Grosvenor, the privately owned international property investment and development group, announced today a joint investment with Couture Homes Limited and Asia Standard International Group Limited (Stock code: 129) in Monterey Court, a residential tower block located in Jardine's Lookout, Hong Kong.
The partners plan to redevelop the property into a landmark luxury residence with a GFA of over 75,000 sq ft, and have appointed award-winning British architect Paul Davis, of Paul Davis + Partners (PDP), to undertake the project design.
The current 20-storey building is expected to be redeveloped into an iconic super-luxury residential building with spacious individual units offering outstanding views over Jardine's Lookout.
“Jardine's Lookout is one of the most prestigious luxury residential districts in Hong Kong, and together with Paul Davis and our partners we aim to create a high quality product with innovative design and features. This will add to our growing pipeline of developments in Hong Kong, Tokyo and China”, commented Nick Loup, Chief Executive of Grosvenor Asia Pacific.
Yu Yang, Managing Director of Investment (Greater China), added, “A key part of our strategy in Asia is to invest in and develop best-in-class luxury residential property in core cities within Hong Kong, Japan and Greater China. The new development in Jardine's Lookout represents a significant milestone in this strategy, and further demonstrates our commitment to the region.”
This will be Grosvenor's third luxury residential development project in Hong Kong in collaboration with Asia Standard and PDP, following award-winning properties Grosvenor Place Repulse Bay, completed in 2004, and The Westminster Terrace, completed in 2010.
The development is expected to be complete by early 2017.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Group Limited ("Grosvenor") is a privately owned property group with offices in 18 of the world‟s most dynamic cities. It has three regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific; an international fund management business, which operates across these markets and in continental Europe and Australia; and a portfolio of indirect investments. As at 31 December 2010, the Group had total assets under management of £10.9bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com
About Couture Homes Limited
Couture Homes Limited is the wholly owned subsidiary of CSI Properties Limited (Stock code: 497) newly set-up to develop ultra-luxury residential developments in Hong Kong and PRC. With Haute Couture (the tradition of tailoring exclusive custom-fitted clothing for privileged customers) as its blue-print concept, Couture Homes specializes in crafting special residences made to order for private clients, with project like The Hampton in Happy Valley the first of the series in this direction. Other developments in progress for Couture Homes include No. 47 Barker Road at the Peak, 50% interest in Nos. 33-39 Tung Lo Wan Road in Causeway Bay, 50% interest in a luxury villa development site in Qing Pu district, Shanghai and a luxury villa development site in Kau To Shan, Shatin.
About Asia Standard International Group Limited
Asia Standard International Group Limited, founded in 1984 and listed in 1991, is engaged in the property investment and development of commercial, retail and residential properties. Currently, ASI owns a number of development property projects and several commercial investment properties in Hong Kong, Macau and PRC. ASI‟s listed subsidiary, Asia Standard Hotel Group Limited (“ASH”), owns three hotels in Hong Kong and one hotel in Vancouver Canada, which are conveniently located in shopping districts and close to business convention centers. In addition to hotel operation, ASH also operates travel agency and catering business both in Hong Kong and the PRC.