TST PROPERTIES (00247) establishes a joint venture and wins HK$1.03 billion bid to acquire and develop Hong Kong land

According to the Zhitong Finance App, TST PROPERTIES (00247) issued an announcement. The respective boards of directors of Tsim Sha Tsui Properties and Sino Real Estate are pleased to announce that the bid submitted by JVC1 on July 3, 2026 at a land price of HK$1.03 billion was successfully accepted by the Hong Kong Special Administrative Region Government on August 24, 2026.

JVCs is a single project company formed by China Overseas, China Merchants Land, China Resources Land (Overseas), China Travel Investment (Overseas), JD and Sino Real Estate with a shareholding ratio of 17%, 17%, 15%, 17%, 17%, and 17%, respectively, to submit the bid, and acquire and develop such land according to the details and sales conditions set out in the tender after successfully winning the bid.

The capital responsibilities of each joint venture partner in JVCs are determined after fair negotiation with reference to (including) land prices, development costs of such land use, and the joint venture partner's respective share interests in JVCs. Land prices are determined by the joint venture partners after considering a number of factors, including the development prospects and potential of such land, as well as the overall prospects of the Hong Kong property market. The total capital commitment of the joint venture partners is expected to be approximately HK$16.8 billion. Sino Land expects to invest approximately HK$2,856 million, equivalent to 17% of its shares in JVCs.

These sites include three residential/commercial sites at HSK 18, HSK 20, and HSK 21, and an E&TP site at HSK 19. The total land area of such land is about 36,200 square meters, and the total floor area allowed for construction of such land is about 220,000 square meters.

It is expected that after completing the development of HSK 18, HSK 20 and HSK 21, a total residential floor area of about 156,072 square meters will be provided, along with a total commercial floor area of about 13,006 square meters. Furthermore, the E&TP site located at HSK 19 has a proposed total floor area of not less than 30,600 square meters. It is intended to be used as a modern logistics and technology office/laboratory, and is expected to develop into a world-class smart modern logistics center, and companies under the JD Group will be its main entrants.

One of the Group's main business areas is property development and investment. The establishment of JVCs to acquire and develop such land is in line with the Group's core business strategy, and is also a continuation of the Group's main business activities with other business partners.

Such land will be developed into a comprehensive development project including residential, non-residential and E&TP components. The development is expected to enhance the Group's property portfolio.