Sino Group says it will study all Northern Territories projects
Sino Group chairman Wong Wing-kwong said the developer will study any government project in the Northern Territories, after partnering with five mainland firms for the area's first plot. The company reported acquiring four quality sites in the past year, adding nearly 1.4 million sq ft to its land b
Sino Group chairman Wong Wing-kwong said the developer is confident about the Northern Territories development and considers the government's first five-year plan and the Northern Territories blueprint crucial in leading Hong Kong into a “new golden development period” that the group cannot afford to miss.
Speaking to reporters after the annual general meeting, Wong said the group was pleased to have partnered with five leading mainland companies to win the first plot development project in the Northern Territories. One partner, JD.com, will introduce high-tech logistics operations, while the group will build quality homes in the area in line with the central and SAR governments' wish for citizens to “live better”. He said the group will study any future government project in the Northern Territories and discuss cooperation plans with partners based on each project's terms and requirements.
Finance director Chan Wing-kwong said the group had acquired four quality sites over the past year, adding nearly 140,000 square metres to its land bank. He said it will continue to study other investment opportunities while adhering to prudent financial management principles that balance long-term business development and stable dividend payments.
Executive director Chiu Siu-yuen said Hong Kong's property market has a solid foundation, with talent policies, students and institutional relocations driving housing demand and rental returns attracting many large investors. Over the next year, the group will launch nearly 2,900 units in projects including Kowloon City and Kai Tak's Sung Wong Toi station area, with a Hung Hom project expected to go on sale in November.