Hong Kong-listed real estate builder New World Development and a fund advised by Ares SSG Capital Management have formed a joint venture for the construction, development, marketing and sale of a grade-A commercial complex on Wing Hong Street in Cheung Sha Wan.
NWD will be responsible for the construction, property management, asset management, sale and marketing of the units in the complex. The project is scheduled for completion in late 2023.
Planned commercial complex on Wing Hong Street in Cheung Sha Wan.
According to NWD, the partnership will combine its expertise in property construction and development with the resources and experience of a leading global real estate investor.
The JV seeks to capture rising demand for high-quality commercial properties in one of Hong Kong's emerging business districts.
Cheung Sha Wan has witnessed remarkable changes in recent years. Boasting comprehensive transportation infrastructure and ancillary facilities, the district is conveniently located, with easy connectivity, including being within a half-hour drive to the Hong Kong International Airport and the Shenzhen Bay Highway Bridge.
Following the completion of the commercial complex, the project's unit sales will further strengthen the group’s income stream, NWD says.
Edward Lau, NWD’s chief financial officer, comments: “Our close collaboration with Ares SSG and other business partners will forge the first grade-A commercial complex in the core business district of West Kowloon. Not only will this meet the burgeoning demand for grade-A office buildings in the district, but it will also breathe a new dynamic into the development of West Kowloon."