Sun Hung Kai Properties 2024/25 Interim Results Announcement
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Sun Hung Kai Properties 2024/25 Interim Results Announcement
Sun Hung Kai Properties Limited (SHKP) today announced its 2024/25 interim results.
During the period under review, SHKP kept up its efforts in delivering premium quality development projects and services despite global economic uncertainties. Riding on the Group’s solid financial position, sizeable recurrent income, strong leadership, experienced execution teams and time-tested strategies, the Group was able to navigate the ever-changing environment and deliver satisfactory business performance.
In Hong Kong, the Group achieved contracted sales of about HK$24.8 billion in attributable terms during the period. Major contributors included Cullinan Sky Phase 1 in Kai Tak, Victoria Harbour Phase 2B in North Point, The YOHO Hub II in Yuen Long and NOVO LAND Phase 3B in Tuen Mun. The remaining units from various completed properties such as St Michel in Sha Tin and Dynasty Court in Mid-levels Central continued to receive positive market response. As at the end of last year, the Group’s contracted sales yet to be recognized in Hong Kong amounted to HK$30.4 billion, of which about HK$20.2 billion is expected to be recognized in the second half of this financial year. Over the next 10 months, the Group plans to launch YOHO WEST PARKSIDE in Tin Shui Wai, the second phases of Cullinan Harbour and Cullinan Sky in Kai Tak, the first phase of the Sai Sha development, namely SIERRA SEA, NOVO LAND Phase 3A in Tuen Mun and the first phase of the residential project next to MTR Kwu Tung Station, which is under construction.
Planned meticulously for over 30 years, the Group’s upcoming Sai Sha project is scheduled for completion in phases over a number of years. In addition to strengthening transport connectivity and infrastructure, the Group has incorporated innovative, family- and pet-friendly development concepts into the project to create a vibrant community. Surrounded by scenic mountains and the sea, the residential portion of the development is complemented by the GO PARK Sai Sha, a 1.3 million-square-foot sports-and-commercial complex that opened to the public in January this year. With facilities for popular and emerging sports as well as amenities for entertainment, dining and recreation, the complex can cater to the lifestyles of residents across different generations and is poised to become a ‘back garden’ for families to spend quality time together.
The Group’s property investment portfolio in Hong Kong continued to provide a sizable and stable recurring income for the Group while overall occupancy of the portfolio remained satisfactory. The shopping mall beneath The Millennity in Kwun Tong and Cullinan Sky Mall connected to MTR Kai Tak Station are scheduled to open in phases starting later this year. International Gateway Centre (IGC), the offices atop the High Speed Rail West Kowloon Terminus, will be handed over to tenants starting in 2026. These new investment properties will become new sources of recurrent income for the Group. The Group also carried out ongoing enhancements of assets and services to increase the competitiveness of its shopping malls. The Point, the integrated loyalty programme for SHKP malls, continued to enhance shoppers’ experiences to attract tourists and local customers. A VIP programme has recently been launched to reward premium members with exclusive privileges, including EV charging booking, extra parking hours and bonus points, and a soon-to-be-launched VIP lounge.
On the mainland, the Group’s contracted sales yet to be recognized as at the end of last year reached RMB12.5 billion, of which about RMB7.8 billion is expected to be recognized in the second half of this financial year. In January this year, the Group launched the first batch of the second phase of Lake Genève in Suzhou with an encouraging sales response. In the coming 10 months, the Group plans to launch new batches of joint-venture developments, such as Lake Genève in Suzhou, Hangzhou IFC, and Oriental Bund in Foshan. On the property investment front, the Group registered a mild decrease in rental income during the period, mainly due to a decline in turnover rent of its retail portfolio. In addition, the remaining portion of Three ITC in Shanghai, including an office skyscraper Tower B, a flagship mall ITC Maison and a hotel Andaz Shanghai ITC, will be completed in phases starting in the second half of 2025.
The Group proactively upgrades its existing properties to meet higher green building standards. A strong advocate of renewable energy, the Group joined hands with other partners to develop Hong Kong’s first privately funded solar farm on a landfill. The project will be completed in 2025 with the capacity of generating 1.2 million kWh of green electricity annually. The Group’s commitment to sustainable development has garnered recognition locally and internationally. It was named a constituent of the Dow Jones Sustainability Asia Pacific Index for the second consecutive year. The Group also ranked among the top three companies in the Hang Seng Corporate Sustainability Index for the fifth year in a row, maintaining the highest AAA rating.
With the unwavering support of the Central Government, the Group believes Hong Kong will further leverage the unique advantages of ‘One Country Two Systems’ to seize opportunities and embrace changes. Supported by its low tax regime, sound common law system, free flow of capital, well-functioning exchange-rate system and high adaptability, Hong Kong will endeavour to build itself into an international hub for high-calibre talent. With full confidence in the long-term prospects of the mainland and Hong Kong, and upholding its belief in Building Homes with Heart, the Group will adhere to solid and prudent financial management practices, maintain a low gearing ratio, and leverage its diversified investment portfolio to maintain a stable and sizeable recurrent income. By exercising stringent control over construction and other costs, the Group will continue to develop iconic integrated projects and sustainable communities that enhance the quality of life for residents, contributing to the strengthening of Hong Kong’s status as an international financial, trade and transportation centre.
Sun Hung Kai Properties Limited (SHKP) today announced its 2024/25 interim results.
During the period under review, SHKP kept up its efforts in delivering premium quality development projects and services despite global economic uncertainties. Riding on the Group’s solid financial position, sizeable recurrent income, strong leadership, experienced execution teams and time-tested strategies, the Group was able to navigate the ever-changing environment and deliver satisfactory business performance.
In Hong Kong, the Group achieved contracted sales of about HK$24.8 billion in attributable terms during the period. Major contributors included Cullinan Sky Phase 1 in Kai Tak, Victoria Harbour Phase 2B in North Point, The YOHO Hub II in Yuen Long and NOVO LAND Phase 3B in Tuen Mun. The remaining units from various completed properties such as St Michel in Sha Tin and Dynasty Court in Mid-levels Central continued to receive positive market response. As at the end of last year, the Group’s contracted sales yet to be recognized in Hong Kong amounted to HK$30.4 billion, of which about HK$20.2 billion is expected to be recognized in the second half of this financial year. Over the next 10 months, the Group plans to launch YOHO WEST PARKSIDE in Tin Shui Wai, the second phases of Cullinan Harbour and Cullinan Sky in Kai Tak, the first phase of the Sai Sha development, namely SIERRA SEA, NOVO LAND Phase 3A in Tuen Mun and the first phase of the residential project next to MTR Kwu Tung Station, which is under construction.
Planned meticulously for over 30 years, the Group’s upcoming Sai Sha project is scheduled for completion in phases over a number of years. In addition to strengthening transport connectivity and infrastructure, the Group has incorporated innovative, family- and pet-friendly development concepts into the project to create a vibrant community. Surrounded by scenic mountains and the sea, the residential portion of the development is complemented by the GO PARK Sai Sha, a 1.3 million-square-foot sports-and-commercial complex that opened to the public in January this year. With facilities for popular and emerging sports as well as amenities for entertainment, dining and recreation, the complex can cater to the lifestyles of residents across different generations and is poised to become a ‘back garden’ for families to spend quality time together.
The Group’s property investment portfolio in Hong Kong continued to provide a sizable and stable recurring income for the Group while overall occupancy of the portfolio remained satisfactory. The shopping mall beneath The Millennity in Kwun Tong and Cullinan Sky Mall connected to MTR Kai Tak Station are scheduled to open in phases starting later this year. International Gateway Centre (IGC), the offices atop the High Speed Rail West Kowloon Terminus, will be handed over to tenants starting in 2026. These new investment properties will become new sources of recurrent income for the Group. The Group also carried out ongoing enhancements of assets and services to increase the competitiveness of its shopping malls. The Point, the integrated loyalty programme for SHKP malls, continued to enhance shoppers’ experiences to attract tourists and local customers. A VIP programme has recently been launched to reward premium members with exclusive privileges, including EV charging booking, extra parking hours and bonus points, and a soon-to-be-launched VIP lounge.
On the mainland, the Group’s contracted sales yet to be recognized as at the end of last year reached RMB12.5 billion, of which about RMB7.8 billion is expected to be recognized in the second half of this financial year. In January this year, the Group launched the first batch of the second phase of Lake Genève in Suzhou with an encouraging sales response. In the coming 10 months, the Group plans to launch new batches of joint-venture developments, such as Lake Genève in Suzhou, Hangzhou IFC, and Oriental Bund in Foshan. On the property investment front, the Group registered a mild decrease in rental income during the period, mainly due to a decline in turnover rent of its retail portfolio. In addition, the remaining portion of Three ITC in Shanghai, including an office skyscraper Tower B, a flagship mall ITC Maison and a hotel Andaz Shanghai ITC, will be completed in phases starting in the second half of 2025.
The Group proactively upgrades its existing properties to meet higher green building standards. A strong advocate of renewable energy, the Group joined hands with other partners to develop Hong Kong’s first privately funded solar farm on a landfill. The project will be completed in 2025 with the capacity of generating 1.2 million kWh of green electricity annually. The Group’s commitment to sustainable development has garnered recognition locally and internationally. It was named a constituent of the Dow Jones Sustainability Asia Pacific Index for the second consecutive year. The Group also ranked among the top three companies in the Hang Seng Corporate Sustainability Index for the fifth year in a row, maintaining the highest AAA rating.
With the unwavering support of the Central Government, the Group believes Hong Kong will further leverage the unique advantages of ‘One Country Two Systems’ to seize opportunities and embrace changes. Supported by its low tax regime, sound common law system, free flow of capital, well-functioning exchange-rate system and high adaptability, Hong Kong will endeavour to build itself into an international hub for high-calibre talent. With full confidence in the long-term prospects of the mainland and Hong Kong, and upholding its belief in Building Homes with Heart, the Group will adhere to solid and prudent financial management practices, maintain a low gearing ratio, and leverage its diversified investment portfolio to maintain a stable and sizeable recurrent income. By exercising stringent control over construction and other costs, the Group will continue to develop iconic integrated projects and sustainable communities that enhance the quality of life for residents, contributing to the strengthening of Hong Kong’s status as an international financial, trade and transportation centre.
- Email media@shkp.com