF Central is poised to meet the needs of China’s next-generation of consumers and stands as a testament to Hongkong Land’s ability to transform communities with diverse, sophisticated and attractive development,” said Raymond Chow, executive director of the company at a press conference. “This is not a 10-year, 15-year investment. It is a generational investment.”

    With the soft opening Hongkong Land will introduce a mix of more than 100 tenants including luxury brands such as Chopard, Jimmy Choo and Moschino and also fast fashion brands like Victoria’s Secret and Pandora. Dining includes Cheesecake Factory, Beijing’s first; lifestyle such as Yan Ji You Bookshop, Pure Yoga centre and footwear and sports apparel brand Under Armour.

    Asked about the competitive landscape and the impact of e-commerce, Chow said he is “very confident” about the Beijing market, as Hongkong Land will bring global best practices and has strong ties with retail brands.

    He said the shopping centre will not only offer shopping but also lifestyle, art and culture components.

    “These components you cannot buy e-commerce platforms. You have to come to the city centre and experience it,” Chow said.

    But he also admitted that WF Central will operate in a very different environment compared with Hong Kong, where office workers and residents in the building above can stroll to the lower-level mall.

    Ji Ming, a manager of JLL North China research team, said WF Central in Wangfujing is known for its tourist attractions and is teeming with crowds.

    Beijing’s downtown mall vacancy rate stand at 6.2 per cent, according to JLL data, a healthy level.

    “Although there are lots of malls out there, there are still some brands catering to younger generation that they can’t find elsewhere,” she said.

    She said mall operators in Beijing are increasing fast fashion, restaurant and lifestyle elements to compete with e-commerce, and the most successful of these has been Taikoo Li in Sanlitun, developed by another Hong Kong company Swire Properties.

    “I would say Taikoo Li is a benchmark, and a newcomer like WF Central should look at it for success,” she concluded.

  • Hongkong Land pursuing China expansion

    Hongkong Land pursuing China expansion

    Property investment, management and development group Hongkong Land plans to continue expanding its footprint in China’s key cities.

    “We are actively looking for new opportunities in Beijing, Shanghai and some key secondary cities,” says executive director Raymond Chow. He says the company is betting on the country’s long-run prospects.

    The Hong Kong-based developer already has several projects on the mainland, including two commercial projects in Beijing and Shanghai and two complex projects in Chengdu and Chongqing.

    “When we invest, we look for a very long term, at least a generation,” says Chow. “So we are still very confident in mainland’s further growth despite the recent slowdown in GDP growth.”

    Hongkong Land’s project in Beijing, WF Central, on Wangfujing Street, has a gross floor area of 150,000 sqm and is expected to open in the second half of next year. The $1 billion project includes 50,000 sqm of luxury retail space and a Mandarin Oriental hotel.

    Chow says the project will introduce a range of luxury brands to Beijing.

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  • Hongkong Land’s 2015 results in line with expectations and support its ratings

    Hongkong Land’s 2015 results in line with expectations and support its ratings

    Hong Kong, March 10, 2016 — Moody’s Investors Service says Hongkong Land Holdings Limited’s (HKLH) results in 2015 reflected lower underlying profit but were in line with expectations and continue to support its A3 issuer rating.

    The results also support the A2 issuer rating of Hongkong Land Company Limited, a wholly-owned subsidiary of HKLH.

    The outlook for all ratings remains stable.

    “HKLH’s overall financial profile remained strong, despite the company reporting lower profitability and weaker financial metrics in 2015 as a result of lower earnings in its property development business,” says Joe Morrison, a Moody’s Vice President and Senior Credit Officer.

    HKLH’s revenues for 2015 grew by 3% year-on-year to $1.93 billion, as both rental income and property development revenue experienced moderate growth during the year.

    However, its adjusted EBITDA fell by around 14% year-on-year to $1.08 billion in 2015 due to an 11% year-on-year drop in the underlying operating profit of its property development business to $354 million. The drop was caused by completion and delivery of lower margin projects along with lower provision write-backs for two residential projects in Singapore during the year.

    Nevertheless, HKLH’s financial profile continues to support the A3 rating level. HKLH ‘s adjusted EBITDA interest coverage — which excludes fair value gains, but includes dividends from associates and joint ventures — was 7.9x for FY2015, down from 9.3x in 2014, while adjusted debt/EBITDA increased moderately to 3.6x from 3.4x.

    “The company’s investment property business remained strong in 2015, and the limited office supply situation in Central will continue to support its rental and occupancy rates over the next two years,” says Morrison.

    HKLH’s office vacancy rate declined to 3.4% at end-2015 from 5.4% at end-2014, while average office rents remained stable. Retail space remained fully let, with average net rent increasing around 3.3% year-on-year to HKD221 per square feet.

    The vacancy rate of HKLH’s Singapore office portfolio remained low at 3% at end-2015 compared to 1.7% at end-2014. However, taking into account the committed area under new leases, the adjusted vacancy would have been 1% at end-2015.

    The company’s rental income grew around 1% year-on-year to $851 million, benefitting from positive rental revisions for its Central office and retail portfolio during 2015.

    Moody’s expects HKLH’s EBITDA interest coverage and adjusted debt/EBITDA to weaken moderately over the next 2 years, as the company raises debt for potential land acquisitions and development projects.

    The impact should be mitigated by the contribution from property development. At end-2015, HKLH had unrecognized contracted sales of USD821 million for its projects in Mainland China, with around 70% scheduled for delivery in 2016.

    HKLH’s liquidity profile remained robust. The company had cash of $1.6 billion and committed unutilized facilities of $2.5 billion at end-2015. These resources are more than sufficient to cover its short-term debt of $169 million over the next 12 months.

    The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010.

    Hongkong Land Holdings Ltd is a Bermuda-incorporated holding company engaged in property investment, management, and development. HKLH is 50%-owned by Jardine Strategic Holdings Ltd. (A2 stable).

    The Hongkong Land Company Ltd (A2 stable), incorporated in Hong Kong, is a wholly owned subsidiary of HKLH and holds the group’s portfolio of 5 million square feet of prime office and retail space in Hong Kong, the Central portfolio.

     

  • Developer DM Wenceslao partners with Hongkong Land through Joint Venture

    Developer DM Wenceslao partners with Hongkong Land through Joint Venture

    D.M. Wenceslao and Associates, Inc. (DMWAI), a developer with one of the largest landbanks in Metro Manila, is teaming up with Hongkong Land through a joint venture (JV) between their respective subsidiaries, Portal Holdings, Inc. and Hongkong Land (Philippines) B.V.

    In a statement, DMWAI said the joint venture will develop primarily residential projects over a land area of approximately 26,000 sq.m.

    The property is within DMWAI’s latest and most innovative project, Aseana City, which occupies a waterfront site with a prominent location in the Manila Bay area.

    Hongkong Land is a listed leading property investment, management and development group which owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.

    It has significant experience in the establishment of world-class residential and business hubs such as the Hong Kong Central Business District and the Marina Bay Financial Centre in Singapore.

    The firm also has a number of residential and mixed-use projects under development in cities across Greater China and Southeast Asia.

    Hongkong Land’s established international track record and experience in developing regional waterfront projects will bring a fresh world-class perspective to the development of Aseana City, said DMWAI.

    DMWAI will also contribute its well-established local development and construction expertise, and a portion of its prime landbank in the Manila Bay Area to the joint venture.

    “We believe that partnerships like this will give us the right combination of local knowledge and global development standards and expertise” said DMWAI chief executive Buds Wenceslao.

    He added that “this is one of the company’s key visions; to transform Aseana City into the Philippines’ next generation city and provide a higher quality of real estate products to our nation.”

    DMWAI is an integrated property developer with an established track record and market-leading capabilities in land reclamation, construction and real estate development. The company has one of the largest land holdings in Metro Manila with over 58 hectares of land.

    Aseana City, the company’s prime asset, is strategically located next to the Entertainment City in the Manila Bay area, and positioned as the next major mixed use CBD within Metro Manila.

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