Hankow Road Acquistion news
in Prince Edward into a 4,000 square feet Concept Studio to showcase the collection until August 27.
For example, in Singapore, the polluted Singapore River was no longer used for trading activities as large-scale container ports gained prominence.
Every city has pockets of underused land or distressed urban areas, most often the result of changes in urban growth and productivity patterns. In developing countries, which are absorbing 90 percent of the world’s urban population growth, decaying inner cities are home to an increasing number of poor and vulnerable citizens. These areas marginalize and exclude residents, and can have a long-term negative effect on their upward mobility.
Once-bustling Hankow Road has taken a hit from the pandemic
Just two months after announcing a residential project with SC Capital on Ap Lei Chau Island, a Hong Kong redevelopment specialist on Thursday unveiled a joint venture with BentallGreenOak and Schroders Capital to develop a commercial project in Tsim Sha Tsui.
Together with its global fund manager partners, Lofter Group is paying over HK$1.5 billion ($190 million) to acquire a set of properties at 31-37 Hankow Road in the Kowloon shopping district, with plans to construct a 115,800 square foot (10,7589 square metre) project on the site, the company said in a statement.
“We are pleased to be partnering with BentallGreenOak and Schroders Capital on this strategic real estate acquisition in one of the most core commercial area in Hong Kong,” said Lofter founder and chairperson Carol Chow. “The partnership signifies an excellent synergy bringing together the global horizons of top-tier international private equity and asset management firms and deep local market knowledge and expertise of a reputable local developer.”
Lofter and its partners are acquiring the aging properties as Hong Kong’s pandemic restrictions have choked off the flow of visitors which had made Tsim Sha Tsui a shopping mecca. Hong Kong retail sales fell for a second consecutive month in March, according to government figures, and research by Savills shows that rents for shops and mall spaces fell by an average of 5 percent in the city during the first quarter.
SINGAPORE, July 13, 2016 – The single most crucial component in rejuvenating decaying urban areas around the world is private sector participation, according to a report released today from the World Bank and the Public Private Infrastructure Advisory Facility (PPIAF) during the World Cities Summit taking place in Singapore this week.
“Capitalizing on the Singapore River’s historical importance and potential for redevelopment, the government launched a transformational program that preserved cultural heritage, improved the environment, and opened the area for recreational pedestrian use. Similar efforts elsewhere can rejuvenate cities and regional economies,” said Jordan Schwartz, Director of the World Bank’s Infrastructure & Urban Development Hub, based in Singapore.
Building on the experience of cities from different regions around the world, the report looks at projects for inner cities, former industrial or commercial site, ports, waterfronts, and historic neighborhoods. While the cases vary in many aspects, what they have in common is significant private sector participation in the regeneration and rehabilitation of deteriorating urban areas.
“Urban regeneration projects are rarely implemented solely by the public sector. There is a need for massive financial resources that most cities can’t meet,” said Ede Ijjasz-Vasquez, Senior Director for the World Bank’s Social, Urban, Rural and Resilience Global Practice. “Participation from the private sector is a critical factor in determining whether a regeneration program is successful – programs that create urban areas where citizens can live, work, and thrive.”