With a research-based approach, we remain focussed on key sectors within each country which enables us to take a lead position and build a competitive niche in markets with strong long term potential. The property portfolio of Grosvenor Asia Pacific consists of development, investment and value-add projects.
RESIDENTIAL
Our strategy is to target the appetite for luxury brands in China and Japan where consumers already account for 30% of the global market.
We launched our luxury development programme with the completion and sale of Grosvenor Place in Hong Kong in 2004. The 51,000 sq ft apartment block designed by British architect Paul Davis won several design awards including Best Residential Development at MIPIM, which is a first for a project in the Asia Pacific region.
With each development we strive to marry new design ideas with local customer tastes while achieving a high standard of finish. We currently have two significant projects under construction, one each in Hong Kong and Tokyo, with plans to add a new project in Shanghai this year.
RETAIL
The retail sector has strong fundamentals in Japan, and tremendous growth potential in China. We have begun an investment programme in Japan and are recruiting expertise in Shanghai with a view to making our first acquisitions later this year.
Retail is our second focus sector for Grosvenor Asia Pacific.
OFFICE
In Tokyo, we have acquired a number of office properties in 2007, either directly owned or invested under the Grosvenor Office Retail Fund (GORF).