Sino Land (00083) & Empire Group form JV to develop land

    Tsim Sha Tsui Properties (00247) said the Government of Hong Kong earlier accepted the tender offer from joint venture Grand Apex Limited in respect of the acquisition of a land in Hong Kong at a land premium of HK$2,528 million.
  The JV is formed between Sino Land (00083), a subsidiary of TST Properties, and Empire Group Holdings Limited, which is ultimately owned by Kwok Ping-sheung, Walter, for the purpose of acquisition and development of the land for long term investment purpose and is owned as to 60% by Sino Land and as to 40% by Empire Group.
  The project costs, being the total capital commitment of Sino Land and Empire Group in respect of the development of the land, are expected to be about HK$3,300 million, of which Sino Land is expected to contribute about HK$1,980 million, representing its 60% interest in the JV.
  The land covers a total site area of about 18,996 square feet. The permissible total gross floor area for construction is about 284,945 square feet including a government accommodation comprising an arts and cultural centre and office premises with a total net operational floor area of not less than 29,866 square feet. It is intended that the land will be developed into a commercial development including an arts and cultural centre and office premises. The project manager in respect of the development of the land will be Sino Land or its wholly-owned subsidiary.