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Sai Sha infrastructure enhancement project:
SHKP’s largest of its kind in recent years
Sun Hung Kai Properties (SHKP), driven by its dedication to Building Homes with Heart, is committed to improving the community environment alongside its quality property developments. The Sai Sha infrastructure enhancement project, undertaken in tandem with the Sai Sha mega development, is SHKP’s largest of its kind in recent years. It includes widening a part of Sai Sha Road, improving the drainage and sewerage systems, and building a community facility block, all of which would provide for a comprehensive improvement to the Sai Sha community.
“This multi-billion-dollar infrastructure enhancement project, completed after six years of dedicated work, has brought immediate benefits to nearly 10,000 residents of Shap Sz Heung,” said Sunny Cheung, SHKP Senior Project Manager (Project Management Department). “It’s not just about the future residents of our Sai Sha mega residential development; this project is designed to benefit the entire community. It also provides convenient access to GO PARK Sai Sha, a new sports, entertainment, dining, and leisure landmark soon to commence trial operations.”
The project includes the following new infrastructure and facilities:
1. Widening about 1.5 kilometres of Sai Sha Road and enhancing transport, cycling and pedestrian facilities
Grant Yuen, SHKP Senior Project Manager (Project Management Department), said that previously Sai Sha Road, connecting Sai Sha to the Ma On Shan district, often suffered from traffic congestion as it was only a single two-way carriageway (one lane in each direction). SHKP widened approximately 1.5 kilometres of the road to provide a dual two-way carriageway (two lanes in each direction), doubling its capacity to accommodate the increased traffic that will be generated by the Sai Sha development.
The pedestrian facilities were also enhanced, with the construction of three footbridges equipped with lifts and wider pavements to avoid vehicle-pedestrian conflicts. Additional cycle tracks have been built, connecting to the existing network in Ma On Shan, which extends all the way to Sheung Shui and New Territories West.
Furthermore, SHKP has re-provisioned a number of public transport facilities, including a bus terminus, a minibus terminus, a taxi stand, a public car park, and bus stops. The Group also actively coordinated with the government to introduce new bus routes to enhance connectivity to the East Rail Line, the Tuen Ma Line, and the urban area. In addition, SHKP has enhanced road safety and efficiency by adding three roundabouts, traffic signs, and streetlights.
2. Improving the drainage and sewerage systems
Flooding during rainstorms used to be a common occurrence in Sai Sha due to lack of efficient drainage and modern sewage facilities in the surrounding villages. To tackle these issues, SHKP constructed a 2.1-kilometre drain and a direct 3.9-kilometre sewer connected to the Ma On Shan system. Furthermore, considering the villagers’ needs, SHKP made provisions for them to easily connect their individual sewage systems to this main sewer. These infrastructure enhancements have significantly enhanced the quality of life for the villagers.
3. Prioritizing greening and environmental protection
To minimize the impact of traffic noise on nearby residents, noise barriers were installed and the roads were lined with trees or other vegetation. SHKP also undertook the conservation and transplantation of two valuable, conjoined ficus microcarpa (Chinese banyan) trees, weighing a total of 180 tonnes with their root ball. The project team was the first in Hong Kong to use a double self-propelled modular transporter to move the giant twin trees 100 metres from their original site.
SHKP has installed a solar energy system at the construction site office, a first in Hong Kong. Additionally, the project has deployed electric construction equipment, contributing to Hong Kong's efforts to reduce carbon emissions and become a greener city.
4. Building a community facility block
SHKP is building a comprehensive four-storey community facility block, spanning 150,000 square feet. The block will feature a two-storey carpark and a range of social welfare facilities, including a residential care home, a day care centre for the elderly, a district support centre for people with disabilities, and a special child-care centre. The entire block is expected to be completed in the first half of 2025, after which the facilities will be handed over to the government.
SHKP signs 5-year HK$23 billion syndicated credit facility
Sun Hung Kai Properties Limited (SHKP) is delighted to announce the successful signing of a 5-year term loan and revolving credit facility valued at HK$23 billion. The facility has garnered significant interest from a diverse group of 23 mainland, international and local financial institutions. The level of subscription far exceeded expectations, with the facility being oversubscribed nearly five times.
SHKP Chairman and Managing Director Raymond Kwok said: “This overwhelming response is a very strong vote of confidence in SHKP and the future of Hong Kong. We will use part of the facility’s proceeds to refinance some of our debts with the remainder held as working capital for coming business developments. This approach aligns with our prudent financial management.”
He noted SHKP holds the highest credit ratings among property companies in Hong Kong, with an A+ rating from Standard & Poor’s and an A1 from Moody’s. The Group’s dedication to developing quality and green properties, along with its premium trustworthy brand and strong reputation, is well recognized among tenants, shoppers, home buyers and the investment community.
Mr Kwok added: “Amid macroeconomic headwinds, the Group remains committed to prudent financial discipline and places a strong emphasis on cash flow management, including the implementation of strict controls on capital expenditure and continuous launching of residential projects for sale.”
He emphasized that the Group’s rental portfolio in Hong Kong has over 30 million square feet gross floor area (GFA) while the portfolio on the mainland has been expanded with the soft opening of the Group’s luxury mall in Nanjing, Nanjing IFC Mall, to about 20 million square feet GFA. The Group’s estimated net rental income is estimated to exceed HK$19.2 billion in the financial year 2023/24.
Looking ahead, there are several key projects on the horizon which will contribute to the Group’s growth, Mr Kwok added. A notable one is the mega High Speed Rail West Kowloon Terminus Development, whose office towers will be named the International Gateway Centre (IGC). In March 2024, a celebration was held marking the topping out of an entire tower of the development, that has been rented by UBS as their new Asia Pacific headquarters. Another key project is the Artist Square Towers in the West Kowloon Cultural District, which is now under development.
These projects, along with the Group’s ICC and two luxurious hotels, will form a unique commercial hub with a total of about 5.7 million square feet of premium grade-A office space. With its unparalleled location and commitment to world-class green building standards, the cluster is well positioned to serve as a prominent hub for commerce, culture, arts, retail, entertainment, and transportation in the Greater Bay Area and a place to live, work, play and learn. Furthermore, in Shanghai, construction of the final phase of International Trade Centre (ITC) is scheduled for completion in 2025. These new additions will further strengthen SHKP’s recurring income base over the next two to three years.
The Group also maintains a strong focus on delivering quality properties to achieve fast asset turnovers in its property development business. The residential market in Hong Kong has revived after removal of all property cooling measures in late February 2024. The Group’s recent launches of Cullinan Harbour in the Kai Tak runway area, YOHO Hub II in Yuen Long and Dynasty Court in Mid-Levels have been well received by the market.
Moving forward, SHKP will continue to launch new residential projects for sale as they become available, and actively market its unsold completed residential units and some of its non-core properties, ensuring a continuous cash inflow.
The facility is backed by:
- Bank of China (Hong Kong) Limited
- Oversea-Chinese Banking Corporation Limited
- Agricultural Bank of China Limited Hong Kong Branch
- DBS Bank Ltd.
- The Hongkong and Shanghai Banking Corporation Limited
- Industrial and Commercial Bank of China (Asia) Limited
- Hang Seng Bank Limited
- China Construction Bank (Asia) Corporation Limited
- China Minsheng Banking Corp., Ltd. Hong Kong Branch
- CMB Wing Lung Bank Limited
- Nanyang Commercial Bank, Limited
- Chiyu Banking Corporation Limited
- The Korea Development Bank
- Sumitomo Mitsui Banking Corporation
- BNP PARIBAS
- Mizuho Bank, Ltd.
- Standard Chartered Bank (Hong Kong) Limited
- United Overseas Bank Limited
- Taipei Fubon Commercial Bank Co., Ltd.
- Bank of Communications Co., Ltd Hong Kong Branch
- Chong Hing Bank Limited
- Citigroup Global Markets Asia Limited
- Crédit Agricole Corporate & Investment Bank
SHKP fully supports Hong Kong Reading Week
Sun Hung Kai Properties (SHKP) has been a strong advocate for reading for almost two decades. In line with the government’s announcement designating 23 April as the Hong Kong Reading for All Day, SHKP is delighted to provide the venue to host the 2024 Hong Kong Reading+ carnival. This four-day event, organized by the Hong Kong Publishing Federation and sponsored by Create Hong Kong, will take place at New Town Plaza in Sha Tin from 20 to 23 April.
SHKP Executive Director Christopher Kwok said: “President Xi Jinping has expressed his wish for all people to actively engage in reading and contribute to a culture where reading is cherished, quality books are available, and everyone benefits from reading. SHKP has been promoting reading since 2005 and is honoured to provide a bustling venue for the 2024 Hong Kong Reading+ carnival. The event includes an exhibition, seminars, workshops, and performances, all designed to foster a love for reading among the younger generation and broaden their horizons.”
The theme of the carnival is “n reasons for reading”. Apart from the exhibition, it also will feature a book fair, an electronic reading experience zone, nearly 20 seminars by renowned writers and music performances. Various parent-child activities, including storytelling sessions, STEM (Science, Technology, Engineering and Mathematics) workshops, and DIY picture book making classes, will also be organized. A highlight of the carnival will be a talk and a meet-and-greet session by Hideko Yamashita, acclaimed Japanese writer of the global bestseller “DanShaRi”, who will be introducing her new book.
In addition to supporting the carnival, New Town Plaza will launch a series of online and offline activities to promote reading. One such activity is a contest where participants have the chance to win a HK$200 SHKP Malls Gift Card by sharing their favourite book title under the event post on the SHKP Reading Club Facebook page between 20 and 28 April.
Over the years, SHKP has collaborated with the government and community groups to organize a number of reading promotion campaigns at its shopping malls. An example of this collaboration is the book exhibition held at apm shopping mall in Kwun Tong last year. This exhibition was conducted in support of the government’s initiative to promote the night-time economy while encouraging everyone to read. During this event, apm shopping mall extended its operating hours until 11 pm, providing an opportunity for book enthusiasts, especially “night owls”, to immerse themselves in the joy of reading.
SHKP has been a stalwart supporter of reading initiatives. Since the launch of the Read to Dream programme in 2008, SHKP has been providing book allowances to over a thousand students annually to buy their favourite books at the Hong Kong Book Fair. This effort has benefitted more than 30,000 students so far. In 2013, SHKP introduced the SHKP Reading Club, which has organized talks and workshops on reading at nearly 400 schools. In 2019, SHKP launched the Read For More online reading platform which uses engaging multimedia content on popular culture, travel, and food to promote reading among individuals. SHKP has also been putting more emphasis on STEM education across its reading promotion initiatives since 2021, when the National 14th Five-Year Plan indicated clear support for Hong Kong’s development as an international innovation and technology hub, encouraging primary and secondary school students to apply STEM knowledge in their daily lives.