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Kenneth Ko

Privately-run developer Wincome Group is building a luxury residential project on The Peak and plans to develop a three-star hotel in Mongkok.

  Director Rosanna Chan said the company was developing 10 deluxe houses, measuring 3,000 to 4,000 square feet each, at 74 Mount Kellett Road, The Peak.

  She estimated average construction costs for the project at $2,000 to $3,000 per sq ft.

  Ms Chan said it was costly to carry out site formation work on The Peak.

  Wincome had not decided whether to keep the project for long-term lease or offer it for sale.

  Ms Chan said Wincome was prudent in its investments and it pursued projects in accordance with changes and demand in the property market.

  In view of a positive outlook for hotels, she said it was now seeking government approval to convert a 5,000 sq ft site at Fa Yuen Street, Mongkok, for hotel development.

  Ms Chan said there was a growing demand for medium-tariff hotels, especially for visitors from China and Southeast Asia.

  'It is now a good idea to develop hotels outside traditional tourist areas,' she said.

  Wincome had not decided whether to retain the management of the future hotel but Ms Chan said her group had experience in hotel operations.

  Wincome owns a hotel near Disneyland in the United States.

  Her father, Chan Chark-yee, who founded Wincome about 30 years ago, is an expert in hotel operations.

  Mr Chan is a member of the family that built and owns the Park Lane Hotel in Causeway Bay.

  Ms Chan said Wincome was looking for potential sites, mainly for residential property developments, to cope with market demand and to diversify its portfolio. The group's existing portfolio comprised mainly offices, and the purpose of about 60 per cent of its properties was to generate rental income, she said.

  Wincome's stable rental income enhanced the group's ability to weather the market's fluctuations, she added. Ms Chan would not divulge details of its earnings and income.

  She said the company had considered seeking a public listing but there were no plans to do so at the moment.

  Its investment properties include the 25-storey Centre Mark in Queen's Road Central, the 26-storey Golden Sun Centre in Bonham Strand West and the 21-storey Kelly Commercial Centre in Nathan Road.

  The company recently bought a new residential building in Happy Valley and turned it into a serviced apartment tower - Valley Orchid - for rental purposes.



Wincome takes on Peak project, Mongkok hotel