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. We launched our luxury development programme with the completion and sale of Grosvenor Place Repulse Bay 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.
In 2008, we launched our first luxury development, Grosvenor Place Kamizono-cho, in Toyko. Designed by Paul Davis & Partners, the development brings together the natural beauty of Yoyogi Park and the convenience of being in the middle of one of the world's most dynamic cities.
With each development we strive to marry new design ideas with local customer tastes while achieving a high standard of finish.
In October 2009, we launched our second development project, The Westminster Terrace, in Hong Kong. We plan to continue to add to our luxury residenital portfolio in the region.
RETAIL
The retail sector has relatively stable fundamentals in Japan and tremendous growth potential in China. We have begun an investment programme in Japan and have launched a China Retail Fund with a view to commencing acquisitions in the coming months.
OFFICE
In Tokyo, we have acquired a number of office properties since 2007, either directly owned or invested under the Grosvenor Office Retail Fund (GORF).