Cecil Chao

House sales a boost for Cheuk Nang

PUBLISHED : Saturday, 31 July, 1999, 12:00am
UPDATED : Saturday, 31 July, 1999, 12:00am

Cheuk Nang Properties (Holdings) will have its earnings boosted this year by the sale of five luxury houses worth about $100 million at Villa Cecil phase one in Pokfulam, according to executive chairman Cecil Chao Sze-tsung.

The company was also in talks to sell another luxury house in the project, he said. Cheuk Nang had previously said it would keep phase one, comprising 10 houses, for long-term investment.

Mr Chao said the company would release phase two of the development and another project, Cheuk Nang Lookout at 30 Severn Road on The Peak, for pre-sale in the next 12 months.

About 80 per cent of the office space in its Cheuk Nang 21st Century Plaza in Wan Chai had been leased, he said.

Meanwhile, Cheuk Nang was negotiating with investors to sell a residential-commercial site in Kuala Lumpur, Mr Chao said.

The site was the company's only overseas property remaining unsold. It was estimated to be worth several hundred million dollars.

Cheuk Nang had planned to build on the site a serviced apartment-hotel-office development in three phases, providing a gross floor area of about two million square feet.