Annual Report 2019

ANNUAL REPORT 2019 23 MANAGING DIRECTOR’S REPORT For FY2020, we are targeting the following new launches in residential projects: • The Star Residences Tower 2 – Epsilon in Gold Coast (launched) • Queen’s Wharf Residential Tower 4 in Brisbane • Addington Street in Northern Gateway, Manchester • Consort Place in London • Holland Road and Cuscaden Road in Singapore • Shatin Heights in Hong Kong • Bourke Street in Melbourne These projects have a combined GDV of HK$22.7 billion (Attributable GDV of HK$15.4 billion). Regarding our recurring cashflow business, we expect growth to be derived from new hotels and a full year contribution from TWC and organic growth in car parking operations. Following a strong recovery in Hong Kong last year, the hotel division is set to continue to benefit from the strength in the Asian tourism market. In addition, we expect new room additions to drive revenue growth in the division in both the shorter and longer term future. We have 15 new hotels with 3,235 rooms under various stages of development in Australia, the UK and Malaysia. The Ritz-Carlton in Perth is scheduled to become operational in the 4th quarter of 2019 and will contribute to hotel revenue growth from FY2020 onwards. View from The Towers at Elizabeth Quay, Perth The Ritz-Carlton, Perth