Annual Report 2019

ANNUAL REPORT 2019 47 MANAGEMENT DISCUSSION AND ANALYSIS The Garrison is a residential development site at Mei Tin Road, Tai Wai, which the Group acquired through a government tender. This development comprises a residential component of approximately 29,000 sq. ft. in saleable floor area and a commercial component of approximately 5,100 sq. ft. in GFA. Pre-sales for the development was launched in July 2018 with 94% of the units pre-sold as at 31 March 2019. Completion of the development is expected in FY2020. Manor Parc is a residential development site at Tan Kwai Tsuen consisting of 24 town houses with approximately 50,000 sq. ft. in saleable floor area. All units are to be sold on a completed basis. The Group also acquired through government tender a residential development site at Tai Po Road, Shatin Heights. This development will comprise more than 60 apartments and 4 houses. The project has a saleable floor area of approximately 84,000 sq. ft. and is currently under construction. Pre-sales of the development is expected to be launched in FY2020. Malaysia Dorsett Bukit Bintang is a residential development adjacent to Dorsett Kuala Lumpur. This development consists of 252 high-rise apartments with approximately 215,000 sq. ft. in saleable floor area. The development was completed during FY2018 with 119 apartments delivered up to 31 March 2019, with a number of the remaining units converted into serviced apartments managed by the Dorsett Group. The rest is to be sold on a completed basis. United Kingdom London Hornsey Town Hall, located in North London, is a mixed-use redevelopment project which involves the conversion of an existing townhall into a hotel/serviced apartment tower and a town hall with communal areas, as well as a residential component which will provide 135 apartments with a saleable floor area of approximately 108,000 sq. ft.. This development also has a commercial component of 5,600 sq. ft.. Pre-sales for the residential component of this development was launched during FY2019 with 16% of the expected GDV pre-sold as at 31 March 2019. Completion of the development is expected in FY2021. Consort Place is a mixed-use development site at Marsh Wall, Canary Wharf, London, which has been granted planning approval for a complex featuring private residences of approximately 390,000 sq. ft. in saleable floor area, a hotel of approximately 230 rooms and commercial facilities. Pre-sales for the residential component of this development is expected to be launched in FY2020, with completion of the development expected to be in FY2023. Manchester Northern Gateway is a mega-sized development project in Manchester which the Group will deliver. It spans across an area of more than 350 acres (equivalent to 15 million sq. ft.), sweeping north from Victoria Station and taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst. This project is expected to deliver in excess of 15,000 new homes over the next decade, allowing the city centre to expand and providing the optimal mix of high quality housing. The vision of this project is to create a series of distinct yet clearly connected communities that make the most of the area’s natural resources. The SRF of the Northern Gateway development was approved by the MCC in February 2019. The SRF provides an illustrative masterplan in order to guide development proposals within Northern Gateway. It will be used to guide and co-ordinate development brought forward by the joint venture formed between the Group and MCC, to deliver a series of vibrant, sustainable and integrated residential neighbourhoods within the extended city centre of Manchester. The Garrison, Hong Kong Hornsey Town Hall, London Northern Gateway, Manchester