BPE Asia Real Estate (“BPE Asia”) and National Properties, a subsidiary of National Electronics Holdings Limited (HKSE Stock Code: 213) announced recently a joint venture for the construction of luxury detached houses in Tai Tam, the Island South District of Hong Kong.
Mark Fogle, Managing Director & Head of Real Estate for BPE Asia said, “Along with my partners Charles Lam and Malcolm Lai, we have previously completed two projects with National Properties (110 Repulse Bay Road and 56 Peak Road), which were very successful developments. Hong Kong is one of the most robust financial centres in the world and there remains strong demand for luxury housing against a background of limited new supply. In our view, National Properties has created some of the highest quality landmarks on Hong Kong Island and we are honoured to be partnering once again.”
The proposed development includes seven luxury detached houses located on a site of approximately 32,390 square feet (3,009 square metres) each to be constructed with an elegant classic design including basement carports, private infinity pool and internal elevator. The property is located in the prestigious Tai Tam area in close proximity to the beach, the American Club and the Hong Kong International School.
Loewe Lee, Managing Director of National Electronics Holdings Limited said, “The Tai Tam project exemplifies the hallmark characteristics of National Properties’ developments including spectacular views, exceptional design, a superior level of refinement and an elegant living environment. We are very pleased to once again be partnering with members of the BPE Asia team in this initiative.”
Site formation and foundation works for the project have been completed and the construction of superstructure works is ongoing. Completion of the first show house is expected in 18 months’ time (mid 2017).
Charles Lam, Managing Director of BPE Asia said, “The Hong Kong residential property market is unlike any other gateway city in Asia. Hong Kong has a population of approximately 7.5 million people of which approximately 1.4 million live on Hong Kong Island, yet there are less than 750 single family detached or semi-detached houses located within developments of eight homes or less. Furthermore, we estimate that there is an average supply of just 15 such houses coming to the market per annum over each of the next three years.”