Shipping and property conglomerate Shun Tak Holdings Ltd registered net profits of up to HK$699.3 million (US$89.3 million) for the six-month period ending June 30 of this year, according to a company release with the Hong Kong Stock Exchange.
The results come after the company saw net losses of HK$53 million in the same period last year.
In total, Shun Tak registered revenues of HK$3.67 billion in the period, a yearly increase of 97 per cent from the HK$1.87 billion registered in the same period last year.
According to the company’s unaudited consolidated interim results, the revenue from previously contracted sales of the 680,000 square feet Nova Park project – together with the disposal of its Chung Hom Kok Collection in Hong Kong – allowed the company to achieve an increased year-on-year profit of HK$630 million.
The company announced that around 99 per cent of the 620 residential units of the Nova Park project in Taipa have been sold, with 85 per cent having been handed to homeowners.
‘Over the first half of 2017, the real estate markets across both Hong Kong and Macau have exhibited solid growth in prices and transaction volume, driven by strong economic fundamentals and local demands. Capitalizing upon this uptrend, the Group has continued to launch Nova Grand and received popular market response,’ the note stated.
The Chung Hom Kok Collection is comprised of five luxury residential houses in Hong Kong that Shun Tak disposed for HK$1.58 billion to a ‘PRC-based listed company’, with the deal finalised in February of this year.
Shun Tak also added that 397 units of 2-bedroom and 3-bedroom apartments in its Nova Grand project have been launched for pre-sale, with 45 per cent of all available units having been sold.
The project in Taipa – Phase 5 of the Nova City project – includes eight towers with 2.3 million square feet of residential units and a 655,000 square feet mall complex, Nova Mall.
According to the release, the ‘topping out of the tower blocks’ of the project was conducted in June 2017 with the completion scheduled for late 2018.