Hysan plans further asset sales
Hysan Development Co says it will continue to dispose of its long-term investment assets after the sale of Happy Valley leasing properties valued at $139 million.
A company source said Hysan had sold four units of Broadwood Park in Broadwood Road, Happy Valley, at prices ranging from $12,000 to $13,000 per square foot.
With the unit size of about 2,900 sq ft, each flat was sold for about $34.8 million.
The sale is estimated to have contributed about $139.2 million in revenue to the company.
Broadwood Park, comprising 62 flats, is the company's long-term investment holding.
The source said Hysan gradually would release the remaining flats of Broadwood Park on to the market when leasing contracts for those units were expired.
'It will take about three years to dispose of all the units at the development,' the company source said.
An estimated revenue of more than $2 billion would be generated assuming that all 62 units were sold, analysts said.
The company could consider selling another luxury residential project, No.3 Garden Terrace at Old Peak Road, after Broadwood Park has been sold, the source said.
Hysan also owns other investment properties, including Bamboo Grove at Kennedy Road and Sunning Court at Hoiping Road, Causeway Bay.
The company had no plans to sell those two residential projects, the source said.
