INFORMATION ON THE PROJECT Sample Clauses

INFORMATION ON THE PROJECT. 2.1 Details of the Land

INFORMATION ON THE PROJECT. The Land is situated in a prime location within a matured residential township with ready infrastructures and amenities. Neighbouring the Land is a major hypermart, an integrated commercial development and retail shop lots. The Land is also within close proximity to international schools and two proposed MRT stations and is easily accessible via major roads and highways including the Damansara-Puchong Expressway, Putrajaya-KLIA Expressway, Puchong-Sungai Besi Highway, North South Expressway and SKVE Expressway. AVD intends to develop the Land into a residential development consisting of service apartments complete with full facilities. The gross development value of the Project is estimated to be RM300.0 million. Based on current plans, the development is expected to be launched in Q4 2019.

INFORMATION ON THE PROJECT. The Land was originally acquired by HSYJ in 2003 at a total cost of RMB12,087,000 (equivalent to approximately HK$15,193,000). Accordingly, ▇▇▇▇’s original cost of the 57% of the Project Interest to be acquired by Verakin Property amounts to the sum of RMB6,889,590 (equivalent to approximately HK$8,660,000). The Land has an area of approximately 95,312 sqm. HSYJ has obtained the Land Use Certificate in respect of the Land, being Land Use Right Certificate ▇▇ ▇▇▇ ▇▇▇▇ (2003) No. 562, for a term of 50 years for residential purposes with a plot ratio of 1.0. Based on a plot ratio of 3.0, the Project will have approximately 285,936 sqm GFA. As at the date of this announcement, there are several buildings and structures erected on the Land pending clearance and demolition by HSYJ pursuant to the Conditions Precedent. The financial highlights and operating results of HSYJ are as follows: 6 months ended 30 June 2013 RMB’000 (Unaudited) 12 months ended 31 December 2012 RMB’000 (Audited) 12 months ended 31 December 2011 RMB’000 (Audited) Turnover 38,584 1,544 - Profit (Loss) Before Tax 7,609 (1,010) (18,359) Net Profit (Loss) 7,609 (1,010) (18,359) As at 30 June 2013 RMB’000 (Unaudited) As at 31 December 2012 RMB’000 (Audited) As at 31 December 2011 RMB’000 (Audited) Total Assets 573,613 329,632 335,091 Total Liabilities 489,508 284,415 288,864 Net Assets 84,105 45,217 46,227 Despite the Group’s expansion into other major cities in Western China, Chongqing has remained its home territory. Currently the Group has no less than 19 projects of various types in Chongqing in different stages of development covering CBD-type commercial property, high-end residential flats, low-rises villas and town houses, and “rigid-demand” home units. As one of the most dynamic property developers in Chongqing, the Group regularly canvasses the market for available land resources to maintain this diversified portfolio mix. The Project is located in the Nan’an District in Chongqing, the same district as Verakin Property’s highly successful project, Verakin New Park City, which will go into its final development phases in the near future. Located in the low development-density part of the Nan’an District, the Project has the advantage of having the Nan ▇▇▇▇ ▇▇▇▇▇ Belt and scenic points in its vicinity. Under the Agreement, as part of the Conditions Precedent HSYJ shall be responsible for increasing the plot ratio of the Land to a value not less than 3.0, which plans to develop the Project...

INFORMATION ON THE PROJECT. The Project identified as “Capital City” was initially proposed to entail the development of the Retail Podium, three (3) tower blocks of office suites and two (2) tower blocks of hotel suites based on the conditional planning permission issued by Majlis Bandaraya Johor Bahru vide its letters dated 19 November 2013. However, due to the weak demand and oversupply of offices within the vicinity of the Development Land, as well as the higher demand for serviced apartments as such property is governed under the Housing Development (Control and Licensing) Act 1966 as opposed to office suites, the Parties had agreed to vary certain components of the Project to better cater to the demand of property buyers. Accordingly, APSB and CCPSB had varied and obtained the development order and building plan approval from Majlis Bandaraya Johor Bahru vide its letters dated 16 February 2017 and 22 May 2017 respectively, for the revised Project. The revised Project currently entails: (i) the Retail Podium known as the “Capital 21 Mall” with a total net lettable area of approximately 710,000 square feet, which was completed on 26 April 2018 following the issuance of the certificate of completion and compliance for the same. 91% of the units within the Retail Podium are made available for sale while the remaining units (mainly located at the ground floor) are retained by CCPSB for investment purposes. As at LPD, 61% of the units available for sale within the Retail Podium were sold and the percentage of occupancy of the Retail Podium is 51%; (ii) a 16-storey hotel suites tower comprising 315 units of hotel suites; (iii) an 18-storey serviced suites tower comprising 630 units of serviced suites, known as “Capital Suites”. The serviced suites tower block which launched in May 2017 has achieved sales of approximately 30% as at LPD; and (iv) three (3) tower blocks of serviced apartments comprising 15 storeys each with a total of 690 units of serviced apartments.

INFORMATION ON THE PROJECT. The freehold lands comprise an area approximately 8.7 acres and details of the said Lands are as follows:-

INFORMATION ON THE PROJECT