Lai Sun Development hinted yesterday that its partnership with Sun Hung Kai Properties' ousted chairman Walter Kwok Ping-sheung to develop a HK$6 billion residential project on a recently acquired site in Tseung Kwan O could be the beginning of more partnerships.
Asked if there had been any discussions with the eldest Kwok brother over further co-operation, he said: "We will consider any opportunities if they arise. In fact, various companies have expressed interest in forming alliances with us ever since we became more active in land acquisitions. We are open to all options."
The group's mainland property unit, Lai Fung Holdings, has attracted offers from a number of parties interested in jointly developing its proposed Creative Culture City in Hengqin's cultural and creative zone in Guangdong province.
Chew said the details of the project had not been finalised but the estimated total investment in the 1 square kilometre mega project would be about 10 billion yuan (HK$12.3 billion).
Last month, Lai Sun made its first land acquisition by forming a 50-50 joint venture with Walter Kwok and outbidding five others for the Tseung Kwan O residential site with an above-expected price of HK$2.83 billion. Including land costs, Lai Sun said the total investment cost would be HK$6 billion.
