The milestone project will expand Hongkong Land’s regional market share and leadership in the luxury goods segment.
It will also heighten the attractiveness of its Central Portfolio ecosystem to tenants and clients through enhanced lifestyle, dining and retail concepts, connectivity, circulation and convenience. LANDMARK will remain open and activated throughout the transformation period while the project is completed in phases.
Mr Michael Smith, Chief Executive of Hongkong Land, said: “The considerable investments Hongkong Land and its strategic partners are making are not only a powerful endorsement of Central’s enduring role as the city’s iconic business and lifestyle hub but also demonstrate our shared, unwavering confidence in Hong Kong’s future as a global financial centre.”
“Our transformation of LANDMARK will reinforce the Central Portfolio’s position as one of the world’s most desirable locations to live and work,” he added.
Hongkong Land’s capital expenditure will be funded over three years and will be underpinned by the Group’s strong financial position.
As at 31st March 2024, gearing was 16% and committed liquidity (cash and unused borrowing facilities) was US$3.1 billion (HK$24.2 billion). While there will be a temporary and moderate reduction of rental income during the upgrade period, the Group expects this investment to deliver stronger growth in tenant sales and retail income thereafter.
