Annual Report 2019

FAR EAST CONSORTIUM INTERNATIONAL LIMITED 48 MANAGEMENT DISCUSSION AND ANALYSIS Since the entering into of the development agreement with MCC in April 2017, the Group has acquired various land plots within the Northern Gateway area which will be developed into individual projects as the overall masterplan pans out. The Northern Gateway project is expected to provide the Group with a significant and long-term pipeline within the United Kingdom. As at 31 March 2019, the Group has already secured land plots within the Northern Gateway area providing a pipeline with saleable floor area of more than 1.6 million sq. ft.. MeadowSide is a residential development site in Manchester at NOMA which is one of the major residential growth areas of the city, and is sitting on the doorstep of the Group’s Northern Gateway development. The development will feature 4 towers comprising more than 750 apartments with approximately 558,000 sq. ft. of saleable floor area around the historic Angel Meadow park near Victoria Station which is one of the transportation hubs of the city. Pre-sales for the first 2 plots of the development with overall saleable area of 221,000 sq. ft. was launched during FY2018, with 43% of the overall GDV having been pre-sold as at 31 March 2019. Pre-sales of plot 5 of the development was also launched in March 2019. Completion of plots 2, 3 and 5 of the development is expected to be in FY2021 while that of plot 4 is in planning stage. Addington Street is one of the initial sites acquired from MCC as part of the development agreement for Northern Gateway. The development is located within New Cross at the northern edge of the Manchester city centre. The site, which is currently used as a surface car park, is to be developed into an 80-apartment residential scheme with saleable floor area of approximately 47,000 sq. ft. With launch of the development planned for FY2020, this will be the first of the many developments the Group will launch within the Northern Gateway masterplan area. Victoria Riverside is located within the Northern Gateway masterplan area in close proximity to major transport links including Victoria railway station and Manchester city centre. It is a key gateway into the Northern Gateway masterplan area, expanding the city centre northwards from MeadowSide. It will be predominately a residential development incorporating high quality public realm, commercial and leisure uses and a land mark building. The development features three towers comprising more than 550 units with approximately 396,000 sq.ft . of saleable floor area. Pre-sales of the development is expected to be launched in FY2021. Singapore Artra is a residential project located next to the Redhill MRT station in Singapore with approximately 410,000 sq. ft. in saleable floor area and is owned by a joint venture in which the Group has a 70% interest. Pre-sales of the development was launched in FY2018 with 82% of the overall units pre-sold as at 31 March 2019. Completion of the development is expected to take place during FY2021. Hollandia and The Estoril are residential development sites at Holland Road within the highly sought after District 10 of Singapore, for which the Group was awarded the tender through collective sale in FY2018. Completion of the acquisition of both sites took place in FY2019. The two adjacent sites are expected to be amalgamated and redeveloped into a residential development with a combined saleable floor area of approximately 241,000 sq. ft., in which the Group has a 80% interest. Pre-sales of the development is expected to be launched in FY2020. The development located at Cuscaden Road is a residential development site at the prime District 9 of Singapore. The development is expected to comprise approximately 19,000 sq. ft. in attributable saleable floor area. The Group has a 10% interest in the joint venture which is undertaking the development. 21 Anderson Road is a freehold condominium development situated in District 10 of Singapore, acquired by the Group in July 2018. It is currently known as “21 Anderson Royal Oak Residence” and comprises 34 residential units with saleable floor area of approximately 86,000 sq. ft., which the Group currently holds for recurring income purposes but with flexibility to resell or redevelop. Artra, Singapore MeadowSide, Manchester