The following descriptions of Hutchison subsidiary and associated companies are intended to provide a broad introduction to the wide range of activities the companies undertake.
YEARS of planning and
PLANNING PAYS OFF FOR PROPERTY GROUP negotiation with the Hong Kong Government over the redevelopment of a former dockyard site into one of the largest residential complexes ever undertaken in Hong Kong is paying off for the Hutchison Whampoa Property Group.
"When it is completed in 1990, Whampoa Garden will consist of more than 11,000 flats, a large commercial area and a road system that will transform that part of Hung Hom into a self-contained new town with an estimated population of 40,000,” says Denny Johnston, managing director of the property group.
The 2,760 flats in Sites 1 and 2 have already been sold and the sale of the 960 flats in Site 3 is well underway. Site 4 sales and construction on a further three sites will begin later this year.
"Before work could begin, we had to develop a master plan for Whampoa Garden that the Government would accept," reflects Mr Johnston. "This included, for example, the plot ratio they would allow, the amount of open space that we would provide, the number of schools, the location of markets and the bus termini.
"Even before all this, we carried out a major traffic study with consultants. We had to assure the Government that we could not only develop the road system within our site, but improve it outside our boundaries as well.”
The exercise was not a new one for Mr Johnston. Hutchison sites in Aberdeen and at North Point had already been planned, developed and the residential units sold. Aberdeen Centre, consisting of more than 2,700 flats and a shopping complex, was completed in 1981. The 1,450 flats and shops in Provident Centre, North Point, were completed in 1983.
Commercial space in Aberdeen Centre is 100% let and, at the end of 1985, commercial space in Provident Centre was more than 70% let.
"Commercial rentals traditionally lag behind residential sales,” explains Mr Johnston, "because they are based on the actual population of a complex. Provident Centre is the newest of our completed projects and, in terms of its commercial space, it is still in its building phase."
As well as the development and selling and leasing of new properties, the property group undertakes the management of its completed developments. The ongoing commitment is attractive to potential buyers. "The commercial space not only provides very good rental income for us, but it is a very good selling point for the flats. The people who buy our flats know we are not going to sell the whole lot and run away,” says Mr Johnston.
DENNY JOHNSTON,
MANAGING DIRECTOR OF
HUTCHISON WHAMPOA
PROPERTY GROUP.
"The people who buy
our flats know we are
not going to sell the
whole lot and run away."
16
HUTCHISON WHAMPOA LIMITED
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