Annual Report 2019

FAR EAST CONSORTIUM INTERNATIONAL LIMITED 46 MANAGEMENT DISCUSSION AND ANALYSIS Sydney The Group has agreed to partner with The Star and CTF to co-develop a mixed-use tower located at the existing site where The Star operates its casino in Sydney. The entire project is currently under planning stage. The parties also agreed that there are certain nominated developments which the parties will work together to bring forward the planning and delivery, including the potential re-development of the Pyrmont Precinct of Sydney. Mainland China The Group has been developing California Garden, a premier township development in Shanghai over a number of years. The development comprises a diversified portfolio of residences including low-rise apartments, high-rise apartments and town houses. King’s Manor consists of 479 apartments and 90 town houses. 22 town houses of this development remain unsold, and will be sold on a completed basis. The Royal Crest II consists of 180 apartments and 42 town houses. 24 town houses of this development remain unsold, and will be sold on a completed basis. In February 2019, the Group acquired an additional land parcel with GFA of 574,000 sq. ft. as part of the California Garden development. The Group intends to develop this land parcel as a residential block for long-term rental purposes. This project has been excluded from the tables outlining pre-sales and development pipeline above. In Guangzhou, Royal Riverside is a 5-tower residential development comprising 607 apartments with a total saleable floor area of approximately 692,000 sq. ft. and a total expected GDV of HK$2.4 billion. Pre-sales for Tower 5 was launched in May 2018. The entire development has been completed with approximately HK$1,330 million worth of units having been delivered up to 31 March 2019, with the remaining units to be sold on completed basis. Hong Kong The Group has built its development pipeline in Hong Kong over the years through acquisition of redevelopment sites, participating in government tender and bidding for projects with URA. Currently the Group has 6 residential projects in Hong Kong. Aspen Crest is a redevelopment project consisting of 234 apartments with approximately 64,000 sq. ft. in saleable floor area and approximately 9,000 sq. ft. of commercial component. All the units have been pre-sold before completion and fully settled during FY2019. Marin Point is a residential development site at Sha Tau Kok which the Group acquired through a government tender. This development comprises 261 low-rise apartments with approximately 103,000 sq. ft. in saleable floor area and 6,800 sq. ft. of commercial component. The development was launched for pre-sales during FY2018 with HK$235 million worth of units having been pre-sold and delivered up to 31 March 2019. The remaining units will be sold on a completed basis. Astoria Crest is a residential development site at Hai Tan Street, Sham Shui Po which was acquired by the Group through URA. This residential development comprises 72 apartments (mainly 1-bedroom apartment) with approximately 20,000 sq. ft. in saleable floor area. Pre-sales for the development was launched in December 2017 with all the units pre-sold as at 31 March 2019. Completion of the development is expected in FY2020. The Star, Sydney California Garden, Shanghai