China Vanke, the mainland’s third-largest developer by sales, has launched its first property project in Hong Kong. The company’s Vanke Hong Kong arm announced that its 29-storey serviced apartment project, The Luna, is now available for pre-leasing and will officially open its doors in April.
The 105-unit property is located on Lun Fat Street, a five-minute walk from the Wan Chai MTR station which is two stops east of Central. Units in the newly completed residential tower in Wan Chai district range in size from 365 square feet (34 square metres) to 1,771 square feet (165 square metres), and with some offering views of the Mid-Levels and Victoria Harbour.
Designed by London-based Make Architects, the building provides hotel-like amenities including housekeeping and concierge services.
Mainland Homebuilder Gives Hong Kong a Go
“The Luna marks a significant milestone for Vanke Hong Kong. It is our first serviced apartment and also our first property project launched in Hong Kong,” Quincy Chow, the company’s vice president of operations for sales and marketing said in a statement. “We look forward to providing our guests the finest level of hospitality that cater to their sophisticated lifestyles.”
The project is offering 20 percent early-bird discounts, with rentals starting at HK$22,560 ($2,886). International brokerage JLL is the sole leasing agent.
Vanke Hong Kong acquired the site on Lun Fat Street from local developer Soundwill Holdings in 2014 for HK$860 million (then $111 million), or HK$13,600 ($1,753) per square foot.
Three More Projects Under Way
The local arm of the Shenzhen-based developer has three other residential projects under development, according to its corporate website. The company owns one project each in So Kwun Wat in the New Territories and Sham Shui Po in Kowloon, which are slated to launch a combined 1,500 units this year.
The developer also holds a 15 percent stake in The Pavilia Bay in Tsuen Wan, a 675,000 square foot residential project co-developed with New World Development and Hong Kong’s MTR Corporation.
China Vanke’s initial foothold in Hong Kong’s housing market comes after it was crowned as the world’s largest property developer by market value, beating American Tower Corp, with its shares rising to a record high last week. Vanke’s market cap climbed to $62.6 billion.