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Tag: Swire Properties

  • Swire Properties’ community ambassadors visit Taikoo Dockyard retirees in HK

    Swire Properties’ community ambassadors visit Taikoo Dockyard retirees in HK

    Swire Properties’ Community Ambassador held a gathering with some 40 retirees of Taikoo Dockyard. It has been a tradition to organise such gatherings during Chinese New Year since 2015 to stay in touch with the old Swire staff and foster friendship across generations. Hosted by Mrs Elizabeth Kok, Director & Senior Advisor at Swire Properties, the old staff of the Swire group shared their fond memories of working in the Island East area, where the Swire group once operated the largest shipyard in Hong Kong for over a century.

    The sharing session was followed by a visit to the LEGO model of Taikoo Dockyard at Cityplaza, which reminisced about working lives in the area. While looking back to the good old days, the old staff are also amazed by the transformation of the area which is now developed into a blue-chip private housing estate and a major commercial area, against the backdrop of Hong Kong’s rapid development in the past decades.

    Many of the participants had spent their entire career life in Swire for more than 40 years. Mr Lam, aged over 90, was in charge of electric machine room of Taikoo Dockyard. Bringing along his old staff card to the gathering as a way to share his memory, he treasured the rare opportunity to gather with his former colleagues and the Community Ambassadors.

    Mrs Elizabeth Kok, Director & Senior Advisor at Swire Properties, welcomed the veterans in the gathering. She remarked that the event was so meaningful that it offered the old staff a chance to revisit their former workplace at Cityplaza.

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  • Retail project “Taikoo Li Qiantan” Shanghai opens door

    Retail project “Taikoo Li Qiantan” Shanghai opens door

    Swire Properties and Lujiazui Group officially announced the naming of their joint-venture retail project as “Taikoo Li Qiantan”. Located in the heart of the Pudong Qiantan International Business District, this project embodies Swire Properties’ “Taikoo Li” concept, which is well-known for its distinct open-plan, lane-driven architectural design.

    Taikoo Li Qiantan will offer a gross floor area of approximately 1.3 million sq ft (120,000 sqm) and was created in accordance with a ‘naturalism’ design concept; blending elements found in nature with contemporary architecture. The project is a major component of a larger mixed-use development, which will also feature a 56-floor Grade-A office tower – “New Bund Centre” as well as a five-star luxury hotel – “New Bund Shangri-La Hotel”, both invested by Lujiazui Group.

    Qiantan is a new international business district and a rapidly developing hub for art and culture, business, entertainment, residential and world-class sporting facilities. The area is fast-becoming known for its high quality of life and excellent accessibility thanks to the well-developed transportation infrastructure. Qiantan is already home to many multinational corporations and global institutions, including New York University Shanghai and Wellington College International Shanghai. The project will be directly connected to the Oriental Sports Centre metro station which comprises three metro lines – offering direct access to major residential and commercial districts including Lujiazui, Xujiahui, People’s Square and Disneyland.

    Mr Xu Erjin, General Manager of Shanghai Lujiazui Group said, “Following the success of The Bund and Lujiazui, we are confident that the Qiantan International Business District will become yet another remarkable CBD, and our plan is to create a ‘Lujiazui 2.0’, which builds on the successful elements from Lujiazui.

    “Qiantan is quickly becoming a landmark area in Shanghai, and Taikoo Li Qiantan will be a valuable addition to this district, offering unparalleled retail, F&B and leisure experiences to local communities and the greater Shanghai population.”

    Mr Han Zhi, Director-Retail of Swire Properties, said, “Taikoo Li Qiantan marks our third ‘Taikoo Li’ project in Mainland China building on the success of Taikoo Li Sanlitun in Beijing and Sino-Ocean Taikoo Li Chengdu. We are delighted to bring this distinct retail experience to Shanghai. By once again combining local elements with the Taikoo Li concept, we are confident that our second major investment in Shanghai, after the successful launch of HKRI Taikoo Hui in 2017, will become a new retail landmark for residents and visitors.”

    Taikoo Li Qiantan has commenced the leasing process, and is scheduled to open in phases beginning from the end of 2020.

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  • Shopping malls generate HK$1.3b rental income for Swire Properties

    Shopping malls generate HK$1.3b rental income for Swire Properties

    Shopping malls generate HK$1.3b rental income for Swire Properties

    Swire Properties (1972) shopping malls including The Mall at Pacific Place, Cityplaza in Taikoo Shing and Citygate Outlets at Tung Chung generated gross rental income of HK$1.35 billion in the first half, the company reported today. At June 30, 2016, the retail properties in Hong Kong were valued at HK$52.79 billion. Of this amount, Swire Properties’ attributable interest represented HK$46….

    Swire Properties (1972) shopping malls including The Mall at Pacific Place, Cityplaza in Taikoo Shing and Citygate Outlets at Tung Chung generated gross rental income of HK$1.35 billion in the first half, the company reported today.
    At June 30, 2016, the retail properties in Hong Kong were valued at HK$52.79 billion. Of this amount, Swire Properties’ attributable interest represented HK$46.46 billion.

  • Starbucks Roastery going international

    Starbucks Roastery going international

    Starbucks Coffee Company is to launch its first international Starbucks Roastery and Reserve Tasting Room in China next year.

    It will be along Shanghai’s Nanjing Rd West as part of the HKRI Taikoo Hui project, a premium retail, office and hotel precinct, and draws its inspiration from the first roastery that opened in the company’s hometown of Seattle, Washington, in December 2014. There will be a similar immersive, all-sensory experience, offering customers an understanding of the craft of roasting and brewing Starbucks coffees, including the limited-edition Starbucks Reserve coffees.

    Starbucks Roastery photographed on March 10, 2016. (Joshua Trujillo, Starbucks)

    Starbucks_Reserve_Roastery_(2)

    “As our first international roastery, we will take even bolder steps to make the Shanghai location our most stunning store, while relevant to the Chinese customer,” says Starbucks chairman/CEO Howard Schultz.

    Starbucks Roastery photographed on March 10, 2016. (Joshua Trujillo, Starbucks)

    Starbucks Roastery photographed on March 10, 2016. (Joshua Trujillo, Starbucks)

    Starbucks Roastery photographed on March 10, 2016. (Joshua Trujillo, Starbucks)

    China is the company’s largest international market with more than 2100 stores across 102 cities, including 55 Starbucks Reserve stores. Only at the roastery will customers be able to watch freshly roasted beans arrive, connect with coffee specialists and master roasters and sample small-lot coffees brewed in different styles. There will also be a beverage and food menu.

    Starbucks_Reserve_Roastery

    The HKRI Taikoo Hui complex is a pioneering project combining sustainability and quality, being developed by HKR International and Swire Properties. The roastery retail experience will be in a standalone semi-circle building facing Nanjing Road, known as China’s top commercial street.

    “The new Jing’an is focused on developing high-end commercial sectors,” says Shanghai Jing’an mayor Lu Xiaodong. “We aim to establish new developmental goals for a modern cosmopolitan city, and encourage new retail innovations within our district. The government fully supports this pioneering retail experience and initiative from Starbucks.”

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  • Investors switch to Hong Kong office property market amid troubled outlook for retail sector

    Investors switch to Hong Kong office property market amid troubled outlook for retail sector

    Institutional investors are diverting their capital to Hong Kong’s office property market in the wake of a troubled outlook for the retail sector, where yields have been compressed by soaring asset prices.

    Property consultants expect more big-ticket transactions to emerge in the office investment market over the next 12 to 18 months, with investors targeting en-bloc sales.

    John Davies, an executive director of the Hong Kong institutional investment properties team at property consultant CBRE, said interest in office properties was increasing, given that the retail sector was heading for a correction and the mass residential market was under pressure.

    The office sector had become sought after by both investors and end-users because it had offered “stable but steady growth in rental income” since 2010, he said.

    The solid fundamentals of the office sector, including a low vacancy rate and a lack of major new supply from now until 2020, made investors more confident, Davies said.

    “It is quite interesting to see [office demand from] the financial sector in Central has not grown, but the insurance sector, global sourcing firms and engineering consultants doing a lot of regional infrastructure projects have been expanding in decentralised locations in the past decade,” he said.

    For instance, Kowloon Bay was becoming a favourite address among multinational corporations setting up headquarters in Hong Kong.

    There has been chatter in the market that an investor is in talks with Swire Properties to acquire an office project in Kowloon Bay for an estimated US$1 billion. If the deal eventuates, it would be the biggest office transaction in Hong Kong.

    In a stock exchange filing on August 30, Swire revealed it was considering selling its entire interest in a wholly owned subsidiary that holds an office development project in Kowloon Bay.

    Swire won the 46,235 sq ft site in November 2013 in a government tender for HK$2.6 billion, or HK$4,753 per square foot. The project is scheduled for completion in 2017.

    Jonathan Lai, an associate director at Ricacorp Properties, said there was a limited number of quality en-bloc office projects available for sale on the market.

    “Investors are willing to pay a premium for it,” he said.

    Lai said the Kowloon Bay project could prove attractive to real estate funds looking for stable income for three to five years.

    Davies expects more large deals in the next 12 to 18 months.

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