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February 23, 2022

Lofter partners with SC Capital to acquire Ap Lei Chau site

Lofter Group, a Hong Kong-based property developer, recently announced the partnership with Singapore-based pan-Asian real estate investment firm, SC Capital Partners, to acquire majority undivided shares in Nos. 2-4A Ping Lan Street and Nos. 26-28 Ho King Street, Ap Lei Chau for residential-cum-commercial redevelopment.

     Carol Chow, Founder and Chairperson of Lofter, said this redevelopment project is situated near Lei Tung MTR Station and surrounded by parks on 3 sides of the site. Alvin Leung, Director of Investment Management of Lofter, said the subject site with a site area of approximately 4,000 sq ft is zoned as "Residential (Group A)" yielding a maximum gross floor area of approximately 35,000 sq ft. The total acquisition price of the entire site is at over HKD418 million representing an accommodation value of HKD11,943 per sq ft.  
     "The site is in core urban area while being surrounded by over 580,000 sq. ft. of park space in Ap Lei Chau Waterfront Promenade and Aberdeen Typhoon Shelter, making the site a unique redevelopment site in Island South. With distinctive views on the three sides of the site, all residential units of the proposed development can enjoy stunning unobstructed panoramic sea view and greenery view. The retail podium will accommodate al fresco restaurants for diners to enjoy the premium environment." Chow said.
     Suchad Chiaranussati, Chairman and Founder of SC Capital Partners commented, the Ap Lei Chau redevelopment project will be an excellent addition to our pan-Asian portfolio and is consistent with our strategy of investing into well-located locations, which fits the Fund's thematic approach.
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