Hong Kong Properties
Discovery Bay, which is 50% owned by CITIC Pacific, is a large residential development jointly developed with HKR International Ltd. Since its launch in 1973, Discovery Bay has evolved into a fully integrated suburban multinational residential community. Situated on the coast of northeast Lantau Island close to the Disney Theme Park, Discovery Bay is endowed with open space and recreational and leisure facilities such as a private beach, central park, scenic promenade, golf course, marina and recreation club.
The current development at Yi Pak Bay is located in the northern part of Discovery Bay. The sale of Phase 14, AMALFI, continued in 2013 with a break between May and November to comply with the new requirements of the Residential Properties (First-hand Sales) Ordinance effective from April 2013. During the year under review, a further 19% of the apartments were sold, bringing total sale to 88% since the launch of the project in 2012. Construction of Phase 15 (a low-rise development of approximately 17,400m2 GFA) was completed, and a sales launch is planned for 2014. The occupancy and booking rates of Auberge Discovery Bay hotel (approximately 26,000m2 GFA) have been encouraging since the soft opening in March 2013.
Redevelopment at Kadoorie Avenue
The Kadoorie Avenue project covers a site of approximately 14,200 m2 GFA in an exclusive lowdensity residential district in Kowloon known for its extensive greenery and mature trees. Foundation and site formation works are scheduled to complete in mid 2014 with project is planned for 2016.
Our Hong Kong investment property portfolio provided stable rental income to CITIC Pacific. At the end of 2013, the overall average occupancy was approximately 97%.