Chuang's sights on cash flow
Medium-size developer Chuang's Consortium International plans to sell three residential projects this year to tap into HK$500 million, according to executive director Alfred Lai.
He said that in the past year, Chuang's had been inactive and had mainly acted as a property investor, but now, it would become a more active player as a developer.
Mr Lai said proceeds from the three projects would be reinvested in site acquisitions to take advantage of lower land prices.
The property market had mostly stabilised, and the company hoped to profit from buying low and selling high in future.
Mr Lai said that most likely, it would buy sites from the private land market rather than at public auctions.
The first project - The Notting Hill, in Tung Shan Terrace, eastern Mid-Levels - would be released for sale after the weekend.
The project will provide 44 units with 25,625 square feet of floor area. Chuang's has a 70 per cent interest in the project, with 30 per cent held by Finnex Development, controlled by Michael Chan Sing-fai, chairman of 401.com.
Mr Lai said The Notting Hill would provide units of 387 to 793 sq ft, a rare choice for their size in the area.
The other two projects are St Stephen's Lane, in western Mid-Levels and Wharf Road, North Point.
The St Stephen's Lane project will provide 57,700 sq ft of floor area over 73 units and North Point has 37,000 sq ft of floor area. Mr Lai said these two projects would be released before the end of the year.
The company had no intention to sell its well-leased investment property portfolio, which carried a small debt.
