Wheelock Properties Limited ("WPL"), wholly-owned by Wheelock, spearheads the Group's development properties ("DP") business in Hong Kong. Between 2010 and 2014, the Hong Kong DP land bank under management increased from 4.6 million square feet to 7.8 million square feet.
WPL's diversified and competitive Hong Kong DP land bank is adequate to fulfil development needs over the coming years. 95% of the land bank is in urban areas, while 75% is along the Victoria Harbour. The land bank has an 80/20 split between residential and commercial uses.
The O'South Portfolio (Tseung Kwan O South) comprises three waterfront residential developments, totalling 1.9 million square feet. Satisfactory response from The Parkside and other developments in O'South has proven the area's uniqueness and ability to command premium prices in Tseung Kwan O. O'South, served by the Tseung Kwan O and Tiu Keng Leng MTR Stations, has two million square feet of green area, over 10 kilometres of waterfront promenade and two million square feet of retail facilities. O'South residents can enjoy a green and convenient lifestyle.
The Kowloon East Waterfront Portfolio comprises clusters in Bay East CBD 2 and Yau Tong, totalling 2.7 million square feet, located along the Victoria Harbour. One Bay East was topped out by the global CEOs of Citigroup and Manulife in September 2014, and completion is scheduled for 2015. Wharf T&T Square redevelopment is now underway. Concurrently, as part of the ongoing revitalisation of Kowloon East, Peninsula East in Yau Tong launched presale in Q2 of 2015 while the Kai Tak residential development is underway.
The Kowloon South Portfolio comprises a Grade A office development on the Hung Hom harbourfront, One HarbourGate, and residential developments in Ho Man Tin. These developments are located in the heart of Kowloon with convenient connections to the existing and future MTR network. One HarbourGate is planned for presale in 2015.
The Peak Portfolio comprises four developments, totaling 0.5 million square feet, at Hong Kong's most sought-after residential location. Mount Nicholson, a joint development with Nan Fung, is planned for sale in 2015. Redevelopment of three existing properties (No. 1 and 11 Plantation Road and 77 Peak Road) is also in progress.
WPL was awarded BCI Asia Top 10 Developers Awards Hong Kong for the third consecutive year. This achievement demonstrates WPL's focus on quality.