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HONG KONG, Feb. 17, 2022 /PRNewswire/ -- LOFTER GROUP ("LOFTER" or "the Group"), a Hong Kong-based property developer, is pleased to announce the partnership with Singapore-based pan-Asian real estate investment firm, SC Capital Partners, to acquire majority undivided shares in Nos. 2-4A Ping Lan Street and Nos. 26-28 Ho King Street, Ap Lei Chau for residential-cum-commercial redevelopment.
Carol Chow, Founder and Chairperson of LOFTER, said this redevelopment project is in a matured and prominent location on Hong Kong Island. The site is situated in a core urban district with excellent connectivity, at a mere 3-minute walk from Lei Tung MTR Exit A1. Surrounded by parks on 3 sides of the site, the property enjoys tranquility and serenity. The redevelopment upon completion will be an iconic building in Island South. Residents can enjoy stunning unobstructed panoramic sea view, surrounding greenery and the convenience of urban district.
Alvin Leung, Director of Investment Management of LOFTER, said the subject site with a site area of approximately 4,000 sq. ft. is zoned as "Residential (Group A)" yielding a maximum gross floor area of approximately 35,000 sq. ft. The total acquisition price of the entire site is at over HKD418 million representing an accommodation value of HKD11,943 per sq. ft. LOFTER will redevelop the site into the best-in-class development based on its unique elements of excellent connectivity and closeness to nature.
Suchad Chiaranussati, Chairman and Founder of SC Capital Partners commented, "the Ap Lei Chau redevelopment project will be an excellent addition to our pan-Asian portfolio and is consistent with our strategy of investing into well-located locations, which fits the Fund's thematic approach. We are excited to work with our operating partner LOFTER GROUP and its team of seasoned professionals."
The Urban Oasis - A unique redevelopment site with permanent unobstructed panoramic sea view and greenery view
"The site is in core urban area while being surrounded by over 580,000 sq. ft. of park space in Ap Lei Chau Waterfront Promenade and Aberdeen Typhoon Shelter, making the site a unique redevelopment site in Island South. With distinctive views on the three sides of the site, all residential units of the proposed development can enjoy stunning unobstructed panoramic sea view and greenery view. The retail podium will accommodate al fresco restaurants for diners to enjoy the premium environment." Chow said.
Ap Lei Chau to be transformed with Invigorating Island South initiatives
"We are optimistic about the prospects of Ap Lei Chau district, being driven by the Invigorating Island South initiatives announced in the Chief Executive's 2020 Policy Address and more completions of private residential-cum-commercial developments in the area. The entire Ap Lei Chau District will be transformed in the coming 3-5 years, bringing new energy into the district. Given the unique location of our site being closely connected to various parks, the development will be greatly benefited from the initiatives." Leung added.
Furthering LOFTER's project and asset management capability
"LOFTER's partnership with the seasoned pan-Asian real estate investment firm, SC Capital Partners, who shares the same values in developing the best-in-class products, will focus on incorporating ESG, architectural creativity and visionary technologies in the development. With stronger ties with various equity partners, LOFTER will continue to source redevelopment opportunities in core urban area to implement our investment strategies and to deepen our presence in the Hong Kong real estate market." Chow said.
About LOFTER GROUP
Founded in 2012, LOFTER GROUP is a property developer based in Hong Kong. It is principally engaged in developing exceptional and high-quality residential, commercial, retail, and industrial properties. Leverage on its extensive experience, the Group is actively exploring a variety of opportunities for developing urban renewal projects across core districts of Hong Kong, with key focus on Grade A Commercial and Luxury Residential Projects. The Group vows to accommodate the needs of a diverse market and dynamic social policies, while maintaining a good balance between profitability, responsibility and sustainability.