Contracts help lift Ryoden portfolio
Ryoden Development has boosted its property management portfolio by a quarter to six million square feet after securing two government management contracts last month.
Executive director Tony Leung Ka-tung said the group aimed to expand its property management business to the public housing sector through its wholly owned subsidiary, Parkland Property Management.
Parkland recently signed two management contracts with the Government Property Agency to manage eight government projects with a total gross floor area of 592,000 sq ft in the New Territories.
'We are aiming to enlarge our management portfolio in the public sector,' Mr Leung said.
Although the profit generated from property management was relatively low, Mr Leung said in the long-term it would enhance the group's image.
'With an established professional property management firm, it will also help our flat sales.' On the private property side, Mr Leung said the residential project in Victory Avenue, Ho Man Tin would be released for pre-sale either in May or June.
At present, the group would focus mainly on the joint-venture residential development in Tuen Mun, he said.
The group has a 10 per cent stake in a consortium led by China Overseas Land and Investment (Coli) which bought a 178,000 sq ft residential site in Tuen Mun last October.
Coli had a 60 per cent stake in the consortium while Tai Cheung Holdings owned 20 per cent and Kiu Kwong Investment had a 10 per cent holding.
Development of the Tuen Mun site will cost $4.5 billion, including the land cost.
