New World Development (NWD) and Ares SSG have formed a joint venture (JV) for the construction, development, marketing and sale of a new commercial complex in Cheung Sha Wan, Hong Kong.
Located on Wing Hong Street, the project is scheduled for completion in late 2023. NWD will be responsible for the construction, property management, asset management, sale and marketing of units in the new complex.
“NWD is confident in the development prospects of West Kowloon, and has been proactive in forward planning. In the next few years, various top-tier commercial projects under the group will come to life in phases across the strategic business location of Cheung Sha Wan,” said Edward Lau, chief financial officer of New World Development.
“Our close collaboration with Ares SSG and other business partners will forge the first grade-A commercial complex in the core business district of West Kowloon. Not only will this meet the burgeoning demand for grade-A office buildings in the district, but it will also breathe a new dynamic into the development of West Kowloon.”
NWD is a leading property developer in Hong Kong while Ares SSG, a subsidiary of Ares Management Corporation, is one of the largest alternative asset managers in Asia Pacific. Both companies said they are confident in the outlook for the new complex, and the JV will continue to capture anticipated rising demand for high-quality commercial properties in one of Hong Kong’s emerging business districts.
Image: New World Development