Henderson Land Announces Joint Venture with Empire and Hysan for Bailey Street / Wing Kwong Street Development Project

Henderson Land Development Company Limited (“Henderson Land” or “The Group”) is pleased to announce the formation of a joint venture with Empire Development Hong Kong (BVI) Limited (“Empire Group”) and Hysan Development Company Limited (“Hysan”) for the implementation of Bailey Street / Wing Kwong Street Development Project (the “Project”) in To Kwa Wan, Kowloon City.

Mr. Martin Lee Ka-shing, Chairman of Henderson Land Group, commented: “Not only is this joint venture a long-term strategic partnership that combines the strengths of Hong Kong’s three leading property developers, but it is also a vote of confidence in the prospects of the Project by the industry at large. Located in the heart of Kowloon East, the Bailey Street / Wing Kwong Street project offers high development potential. Together with the Group’s several other redevelopment projects in the area, the Project is expected to create synergy and enhance the overall liveability of the Kowloon East district, while contributing to sustainable development.”

The Group is delighted that, in addition to its long-term partner Empire Group, it has the opportunity to collaborate with Hysan, a Hong Kong commercial developer with a long-standing history, renowned for the successful curation of its Lee Gardens portfolio. Henderson Land believes that Hysan’s expertise in managing exceptional-quality business and retail facilities will be invaluable to the Project.

The Project
In September 2021, Nation Star Development Limited, a wholly-owned subsidiary of Henderson Land, was awarded the tender for the Project by the Urban Renewal Authority (“URA”) with a tender amount at HK$8,189 million. The Project, which covers a site area of approximately 7,406 square metres, will provide a maximum total gross floor area of 66,654 square metres upon completion.

The new development will be constructed in compliance with the requirements of the master design control of the To Kwan Wan district in Kowloon City to create synergy with adjoining development projects of the URA, allowing comprehensive restructuring and replanning of the area, as well as improving overall walkability and connectivity. Furthermore, the Project will enhance the liveability of the district through the adoption of place-making and smart initiatives.