Magnificent has $255m property fund

Magnificent Estates plans to spend up to $255 million this year on property developments.

Executive director Albert Hui Wing-ho said the developer had purchased a residential site at Clearwater Bay for $30 million on which it plans to build 40 1,200 square foot units.

The land premium for the site would cost $60 million. Construction costs would reach to $40 million to $50 million.

In another project, Magnificent Estates recently got the go ahead from the Town Planning Board to extend its shopping centre in Pak Sha Wan by 40,000 sq ft.

In addition, the company recently purchased a $85 million apartment block at The Peak.

Mr Hui said Magnificent Estates hoped to fund the projects from capital raised through the stock market.