Hysan Development (0014), one of the biggest landlords in the prime retail district of Causeway Bay, plans to redevelop two properties at Sunning Road into a mixed use complex.
“Our next re-development target is the combined development of Sunning Plaza and Sunning Court into a mixed-use office and retail complex,” the company said in a stock exchange notice announcing its annual results.
It said planning was already underway with completion set for 2018.
Buildings Department approved the building plans in March 2009 for one 43-storey building over three basement levels for office and hotel use with a total gross floor area of 19,259.8 square metres (207,312 square feet).
Both Sunning Plaza and Sunning Court were completed in 1981 according to records in the Rating and Valuation Department.
Asked by Construction Post when would the company be seeking tenders for the foundations and main contracts, a company spokesman said these details were still not yet known.
In its final results for the year to 31 December 2012, the company reported underlying profit, which excludes changes in fair value of its investment properties, as jumping 23.8 percent to HK$1.62 billion.
“This principally reflected the rental contribution from the new Hysan Place and the improved performance recorded in the rest of the portfolio,” the company said.
Hysan’s major properties in Causeway Bay include the newly completed Hysan Place, Lee Gardens, Lee Theatre Plaza and Lee Gardens Two.
Rental income from Hysan Place, which was completed in 2012, helped to push up total revenue by 29.3 percent to HK$2.49 billion.
However if Hysan Place was excluded, total revenue rose by a slower 6.9 percent.
The company declared a full year dividend of 95 HK cents, up 20.3 percent compared with 2011.