News Alert: The Aperture goes on sale
Released The Aperture in Kowloon Bay onto the market for sale
The project offers easy transportation accessibility
First new residential project in the area for over 30 years
Hang Lung Properties is offering the first batch of 100 units at The Aperture for pre-sale at ASP of HK$21,548psf, in line with our expectations. The Aperture is located near Amoy Garden in Kowloon Bay where there has not been any new residential supply for over 30 years. It is a three-minute walk from Kowloon Bay MTR Station from where it takes another 25 minutes to get to Central by rail and therefore offers strong transportation accessibility. We expect this project launch to draw good market interest.
Redeveloped from Amoycan Industrial Centre, The Aperture will encompass 294 residential units, mainly one- or two-bedroom units, atop a retail arcade upon scheduled completion. Total GFA is 174,655sf including 20,000sf for retail purpose. Construction works are underway with project completion scheduled in 2023.
The project is wholly owned by Hang Lung Properties.
Based on our estimated all-in cost of HK$17,200psf, a complete sale of the residential portion should yield attributable pre-tax earnings of c.HK$660m to Hang Lung Properties. This should boost the company’s bottom-line earnings in FY23