16 December 2015
A joint venture between BPE Asia Real Estate and National Properties (a subsidiary of Hong Kong listed National Electronics Holdings Limited) to build seven luxury houses at prestigious location on Hong Kong Island South
- Hong Kong has a unique luxury housing market characterised by strong local and international demand for new properties and very limited new supply
- This project represents the third time that members of the BPE Asia real estate team have partnered with National Properties to construct luxury homes on Hong Kong Island
- The site is located in one of the most prestigious areas in Hong Kong and boasts impressive unobstructed panoramic sea views
BPE Asia Real Estate (“BPE Asia”) and National Properties, a subsidiary of National Electronics Holdings Limited (HKSE Stock Code: 213) announced today a joint venture for the construction of luxury detached houses in Tai Tam, the Island South District of Hong Kong.
The proposed development includes 7 luxury detached houses located on a site of approximately 32,390 sq ft (3,009 sq m) each to be constructed with an elegant classic design including basement carports, private infinity pool and internal elevator.
The property is located in the prestigious Tai Tam area in close proximity to the beach, the American Club and the Hong Kong International School. The houses will have an exclusive access road and impressive unobstructed panoramic sea views as depicted below.
Site formation and foundation works for the project have been completed and the construction of superstructure works is ongoing. Completion of the first show house is expected in 18 months’ time (mid 2017).
Hong Kong is one of the most robust financial centres in the world and there remains strong demand for luxury housing against a background of limited new supply.
Mark Fogle, Managing Director & Head of Real Estate for BPE Asia said, “Along with my partners Charles Lam and Malcolm Lai, we have previously completed two projects with National Properties (110 Repulse Bay Road and 56 Peak Road), which were very successful developments. Hong Kong is one of the most robust financial centres in the world and there remains strong demand for luxury housing against a background of limited new supply. In our view, National Properties has created some of the highest quality landmarks on Hong Kong Island and we are honoured to be partnering once again”.
Loewe Lee, Managing Director of National Electronics Holdings Limited said, “The Tai Tam project exemplifies the hallmark characteristics of National Properties’ developments including spectacular views, exceptional design, a superior level of refinement and an elegant living environment. We are very pleased to once again be partnering with members of the BPE Asia team in this initiative”.
Charles Lam, Managing Director of BPE Asia said, “The Hong Kong residential property market is unlike any other gateway city in Asia. Hong Kong has a population of approximately 7.5 million people of which approximately 1.4 million live on Hong Kong Island, yet there are less than 750 single family detached or semi-detached houses located within developments of eight homes or less. Furthermore, we estimate that there is an average supply of just 15 such houses coming to the market per annum over each of the next three years.”
About BPE Asia
BPE Asia is a large and established independent alternative investment adviser. The firm’s funds operate a pan‐Asian investment program, across private equity and private real estate throughout the Asia-Pacific region. The firm has been investing in Asia since its formation in 1997 and has over 120 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo.
About National Properties
Since its inception in 1992, National Properties has fulfilled a niche in Hong Kong’s property market, creating some of the most luxurious and unique developments. In working with some of the world’s top architects and designers, including Andrée Putman, Robert A. M. Stern, Christian Liaigre, Antonio Citterio, Remo Riva and Joseph Fung, National Properties distinguishes itself as a leader and innovator in the industry. The Company has created exclusive high-end residences such as 37 Deep Water Bay Road and One St Thomas (Toronto, Canada), unique commercial buildings such as 50 Connaught Road Central, and boutique hotels such as The Putman, The Jervois and 99 Bonham.
Richard Barton, Newgate Communications