Wisma Chuang

Wisma Chuang is located within the prime city centre, situated right next to the landmark shopping complex, Pavilion KL, the heart of central business district and prestigious shopping area of Kuala Lumpur. It is built on a freehold land and is a 29-storey high rise office building having retail and office spaces of approximately 254,000 sq. ft. (on total net lettable area basis is approximately 195,000 sq. ft.) and 298 carparking spaces. As at 31 March 2020, the valuation of this property was MYR185.4 million (equivalent to approximately HK$332.2 million), which represents an average value of approximately MYR951 (equivalent to approximately HK$1,704) per sq. ft. of net lettable retail and office area.

Wisma Chuang is leased to multi tenants with an occupancy rate of approximately 70%. Its annual rental income is approximately MYR7.1 million (equivalent to approximately HK$13.2 million), representing a rental yield of approximately 3.8% based on valuation.

Changsha, Hunan

The Chuang’s China Group owns an effective 69% interests in a property development project in Changsha and the total investment costs was about HK$24.5 million (including shareholder’s loan of about HK$3.5 million) as at 30 September 2020. The Chuang’s China Group has obtained a court ruling for winding up of the PRC project company. Recently the execution division (執行庭) of the court at Changsha ruled that the winding up should be implemented by the shareholders of the PRC project company instead of by them. The Chuang’s China Group has filed an appeal against this ruling on the ground that the winding up was approved by the court at Hunan because the minority shareholder of the PRC project company could not agree to voluntary liquidation. It is therefore impractical to effect the ruling of the execution division (執行庭) of the court at Changsha. The civil complaint by the minority shareholder of the PRC project company against Chuang’s China and an executive director of Chuang’s China was heard by the court in Hunan in July 2020 and August 2020. Further announcement(s) about the legal proceedings will be made by Chuang’s China as and when appropriate.

COMMERCIAL PROPERTY

The Group holds a 4-storey commercial building in Shatian, Dongguan, providing a total GFA of about 4,167 sq. m. for commercial, retail and office usage. As at 31 March 2020, valuation of the property was RMB36.4 million (equivalent to approximately HK$39.7 million). Two storeys are leased to 中國人壽東莞分 公司 (China Life Dongguan branch) for office use. Marketing is in progress for leasing of the remaining units of the property.

Chuang’s New City – Imperial Garden (Disposed)

Phase I comprises 8 blocks of residential towers with total gross floor area of 89,000 sq. m. have been completed providing over 600 apartments with typical flats ranging from 80 sq. m. to 160 sq. m., executive duplex units of about 280 sq. m. and unique simplex units of 445 sq. m..

Phase II comprises 6 residential blocks (Block 9 to 14) has total GFA of 61,272 sq.m., providing 574 flats ranging from 56 sq.m. to 127 sq.m..

Foundation works for Phase III (Block 29 to 31) with total GFA of about 40,000 sq.m. have been completed. Superstructure works have commenced.

The Group will plan for development of Phase IV (Block 15 to 20) with total GFA of about 83,000 sq.m.. As for the remaining development with GFA of about 233,000 sq. m., the Group will embark on development plan in accordance with local market sentiments and sales progress.

On top of the residential development, the group holds the commercial portion of Imperial Garden and Gold Coast with aggregate GFA of about 17,500 sq. m..

Chuang’s New City – Gold Coast (Disposed)

Gold Coast is the phase II development of Chuang’s New City. The development comprises 374 residential units with a saleable gross floor area of 57,056 sq. m. and 370 carparking spaces. It is facilitated with a clubhouse with gross floor area of 5,770 sq. m. providing indoor and outdoor swimming pools, landscaped gardening and with greens, water fountains and spacious promenade along the river coast. Occupation permit of Gold Coast has been obtained. Sales of properties of Gold Coast are progressing satisfactorily.