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Vanke and CNQC International Win the Residential Site at Ma Wo Road in Tai Po for HK$3.7 Billion

Updated Date: 2020-07-30

CNQC International Holdings Limited

 (Incorporated in the Cayman Islands with limited liability)

(Stock code:1240.HK)

 

Vanke and CNQC International Win the Residential Site at Ma Wo
Road in Tai Po for HK$3.7 Billion

 

(30 July 2020 - Hong Kong & Singapore) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”,stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce that Vanke Property (HK) Company Limited (“Vanke”) joined hands with the Group to win the residential site at Ma Wo Road, Tai Po, New Territories for HK$3.705 billion. The acquisition of the site with Vanke is the Group’s largest real estate project in Hong Kong, which proves the Group’s detemination to enhance its development of the
property business in Hong Kong. The site is situated at Tai Po Town Lot No.243 at Ma Wo Road, Tai Po, New Territories, with a site area of approximately 22,608 sq m, and is designated for private residential purposes. The minimum gross floor area and the maximum gross floor area are 43,584 sq
m and 72,640 sq m respectively. The project plans to build low-medium density housing and is expected to have more than 1,000 flats. The project will actively study the use of Modular Integrated Construction (MiC, called PPVC in Singapore) technique, which processes the construction of the whole room in
an approved prefabricated factory that completes the structural, mechanical and electrical installation, decoration (including floor, wall, ceiling, etc.) and forms
independent modules, and then carries out on-site hoisting in accordance with any approved construction method.
By using MiC technique, most of the construction processes can be moved from the construction site to factories, and the controllability of the production environment is much better than that of on-site construction. Production in factories can not only use modern production equipment, but optimize the construction process, improve the quality of construction, and speed up the progress of housing construction, thus to meet the keen demand of the society for housing. Further, in-plant production can reduce loss of energy and centralize watewater treatment, which will help reduce community pollution and protect the environment. Constructing in factories will enable workersto work in a safer and comfortable environment and simplified working procedures at height on construction sites, and is able to decrease industrial accidentsPress Release Financial PR (HK) Limited 5/F, BOCGroup LifeAssuranceTower, 136 DesVoeux Road Central, HongKong
136 5 and attract more people with lofty ideals to join in, so as to solve the problem of manpower shortage in the industry. At present, with the severe epidemic situation, the working environment and system of factories can effectively record the mobility of staff. Compared with the on-site construction, the risk of infection and transmission among staff in factories is relatively low. Coupled with the strong support and encouragement of the government, MiC technique plays a positive role in the development of the project. With regard to the above, the Group hopes to promote MiC technique in Hong Kong and contributes to the industry and the community in Hong Kong.
Mr. Cheng Wing On, Michael, Chairman of CNQC International, said: “Winning the residential site at Ma Wo Road in Tai Po with Vanke is an important milestone for theGroup,and is able to combine the advantages of capital and technique of two groups to bring quality project development to the site. The management believes that the expansion of the land reserve is very important to the Group and the Group will continue to explore suitable opportunities in Hong Kong to increase the land reserve with a view to injecting strong new growth momentum into the Company's business. In addition, the Group actively seizes the opportunities brought about by the 'Belt and Road Initiative' and will continue to promote the development of Southeast Asian markets that have been entered, including Malaysia, Indonesia, Vietnam, Myanmar and Cambodia."