Kowloon Development Company Limited (“KDC” or the “Company”) (stock code: 34), a member of the Polytec Group, was established in 1961 and was listed on the main board of The Stock Exchange of Hong Kong Limited on 4 July 1995. Since its establishment, the Company has engaged in property investment and investment holding with the operation of its business mainly in Hong Kong in the early years.
In 2002, the Polytec Group gained control of the Company and has substantially broadened the areas of its business activity. The Group has been pursuing a property development strategy with exposure in the three major property markets in the Greater China region, Hong Kong, Macau and Mainland China. Over the past ten years, it has built a sizeable and quality development landbank across these three markets, at a relatively competitive cost, with the gross floor area attributable to the Group of approximately 3.8 million square meters as of 30 June 2018.
The successful implementation of this change in strategy has laid the foundation for the Group’s significant growth both within its home base of Hong Kong and beyond its borders.
The main focus of the Group has been residential development in the Greater China region. In Hong Kong, the Group has recently launched the presale of One East Coast in Lei Yue Mun and 63 Pokfulam on Pok Fu Lam Road. Two other wholly-owned projects under development are located in Tseung Kwan O and on Clear Water Bay Road respectively. In Macau, La Marina, the Group’s recently completed luxury residential and retail development project in the Orient Pearl District, is held through its 73.4%-owned listed subsidiary, Polytec Asset Holdings Limited (stock code: 208). In Mainland China, the Group currently has development projects in Shenyang, Tianjin, Wuxi, Huizhou and Foshan which are in various stages of planning and construction. In addition to the residential trading portfolio, the development project on Clear Water Bay Road contains significant retail development which is intended to be retained for long term investment purposes in order to grow the Group’s portfolio of recurrent income producing properties to complement the present principal investment asset of the Pioneer Centre in Mongkok, Hong Kong.
Besides expanding the existing landbank in an opportunistic manner and building out the present portfolio, the Company is focusing on building a strong brand as a thoughtful developer producing quality products. The Board and management wish to see a united team working together with passion and a drive for excellence in the products and services which the Company produces.
By realising the inherent value of the landbank under this spirit, the Board believes this will enable a great enterprise to be built and to last.