Hanison Construction Buys Citadines Harbourview Hong Kong

Date: October 2018

Location: Connaught Road West, Sai Ying Pun area, Hong Kong

Name: Citadines Harbourview Hong Kong

No. of Keys: 53

Seller: Singapore’s CapitaLand, paret company of Ascott.

Buyer: Hanison Construction, which is controlled by billionaire Payson Cha.

Hanison, which is controlled by billionaire Payson Cha, purchased the 43,765 square foot (4,065 square metre) building from Singapore’s CapitaLand, which has been operating the property at 138 Connaught Road West as the Citadines Harbourview Hong Kong.

The sale price represents a 58 per cent increase on the HK$462 million that CapitaLand paid for the site in 2013.

The 53-key building has rooms that average 93 square metres by gross floor area, as well as a gym, laundry room, and a rooftop viewing balcony.

Hanison claim to be a renowned, creative and socially responsible property developer and building contractor.

Construction is certainly a core businesses of the Group.

The construction division has completed a range of development projects for public and private sectors, including residential blocks, office buildings, commercial complexes, industrial buildings, factories, institutional buildings, schools, clubhouses, golf courses and recreational facilities.

The division has experience in community infrastructure, site formation, ferry piers, road and drainage works. The construction works also include interior and renovation, maintenance works, and design-and-build projects. Apart from government, customers also include NGOs and renowned listed companies.

Hanison Construction Holdings Limited started in 1989. Their first two building projects were the construction of an 8-storey commercial and residential complex in Discovery Bay and Regency Park (six blocks of 17-storey residential buildings) in Kwai Chung.

Price: HK$730 million (US$93 million)

Price per Key: HK$13,773,585 (£1,342,454)

THPT Comment: Ascott/CapitalLand are usually buyers, rather than sellers….but maybe Hanison made them an offer they couldn’t refuse.

First Seen: Serviced Apartment News