11-12 Headland Road

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Review of Operations – Business in Hong Kong • Land Bank Lok Ma Chau 33 34 Sheung Shui 35 Fanling Tai Po Yuen Long New Territories Sai Kung Ma On Shan Tsuen Wan Shatin Discovery Bay Tsing Yi 18 19 20 21 30 14 12 16 17 3 5 15 6 26 23 11 22 13 4 Kowloon 28 32 Tseung Kwan O 7 31 1 25 8 2 27 Quarry Bay 29 Hong Kong Island 10 9 24 Under Planning North Hong Kong Island Line Northern Link Shatin to Central Link South Island Line (East & West) Existing Line MTR Tung Chung Cable Car Light Rail Route 3 Cross Harbour Tunnel Under Construction West Island Line Guangzhou - Shenzhen - Hong Kong Express Rail Link Henderson Land Development Company Limited Annual Report 2010 43
Review of Operations – Business in Hong Kong • Land Bank At 31 December 2010, the Group had a land bank in Hong Kong with a total attributable gross floor area of approximately 21.3 million square feet, made up as follows: Attributable gross floor area (million sq.ft.) Properties held for or under development 9.3 Stock of unsold property units 1.6 Completed investment properties 9.4 Hotel properties 1.0 Total: 21.3 In addition, the Group held rentable car parking spaces with a total area of around 2.8 million square feet. The Group remains optimistic about the prospects for the Hong Kong property market and has therefore continued to engage in the acquisition of old buildings in the urban areas for redevelopment in tandem with the Government’s policy initiative on promoting urban renewal. At the same time, the Group’s agricultural land reserve includes significant holdings in the new development areas as designated by the Government. Both of these sources are expected to bring about a significant increase in the Group’s development land bank in future years. Since the acquisition cost of old buildings and the premium payable for agricultural land-use conversion compare favourably with the transacted prices of land sites offered at public auctions, such approach to land banking has the advantage of low cost and therefore a higher contribution to earnings. (I) Redevelopment of old buildings in the urban areas A. Newly-acquired projects As mentioned above, the Group believes that the redevelopment of old buildings in the urban areas will provide a source of land supply which requires lower cost and hence yields higher margin. Since 2009, a number of old building projects have been acquired and efforts are continuing to source additional old properties for redevelopment. A summary of the projects which have been acquired is as follows: Project name and location A. Projects with ownership fully consolidated: 1. 30-38 Po Tuck Street and 36 Clarence Terrace, Hong Kong (Note 2) 2. 23-33 Shing On Street Sai Wan Ho, Hong Kong (Note 2) 3. 186-188 Tai Po Road Sham Shui Po, Kowloon (Note 2) 4. 75-81 Sa Po Road Kowloon City, Kowloon Site area (sq.ft.) Expected gross floor area in future redevelopment (sq.ft.) Expected year of sales launch (Note 1) 7,310 61,103 2012 4,699 39,942 2012 8,234 70,242 2011 3,582 32,238 2012 44 Henderson Land Development Company Limited Annual Report 2010
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