Hanison looks to buy Hong Kong Citadines building

George Sell George Sell Uploaded 08 August 2019


Hong Kong: Hanison Construction Holdings is set to acquire the 55-key Citadines Mercer aparthotel from CapitaLand.

No formal agreement has been signed for the property, although a news article published by the Hong Kong Economic Times reported that the company will purchase the asset at 29 Jervois Street for HK$800 million ($89.28 million).

Should Hanison succeed in its mission to acquire the 29-storey tower, it would be the second Citadines branded asset Hanison has bought from Singapore’s largest developer in less than a year, following its HK$730 million purchase of the Citadines Harbourview Hong Kong, just one kilometre west of the Citadines Mercer.

The sale of the property would represent a premium of HK$220 million, or 37.93 per cent, over the HK$580 million that Capitaland paid for the asset in 2014.

Last week Hanison, which is controlled by the Cha family, sold a serviced apartment block at 111 High Street in Hong Kong to the Washington State Pension Fund for HK$420 million ($54 million).


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