The retired chairman of Henderson Land, Lee Shau-kee, has been a prominent figure in the real estate industry for many years. His reputation is no less than that of another real estate tycoon, the chairman of Cheung Kong Property Holdings, Li Ka-shing.

Lee has dedicated his life to the business world. Starting with only HK$ 1,000 when he came to Hong Kong from Shun Tak to start his own business, he surpassed Li Ka-shing in 2020, becoming Hong Kong’s wealthiest person with a net worth of $30.4 billion. The journey was by no means easy.

Henderson Land’s properties have already spread across various districts in Hong Kong. Curious about the quality of Henderson Land’s buildings? Spacious has compiled some opinions.

Jump to: Company History | Building Quality | New Residential Projects | Featured Properties| Urban Redevelopment Projects

Company History

From Goldsmith to Real Estate

Born into a family of goldsmiths, Lee Shau-kee began assisting his father in running the goldsmith business in Shun Tak from the age of six. At the age of 19, he ventured to Hong Kong to make his mark.

At 30, he collaborated with entrepreneurs Kwok Tak-seng (founder of Sun Hung Kai Properties) and Fung King-hey to establish Eternal Enterprise and engage in real estate development. Five years later, he founded Sun Hung Kai Properties Limited.

However, shortly after its establishment, a series of challenges emerged, including the Chinese capital bank runs, the Cultural Revolution in mainland China, and the massive Hong Kong emigration tide. Nevertheless, Lee and his associates did not falter. On the contrary, they successfully completed several property projects over the years. With the subsequent economic recovery, Sun Hung Kai Properties made a fortune from its real estate ventures.

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From Sun Hung Kai to Henderson Land

In 1972, Sun Hung Kai Properties  successfully listed in Hong Kong. In the following year, Lee embarked on his own path by establishing Henderson Investment Limited. With his vision and experience, the company flourished rapidly, leading to the spin-off listing of Henderson Land Development Company Limited (Henderson Land) in 1981.

Interestingly, Lee had been the Vice Chairman of the board of directors of Sun Hung Kai Properties since its listing. He held this position for over 48 years until his retirement.

Until now, Henderson Land’s subsidiaries and affiliated companies include Hong Kong Ferry, Towngas China, and the Miramar Hotel Group. In 2019, Lee Shau-kee stepped down from the positions of Chairman and Managing Director of the Group, and his two sons, Lee Ka-shing and Lee Ka-kit, assumed the joint roles.

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Building Quality

Due to high property prices and a shortage of supply, a large number of mini-sized units have emerged in the market. Henderson Land also has several new developments with unit sizes below 200 square feet, and there are even projects where the largest unit size is less than 300 square feet.

For example, One Prestige in North Point, completed at the end of 2018, became the smallest new development on Hong Kong Island since the 2013 new regulations. The saleable area of units range from 163 to 288 square feet, with only open-plan or 1-bedroom options available. It has been nicknamed “subdivided flats” in the market.

Another example is Cetus · Square Mile, located between Mong Kok and Tai Kok Tsui. Out of the 514 units in the entire development, over 85% of them are less than 311 square feet, with 132 units measuring less than 200 square feet.

However, having smaller sizes doesn’t necessarily mean a lower quality of the property. s Cetus · Square Mile received the Excellent Estate Award from the Hong Kong Institute of Surveyors in 2020. One Prestige has also received this award. Henderson Land’s other award-winning developments include Eden Manor in Sheung Shui, Parker 33 in Shau Kei Wan, High One Grand in Cheung Sha Wan, and The Hudson in Kennedy Town.

Furthermore, Wellesley, located at 23 Robinson Road in Mid-Levels West, co-developed by Henderson Land and Jointech Development Limited, was selected as the Best Quality Estate for 2019 by the Hong Kong Institute of Surveyors. This recognition demonstrates the consistent acknowledgment of the quality of Henderson Land properties.

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New Residential Projects

As one of the top four developers in Hong Kong and with the largest land bank in the New Territories, Henderson Land’s residential projects scatter across Hong Kong. The following are some developments open for sale in recent years.

Featured Properties

The Upper South

For those seeking affordable options in the Hong Kong Island area, Henderson Land’s The Upper South in Ap Lei Chau is practically the only choice.

In its first batch of sales, all 45 units were sold out within four hours, with approximately 50% of buyers comprising end-users and investors, respectively.

The Upper South is a single-tower project with 138 units, all of which are either open-plan or one-bedroom layouts, with the largest unit size being 334 square feet.

The prices in the first round of sale ranged from HK$ 4.55 million – 7.3 million, with an average price per square foot of HKD 25,200, which is relatively attractive compared to Henderson Land’s other new development on Hong Kong Island, such as Two‧Artlane, which had an average discounted price of HKD 28,700 per square foot during its first sales.

The project is located on Ap Lei Chau Main Street, offering convenient transportation with a one-minute walk to Lei Tung MTR Station Exit A1. Coupled with the “Invigorating Island South” development plan, The Upper South has potential for future appreciation.

The Henley Phase 1 The Henley I

With the full opening of the Tuen Ma Line, not only will it benefit the public, but it will also drive up property prices along the line. The Henley Phase 1 The Henley I, located in the Kai Tak Development Area, can be considered as having a prime waterfront location, making it a focus in the primary market.

Prior to the first round of sales, the project’s rooftop units were sold through tender, with a transaction price of HK$ 83.54 million, reaching as high as HK$ 61,888 per square foot. Subsequently, two-bedroom units with a storage room were sold for HK$ 19.65 million, or HK$ 35,733 per square foot.

In early 2018, Henderson Land acquired two government sites in Kai Tak from HNA Group for nearly HK$ 16 billion. The land premium reached as high as HK$ 15,000 per square foot. One of the sites was used for developing The Henley project.

In addition, Henderson Land, together with New World Development, Wheelock and Company, and Empire Group, won the first residential site in the old airport runway area (Zone 4B, Lot 3) with a land premium of HK$ 14,500 per square foot.

The Henley project has invested over HK$ 70 million to create a smart home, introducing the first H-1 APP and API system in Hong Kong.

It integrates six major lifestyle functions, including touchless access, robot automation, audio and video streaming, air quality monitoring devices, real-time parking information, and other facilities.

The clubhouse introduces a smart hydroponic cultivation system and the concept of urban farming, allowing users to remotely monitor the growth of crops through a mobile application.

Urban Redevelopment Projects

In addition to having abundant land reserves in the New Territories, Henderson Land actively engages in mergers and acquisitions for urban redevelopment, acquiring old buildings in prime locations in the city. The following are projects where Henderson Land has acquired 80% or even full ownership:

Yau Tong Bay Project

One noteworthy project is the Yau Tong Bay Project, led by Henderson Land in collaboration with several leading developers. This is a large-scale mixed-use development project that was initially planned as early as 2000.

However, due to unresolved issues regarding land reclamation, it was not until 2017 that the first two phases of the architectural plans were approved by the Buildings Department.

The residential component of the project encompasses over 6,200 units across 30 buildings, making it comparable in scale to half of Taikoo Shing. The entire project is divided into six phases and includes residential, hotel, and retail spaces, as well as yacht berths and a waterfront area.

If you are searching for a property across different neighbourhoods, go to Spacious to discover a wealth of properties listed for sale. 

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