Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823), is delighted to announce that it has won the tender for the acquisition of a parcel of non-office commercial-use land at a location off Anderson Road, Kwun Tong, with a land premium of $766 million.
George Hongchoy, Link’s Chief Executive Officer, said:
“Rooted in Hong Kong, the land bid demonstrates Link’s long-term commitment to Hong Kong’s development and supporting local people’s daily needs. We believe developing the project from scratch allows us to incorporate best-in-class sustainability practices, with a tenant and trade mix optimised to better accommodate shoppers’ evolving needs.”
The plot has a total site area of approximately 5,880 square metres, with a maximum permitted gross floor area of 12,936 square metres. As the first non-office commercial site available for sale at the centre of the Anderson Road Quarry Development area in Kwun Tong, Link intends to develop the land into a community commercial facility (including retail facilities, a fresh market and car parks) to serve the daily needs of a catchment population expected to exceed 30,000, as a number of public developments /subsidised housing estates in the district are completed in the coming years.
The site will be well connected with ease of access to public transport via an adjacent interchange. A covered pedestrian footbridge and lift system, both to be built by the government, will connect Link’s Sau Mau Ping Shopping Centre and other residential estates in the Sau Mau Ping district.
More details of the development project are available in the regulatory announcement and presentation.
Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is the largest REIT in Asia, and a leading real estate investor and asset manager in the world. Listed in 2005 as the first REIT in Hong Kong, Link has been 100% held by public and institutional investors and is a Hang Seng Index constituent stock. From its home in Hong Kong, Link owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning China’s Beijing, Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), and Yangtze River Delta centred around Shanghai, the UK’s London and Australia’s Sydney and Melbourne. Link seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of its medium-term target Vision 2025.
For details, please visit https://www.linkreit.com.