Hysan Development's Unit Sales Fetch HK$370M, Boosting Revenue
Hysan Development, a Hong Kong-based property developer, has started selling units and parking spaces in two of its buildings, marking a shift from its traditional leasing model. The move has generated significant interest and revenue.
The sales began in August, with initial transactions fetching over HK$370 million. Among the buyers were Ingram, who purchased two units for HK$77.23 million, averaging around HK$26,000 per square foot. Sharp Focus, owned by Kitty Chou Hok-yee, also made a purchase, acquiring a unit for HK$56.39 million at approximately HK$25,700 per square foot.
The buildings in question include Bamboo Grove on Kennedy Road, which Hysan has held since 1985. This property offers 345 units and 436 parking spaces, catering to senior executives. The flats vary in size from about 730 to 4,804 sq ft, with one to six bedrooms. Despite the lack of information on who bought the two residential units on Kennedy Road or their prices, Hysan expects to gain about HK$49.3 million from these transactions. The proceeds will be used for general working capital.
Hysan's decision to sell units and parking spaces has proven successful, with significant revenue generated from the transactions. The developer expects to gain HK$49.3 million, which will be used for general working capital. Despite some information gaps, the shift in model has been beneficial for Hysan.
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