Hong Kong

Mira Mall, Tsim Sha Tsui, Hong Kong
Construction works of the site at the junction of Gillies Avenue
South and Bulkeley Street, Hung Hom Inland Lot No. 555, with
a site area of approximately 6,300 square feet, is progressing well.
Foundation works are expected to be completed in the second
quarter of 2013. The residential-cum-commercial tower will
provide a total gross floor area of approximately 56,000 square feet
and 95 residential units.
Foundation works of the property at 208 Tung Chau Street (formerly
known as 204-214 Tung Chau Street) is in progress. It is expected
that the aforesaid works would be completed by second quarter
of 2013. The project will be re-developed into a residential-cumcommercial
building with a total gross floor area of approximately
54,000 square feet.
The Ferry, Shipyard and related operations achieved an increase in
operating profit to HK$28.1 million. This sum represents a fivefold
as compared with the profit of HK$5.5 million last year. The
increase was mainly due to increased leasing of its vehicular ferries
as a result of more harbour works in Hong Kong. The turnover of
the shipyard operations has also improved.
With increasing competition during the year under review, the
Travel Operation achieved a profit of HK$0.6 million, a decrease
of 78% compared with that for last year.
Although Hong Kong Ferry recorded an impairment loss of
HK$34.4 million due to market fluctuation on available-for-sale
securities in the first half of 2012, it derived an appreciation of
approximately HK$116 million in the portfolio following market
recovery at the year end date, which had been credited into the
Securities Revaluation Reserve.
Hong Kong Ferry will continue to sell the residential flats of the
“Green Code”, Fanling project in different lots. If its occupation
permit can be obtained by the end of 2013, the profits from the sale
of the project will be booked in its accounts for the year 2013.
Miramar Hotel and Investment Company, Limited
(“Miramar”)
Miramar’s turnover rose by 19% to approximately HK$2,974
million for the financial year ended 31 December 2012 when
compared to HK$2,496 million for the corresponding financial
year ended 31 December 2011. Profit attributable to shareholders
increased by 4% year-on-year to approximately HK$1,377 million
(2011: HK$1,325 million). Excluding the net increase in the fair
value of its investment properties, underlying profit attributable to
shareholders grew by 9% to approximately HK$448 million (2011:
HK$411 million).
Miramar continues to strengthen its five lifestyle businesses of
hotel and serviced apartment, property rental, food and beverage,
travel and apparel.
The Hotel and Serviced Apartment business benefited from the
surge in visitor arrivals to Hong Kong in 2012. Its flagship hotel
in Tsim Sha Tsui, The Mira Hong Kong, recorded an average
occupancy rate of 84% in 2012, compared with 83% in 2011. The
average room rate rose by approximately 9%. EBITDA (earnings
before interest, taxes, depreciation and amortization) of The Mira
Hong Kong grew by 13% to approximately HK$233.6 million. A
new designer lifestyle hotel under its management, Mira Moon, is
scheduled to open in Wan Chai during the summer of 2013. This
hotel will provide approximately 90 guest rooms.
Henderson Land Development Company Limited
Annual Report 2012 33