Grand Opening of Lamborghini Riga
Opening of the first showroom in Latvia and local premiere of Lamborghini Revuelto
SantAgata Bolognese/Riga – WEBWIRE – Monday, October 23, 2023
Automobili Lamborghini has officially opened its first showroom in Latvia. Owned and operated by Luxury & Sports Cars SE, Rigas well-known Karla Ulmana Avenue location hosts the new showroom designed in line with Lamborghinis signature corporate identity, underscoring the brands commitment to Latvia.
The celebratory evening opening event, attended by Automobili Lamborghini Chief Marketing and Sales Officer Federico Foschini and Lamborghini Riga CEO Valdis Spredzis, was also the occasion of the national premiere of the Lamborghini Revuelto[1], presented to guests in signature Bianco Monocerus colour.
Lamborghini Riga will welcome the growing number of Latvian customers and enthusiasts of our cars and brand, said Federico Foschini, Chief Marketing and Sales Officer of Automobili Lamborghini. The new dealership will also support Lamborghini in its Cor Tauri strategy, a path that started in 2023 with the presentation of the new Revuelto: the first model with PHEV technology. This will be followed by hybridisation of the rest of the range by 2024, making Automobili Lamborghini the first super sports car brand with its entire fleet hybridised. With the launch of Lamborghini Revuelto, we are opening a new chapter in our memorable V12 history.
In Latvia we have a highly developed ultra luxury vehicle segment, and representing Lamborghini here was the right choice from our side, says Valdis Spredzis. I am honoured that Lamborghini has chosen us as their retail partner in the market and, on behalf of my team, I promise that Lamborghini customers will receive outstanding customer care while exploring the full Lamborghini product range, with the highest quality after sales service.
The 300 square meter showroom is located at 75 Karla Ulmana Avenue in Riga. The new product range on display is enhanced by the Ad Personam lounge: a dedicated area where clients can create a customised configuration for their new Lamborghini. The personalisation program offered in the dealership allows owners to choose from virtually unlimited paint options as well as interior finishes including leather, special stitching, carbon fibre elements and many other exclusive options for their new car. To go further in the customization program, customers can also visit the SantAgata Bolognese Ad Personam Studio, and personalize their Lamborghini accompanied by an Ad Personam specialist.
The official opening event was a highlight in the Latvian automotive scene. The refined, elegant yet festive atmosphere at Lamborghini Riga was enriched by a performance from Alessandro Ristori. A gourmet dining experience was created on site by leading Latvian chefs Raimonds Zommers, Lauris Aleksejevs and Ivans Shmigerevs, who created a highly refined Italian menu with notes of local cuisine.
Automobili Lamborghini is currently represented in Latvia only in Riga, with 79 dealerships in the EMEA region and 182 worldwide.
[1] The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. The fuel consumption and emissions data are in the type of approval stage.
Everbright Grand China Assets Limited (“Everbright Grand China” or the “Group”; HKEX stock code: 03699), a subsidiary of China Everbright Group, principally engaged in the businesses of property leasing, property management and the sales of properties held for sale, announced its interim results for the six months ended 30 June 2023 (“Reporting Period”). During the reporting period, the Group recorded a revenue of approx. RMB22.1 million, represented a decrease of approx. RMB5.0 million compared with the corresponding period of last year (2022: RMB27.1 million), mainly due to the drop in the occupancy rate. Profit attributable to equity shareholders of the Company amounted to approx. RMB13.3 million (2022: RMB12.3 million), representing an increase of approximately RMB1.0 million as compared to the same period last year, mainly attributable to the rise in the valuation gains on investment properties. The basic earnings per share was approximately RMB0.03. (2022: RMB 0.03). Property Leasing Property Management Service Investment Properties As at 30 June 2023, the Group maintained cash and bank balances of approx. RMB224.0 million (31 December 2022: RMB214.9 million). The Group’s gearing ratio, being measured by the Group’s total liabilities over its total assets, was 19.0% (31 December 2022: 18.3%). The Group’s liquidity position was well-managed. During the reporting period, the Group’s tenants, lease contracts, and occupancy rates have remained relatively stable. Although market fluctuations may persist in the second half of the year, we anticipate that with the stable business performance of our clients and the stability of our lease contracts, the occupancy rate has likely reached its bottom and will remain stable or gradually improve in the future, and the rental prices will also continue to stabilize. Prospects Looking ahead, the central government remained committed to driving economic growth by introducing a series of revitalization policies, which are expected to stimulate the housing and rental markets and positively impact stabilizing the growth of the property management industry. Given the unstable international environment, the Group maintains a cautious approach towards acquiring overseas properties. On the contrary, should opportunities arise in mainland China, the Group will consider the acquisition of high-quality projects to diversify our business portfolio and generate long-term investment returns. Simultaneously, the Group will actively optimize and enhance our service quality and user experience to further strengthen our competitiveness and resilience, and strive to achieve long-term, stable and abundant profits for our shareholders. About Everbright Grand China Assets Limited For further details regarding to Everbright Grand China Assets Limited, please visit its website at https://ebgca.com.hk/. Grand Ming Group Holdings Limited (the “Company” and together with its subsidiaries, the “Group”, stock code: 1271.HK) today announces its annual results for the year ended 31 March 2023 (“FY 2022/23”). Highlights In FY 2022/23, the Group’s consolidated revenue amounted to $5,004.6 million (FY 2021/22: $817.9 million), representing an increase of 5.1 times as compared to FY 2021/22. The consolidated gross profit also increased 31.2 times to $1,987.8 million (FY 2021/22: $61.7 million). These are primarily attributable to recognition of revenue and profits from The Grand Marine upon completion of its sales and handover of the residential units to the customers during the year under review. Net profit for FY 2022/23 grew by 71.7 times to $1,275.5 million (FY 2021/22: $17.5 million). Earnings per share was 89.85 HK cents (FY 2021/22: 1.24 HK cents). Excluding the change in fair value of investment properties, the Group recorded an underlying profit of HK$1,299.3 million in FY 2022/23, as compared to an underlying loss of $75.2 million in FY 2021/22. Underlying earnings per share was 91.53 HK cents (FY 2021/22: underlying loss per share of 5.30 HK cents). The Group believes a long-term high dividend policy is the best reward for our loyal shareholders. With the solid performance, the Board now recommends to pay a final dividend for FY 2022/23 of 5.0 HK cents per share. To celebrate the Group’s 10th anniversary of listing on the Hong Kong Stock Exchange and express the gratitude to the Company’s shareholders for their continued support, the Board also recommends a special dividend of 15.0 HK cents per share. Together with the interim dividend of 6.0 HK cents per share and special interim dividend of 20.0 cents per share already paid, the total dividends for FY 2022/23 amounted to 46 HK cents per share. The Group have demonstrated a proficiency in property development project initiation and execution through the successful launch of its first signature property project “Cristallo” which is a luxury residential project sitting at No. 279 Prince’s Road West, Kowloon. As at 31 March 2023, 15 units out of the total 18 units had been sold. The residential development “The Grand Marine” is located at No. 18 Sai Shan Road, Tsing Yi, the New Territories. It offers 776 units with a saleable area of approximately 345,000 square feet. Pre-sales commenced since November 2019 and were well received by the market with over 92% of the units being sold as of 31 March 2023. Handover of the pre-sold units to buyers commenced in April 2022 following the issuance of the certificate of compliance in March 2022. Sales revenue of HK$4.85 billion was recognised in FY 2022/23. The Group’s another project “The Grands” is located at No. 41, 43 and 45 Pau Chung Street in To Kwa Wan, Kowloon in close proximity to MTR To Kwa Wan station with a gross floor area of approximately 31,000 square feet. It is being developed into a 22-storey residential-cum-commercial tower with 76 residential units and a resident clubhouse over two levels of shops. Interior fitting-out works of the residential units are substantially completed. Preparation works for the pre-sale of the project are also commenced. The Group is also developing a site, situated at No.1 Luen Fat Street, Fanling, the New Territories, into a residential-cum-commercial complex with a total gross floor area of approximately 36,000 square feet. The foundation works is underway and the development is scheduled to be completed in mid-2025. In February 2023, the Group acquired two properties at No.66 Fort Street and No.57 Kin Wah Street, North Point, which cover a site area of approximately 3,240 square feet with a developable gross floor area of approximately 30,000 square feet. Currently, No.57 Kin Wah Street is a vacant land, while No.66 Fort Street has a 5-storey building, which is scheduled to be demolished in the third quarter of 2023. The site is planned to be redeveloped into a residential-cum-commercial project. The balanced portfolio development initiative also includes geographical footprint expansion. The Group has started to development a site locating at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province with a site area of approximately 574,000 square feet. It is planned to be developed into a luxury residential project under the theme of leisure and healthy lifestyle, comprising high-rise apartment units, villas, retail shops and a wellness centre. Target customers will be the elderly and retirees and their families. The estimated gross floor area of the proposed development is approximately 1,100,000 square feet. The Group is in the process of obtaining all necessary document approvals from the relevant government authorities and plans to start construction works later this year. The data centres operation is a major initiative of balanced development. The Group currently owns two data centres, namely iTech Tower 1 and iTech Tower 2. Revenue from its leasing business maintained a favourable growth, and recorded an increase of 20.5% year-on-year to HK$235.0 million. This was mainly driven by increasing utilisation of data centre spaces by the existing and new customers and increasing rental-related income due to uprise of electricity tariff. The development of the two new high-tier data centres in the pipleline located in Fanling are well underway. Upon completion of these two new data centres, the Group will increase its portfolio gross floor area by 186,000 square feet. Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “The year 2023 remains a challenging year for businesses. In tandem with the gradual recovery of the economy at this post-pandemic period, coupled with potential final push of interest rate hike ahead, we consider a cautious vision on our outlook this year is a key for navigating any tough environment. The Group has stayed steadfast to drive the corporate priorities of creating a balanced portfolio for its business structure and segments as well as to broaden the recurring income stream to drive resilience in all-weather economic landscape. Leverage on the strength of our people and leadership bench, we achieve remarkable results in FY 2022/23 with a record-high revenue and net profit, attributed from the completion of sales of The Grand Marine. We will continue the sale of the remaining units of The Grand Marine and Cristallo. We also plan to launch the pre-sales of The Grands in the second half of 2023. The development of the two new high-tier data centres in Fanling are progressing on schedule, and are targeted to be delivered in mid-2025 and mid-2026 to meet strong market demand. Meanwhile, we continue to commit to improving and upgrading the infrastructure of the existing data centres with a view to providing reliable services to our existing customers. With proven track record and a resilient financial position, we continue to identify for suitable development projects on a prudent manner so as to create long-term sustainable value and impactful outcomes for our stakeholder.” About Grand Ming Group Holdings Limited (Stock code: 1271.HK) Media Contacts: The new building offers luxury one and two-bedroom rental residences from Diversified Properties, LLC and Fidelco Realty Group. Summit Court Union UNION, N.J. – April 18, 2023 – PRLog — After the successful lease up of the first two rental buildings in Union, New Jersey, Diversified Properties, LLC and Fidelco Realty Group announced the grand opening of the final phase of new luxury rentals at Summit Court, for the last opportunity to call this sought after community home. “We are excited to bring our final building of luxury residences and spectacular features to Union,” said Nicholas W. Minoia, Managing Partner of Diversified Properties, LLC. “These rentals will help meet the continued demand for housing in Union County.” The new building of one and two-bedroom residences features 9′ ceilings, smart lock entry, in-home washer and dryer, and complimentary window treatments. Kitchens boast stainless steel appliances, Quartz countertops, and full-height backsplashes, while baths feature marble countertops and full-height tiled walls. Select residences offer private outdoor space. Monthly rents start from $2,345 with grand opening incentives that include up to two months free rent. “It’s rewarding to see the vision for this community come to life,” said Matt Kaplan, Executive Vice President of Fidelco. “The upscale finishes, curated amenity collection and convenient location has attracted many new renters excited to call Summit Court home.” Resort-style community amenities include an outdoor pool and sundeck, courtyards, BBQs and dining areas, firepits with lounge seating, and a fitness center with Peloton® bikes and a cardio and strength center. The on-site clubhouse also features a catering kitchen, game room with billiards, and co-working spaces. Residents can also take advantage of other conveniences such as package lockers, resident and bike storage, and on-site parking with electric charging stations. “Perfect for professionals, students and the modern down-sizer, Summit Court offers luxury living with all the modern conveniences, and easy access to public transportation, universities and the area’s top hospitals,” said Jacqueline Urgo, President of The Marketing Directors, the exclusive marketing and leasing agent. Summit Court is located just a mile from the Union train station for an easy commute into New York City in under 40 minutes. The community is minutes from the Garden State Parkway, Route 78 and Route 22 and in close proximity to abundant dining, shopping and entertainment options nearby. Kean University, one of the largest metropolitan institutions of higher education in the region, is also less than a mile away. The community is located at 1720 Patriot Way, Union, NJ 07083. To learn more and schedule a visit to experience the amenities and fully furnished model residences, call 908.363.1000, email Info@SummitCourtUnion.com, or visit https://SummitCourtUnion.com. *Prices shown are subject to change, error and omission. About The Marketing Directors The Marketing Directors is a renowned development advisory with over 40 years of experience working exclusively on behalf of real estate developers to design, market, and sell residential homes. The Marketing Directors team is a collective of strategic thinkers, market experts, and trusted partners. Headquartered in New York, The Marketing Directors has helped clients successfully lease a large portfolio in New Jersey. To learn more, visit TheMarketingDirectorsInc.com. About Diversified Properties, LLC Diversified Properties is one of the region’s most experienced commercial/residential real estate developers and owners with a diverse portfolio of high-quality, value-add assets under management and in the pipeline throughout the northeast. Diversified Properties’ veteran team of real estate professionals leverages its entrepreneurial approach and multi-disciplinary in-house capabilities to capitalize on opportunistic ground-up development and redevelopment projects in key growth markets. Driven by a passion for building, Diversified Properties leverages its extensive hands-on experience to drive value and create spaces where businesses and communities can thrive. Follow Diversified on Facebook at facebook.com/ For more on Diversified Properties, please visit diversifiedproperties.com. About Fidelco Realty Group, LLC Fidelco Realty Group is a real estate investor, developer and manager with substantial interests in various asset classes including multifamily, office, industrial, retail and mixed-use properties. Its portfolio is concentrated in New Jersey and also includes properties in New York, Florida and Ohio. Led by Chairman Marc E. Berson, Fidelco has been one of New Jersey’s most active developers and investors for more than 50 years. Grand Ming Group Holdings Limited (the “Company” and together with its subsidiaries, the “Group”, stock code: 1271.HK) today announces its interim results for the six months ended 30 September 2022 (“FH 2022/23”). Highlights The Group’s consolidated revenue increased by 7.4 times from HK$586.1 million for the six months ended 30 September 2021 (“FH 2021/22”) to HK$4,920.1 million for FH 2022/23. The Group recorded a net profit for FH 2022/23 was HK$1,410.2 million, representing an increase of 19.4 times when compared to that of HK$69.2 million for FH 2021/22. Earnings per share was 99.3 HK cents (2021: 4.9 HK cents). The Group’s underlying profit for FH 2022/23, excluding the change in fair value of investment properties, amounted to HK$1,414.3 million, representing an increase of 47.4 times as compared to an underlying profit of HK$29.2 million for FH 2021/22. Underlying earnings per share was 99.6 HK cents (2021: 2.1 HK cents). The significant increase in the Group’s consolidated revenue and net profit in FH 2022/23 was primarily attributable to the handover of the pre-sold units of the residential project namely The Grand Marine to buyers during FH 2022/23. The Board declares to pay an interim dividend of 6.0 HK cents (2021: 4.0 HK cents) per share, payable on 15 December 2022 to shareholders whose names appear on the Company’s register of members on 2 December 2022. The Group’s first residential property development project “The Grand Marine” at Tsing Yi, the New Territories consisted of two residential towers with 776 residential units, together with car parks and clubhouse facilities. It provides a saleable area of approximately 345,000 square feet. The property’s pre-sale which began in November 2019 received applauding sentiment and over 92% of the residential units had been pre-sold. The certificate of compliance for The Grand Marine was obtained in March 2022. Handover of the pre-sold units to buyers subsequently commenced in April 2022, with revenue of HK$4.77 billion recognised during FH 2022/23. The data centre leasing business was in good shape maintaining a healthy growth. Revenue derived from this segment increased by 23.9% to HK$113.9 million in FH 2022/23, primarily driven by the increased utilisation of data centre spaces by existing and new customers. The Group on the other hand executes the plan to expand the data centre network by developing the two greenfield sites at No.3 On Kiu Street and No.8 On Chuen Street in Fanling, the New Territories into two new high-tier data centres with an estimated gross floor area of approximately 185,000 square feet in aggregate. The development is targeted to be delivered in mid-2025 and mid-2026 respectively. In FH 2022/23, revenue derived from the construction business decreased by 90.2% to HK$29.7 million, which recorded a significant drop due to substantial decrease in revenue recognized during the period under review from the completed construction project at Kai Tak. The Group’s another development project in its heatmap, located at No. 41, 43 and 45 Pau Chung Street in To Kwa Wan, Kowloon is now named “The Grands”. The site is being redeveloped into a 25-storey residential tower with 76 units and clubhouse facilities over two levels of shops covering a total gross floor area of approximately 31,000 square feet. The topping-out of the superstructure works had been completed and the interior fitting-out works are currently in progress. Preparation works for the pre-sale are also commenced. The project is scheduled to be completed in the first half of 2023. For the site at No.1 Luen Fat Street, Fanling, the New Territories, the Group plans to develop into a residential-cum-retail complex with a total gross floor area of approximately 36,000 square feet. The land exchange application to convert the use of land is under processing. Foundation works has started, and the development is scheduled to be completed in mid-2025. Upon completion of the redevelopment of the site, the completed properties will be sold to generate revenue for the Group. The Group’s luxury residential project, CRISTALLO, at No. 279 Prince Edward Road West, Kowloon was well sold. As of September 2022, 15 units out of the total 18 units had been sold. The Group expands into Mainland China via acquiring its first land parcel through government public auction which is located at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province with a site area of approximately 574,000 square feet in July 2021. It is planned to develop the land into a luxury residential project under the theme of leisure and healthy lifestyle, comprising high-rise apartment units, villas, retail shops and a wellness centre. Target customers will be the elderly and retirees and their families. The estimated gross floor area of the proposed development is approximately 1,100,000 square feet. Site investigation had substantially been completed. Application for building plan approval is under preparation. Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “I am pleased to share that we have made a strong growth and achieved a record-high revenue and net profit from our right strategy of making the Group to be a property developer, despite the challenging global environment with persistent pandemic impact, interest rate hike and high inflation. Demand for our both development property and data centre portfolio remain resilient, and our brand is well oriented to capture growth opportunities. In the midst of uncertain economic outlook, we remain cautiously optimistic on the short term and confident on the long-term prospects of the local residential property market. We will keep on identifying and securing opportunities to increase land bank on the backdrop of our sound financial position. We also commit to providing comprehensive and reliable services to our data centre customers. Apart from upgrading the existing iTech Tower 1 & 2, the two new data centres in Fanling are designed and to be equipped to accommodate customers with high power requirement. Our new strategic direction of developing property in Mainland China will continue to leverage our distinctive operating capabilities and seasoned experience to seize the attractive growth opportunities.” About Grand Ming Group Holdings Limited (Stock code: 1271.HK) Media Contacts:
Everbright Grand China Announces 2023 Interim Results
As at 30 June 2023, the Group’s property portfolio includes Everbright Financial Center, part of Everbright International Mansion and Ming Chang Building, which are located in Chengdu, Sichuan Province and Kunming, Yunnan Province, respectively, with a total gross floor area of approximately 89,507 (31 December 2022: 89,507) sq.m. During the reporting period, the average occupancy rate of the properties was approximately 73%. (2022: 86%). The Group generated a rental income of approx. RMB 16.2 million (2022: RMB 20.0 million), representing a decrease of approx. RMB 3.8 million as compared to the same period last year, mainly due to the drop in the occupancy rate.
The Group has a professional property management team to provide management services to Everbright Financial Center and Everbright International Mansion to maximize the value of the properties. During the reporting period, revenue from the property management services was approx. RMB 5.9 million (2022: RMB 7.1 million), representing a decline of approx. RMB 1.2 million as compared to the same period last year, mainly due to the rise in the vacancy rate of the properties.
As at 30 June 2023, the fair value of the investment properties was RMB 959.5 million (31 December 2022: RMB 954.1 million). For the six months ended 30 June 2023, the valuation gains on investment properties amounted to approx. RMB 5.4 million (2022: RMB 0.7 million), representing an increase of approx. RMB 4.7 million as compared to the same period last year.
In the first half of the year, the Group’s property leasing business was inevitably impacted by the series of unstable risks that still hampered the overall business environment, along with higher interest rates in the global market, the relatively subdued consumer sentiment in mainland China and the lack of significant pickup in the real estate market. However, leveraging the abundant cash reserves and absence of debt, the Group is well-positioned to capitalize on the high-interest rate environment to generate more interest income. Benefiting from the synergy created by the China Everbright Group and the popularity of the “Everbright” brand, the Group can maintain a friendly long-term cooperation that is mutually beneficial and creates a win-win situation that contributes to the stable growth of its leasing business. In the second half of 2023, the Group plans to continue expanding the scale of property management services and will pursue three key development strategies of increasing leasing activities, optimizing capital management, and exploring new investment opportunities. By increasing leasing volume and utilizing its funds prudently, the Group aims to achieve stable and robust investment growth.
Everbright Grand China Assets Limited, a subsidiary of China Everbright Group, principally engaged in the businesses of property leasing, property management, and sales of properties held for sale, owns, leases, and manages properties located in Chengdu, Sichuan province, and also owns and leases a property located in Kunming, Yunnan province. The properties are located in the city of Chengdu and Kunming, the key cities of western China. The property portfolio comprised three commercial properties, namely Everbright Financial Center, part of Everbright International Mansion and Ming Chang Building.
Topic: Press release summaryGrand Ming Group Holdings Limited Announces Annual Results for the Year Ended 31 March 2023, Reporting a Record-High Revenue and Net Profit
— Revenue amounted to HK$5.0046 billion, an increase of 5.1 times from the previous financial year.
— Net profit for the year was HK$1.2755 billion, representing an increase of 71.7 times.
— Proposed payment of final dividend of 5.0 HK cents per share and special dividend of 15.0 HK cents per share.
— Stay positive toward lucrative business of owning and operating data centres via upgrading and expanding portfolio of developing two new centres in near future.
— Seize opportunity to increase land reserve for property development in Hong Kong.
— Execute the plan for property development in Nanning, Guangxi Province, China targeting for luxurious senior residential market.
The Group is principally engaged in the business of property development and property leasing, as well as building construction. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group operates two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres. Furthermore, the Group has completed sale of its luxury residential project, Cristallo. At present, the respective property development projects sale and ready to pre-sale in the pipeline include “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi and “The Grands”, which is located at No. 41, 43 and 45 Pau Chung Street, To Kwa Wan. Besides, property development in progress includes a site located at No.1 Luen Fat Street, Fanling and a site located at No.66 Fort Street and No.57 Kin Wah Street, North Point. In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project comprising high-rise apartments, villas, retail shops and wellness centre with an estimated gross floor area of approximately 1,100,000 square feet.
Angel Yeung
Jovian Communications Ltd
Email: news@joviancomm.com
Topic: Press release summaryGrand Opening of Summit Court’s Final Phase
Grand Ming Group Holdings Limited Announces Interim Results for the Six Months Ended 30 September 2022
— Revenue amounted to HK$4.92 billion, an increase of 7.4 times from the last corresponding period.
— Profit for the period was HK$1.41 billion, representing a year-on-year increase of 19.4 times.
— Declared payment of an interim dividend of 6.0 HK cents per share.
— Stay positive toward lucrative business of owning and operating data centres via expanding portfolio of developing two new centres in near future.
— Seize opportunity to increase land reserve for property development in Hong Kong.
— Continue to execute the plan for property development in Nanning, Guangxi Province, China.
The Group is principally engaged in the business of building construction, property leasing and property development. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group operates two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres. Furthermore, the Group launches a residential development project namely “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi, as well as a luxury residential project, Cristallo, at No.279 Prince Edward Road West, Kowloon. A new residential-cum-retail development project namely “The Grands”, which is located at No. 41, 43 and 45 Pau Chung Street, To Kwa Wan, Kowloon with a total gross floor area of approximately 31,000 square feet, is well underway and scheduled to be completed in mid-2023. Besides, a site located at No.1 Luen Fat Street, Fanling, New Territories, is planned to develop into a residential-cum-commercial project with total gross floor area of approximately 36,000 square feet and target completion at mid-2025. In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project comprising high-rise apartments, villas, retail shops and wellness centre with an estimated gross floor area of approximately 1,100,000 square feet.
Angel Yeung
Jovian Communications Ltd
Email: news@joviancomm.com
Topic: Press release summary
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