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Cathay Pacific has agreed to rent 130 apartments at Sino Group's Hong Kong Gold Coast in Tuen Mun to overseas cabin crew, the largest residential-leasing transaction in recent years.

The agreement marks the first time Cathay Pacific has leased apartments for cabin crew instead of paying housing allowances.

The 130 apartments, each 735 square feet with a balcony, are in blocks 12 to 18 of the development.

The units are fully furnished.

The lease runs for three years and Cathay has an option to lease an extra 25 units.

Lawrence Chong, general manager of Sino Group's leasing department, declined to disclose the rental price but said asking rents for Hong Kong Gold Coast apartments ranged from HK$13 per square foot a month to HK$18 per square foot.

Cathay general manager of in-flight services, Quince Chong, said by leasing the flats the company could provide newly recruited cabin crew with comfort and convenience and save them the hassle of flat hunting.

A Cathay spokesman said the company would review feedback from the cabin crew to decide if the cash-allowance policy should be changed or if it needed to extend the accommodation scheme.

On Castle Peak Bay, Tuen Mun, Hong Kong Gold Coast consists of 19 apartment towers and 88 low-rise houses of 1,950 sq ft to 3,540 sq ft.

The development is equipped with a yacht and country club, shopping mall and the Hong Kong Gold Coast Hotel.

Controlled by the Ng family, Sino Group includes the family's private investments in Hong Kong, and two listed arms - Tsim Sha Tsui Properties (TSTP) and Sino Land.

The group received about HK$2 billion rental income from investment properties in Hong Kong last year.

The Ng family held about 1,000 units at Hong Kong Gold Coast with 700 units already leased, generating an annual rental income of slightly more than HK$100 million, Mr Chong said.

Separately, Sino Land announced that its final share placement size was HK$783 million as an over-placement option had not been exercised.

The option would have resulted in the issue of an extra 90 million shares at the same placing price of HK$4.35 each.

After the placement due to be completed today, TSTP's shareholding in Sino Land will be reduced from 52.57 per cent to 50.11 per cent.



Cathay in leasing deal with Sino for overseas cabin crew