New | British property firm Grosvenor to enhance development capabilities in Asia

Grosvenor, which owns some of London's most expensive areas such as Mayfair and Belgravia, plans to build up its own development teams in Asia-Pacific, said Benjamin Cha Yiu-chung, the company's Asia-Pacific chief executive.

The move would enable the British property firm to make a more meaningful impact in the three cities in the region - Hong Kong, Shanghai and Tokyo - it had chosen to deepen its footprint, Cha said.

Grosvenor already has a project management team in Tokyo and is looking to establish one in Hong Kong.

The first development project in Shanghai was most likely to be a joint venture, Cha said.

The company is privately owned by the Grosvenor family. Its history dates back to 1677 when 202 hectares of swamp, pasture and orchards in London came into the family through marriage. The company embarked on its global expansion in the 1950s, first in Vancouver and then arriving in the region 20 years ago.

Historically, the company has been involved in development projects in the region, but they were through joint ventures. They included the Monterey Court residential tower in Jardine's Outlook with Couture Homes and Asia Standard International Group.