Announcing their 2014 results Grosvenor the privately owned property group has reported a strong performance in their Asia Pacific unit with most activity coming out of the buoyant Japanese residential property market.
Grosvenor Asia Pacific achieved record sales prices for a residential refurbishment project in Tokyo at The Westminster Roppongi. It also formed its newest development partnership vehicle in Asia and committed to the partnership’s first acquisition of Forest Nanpeidai in Tokyo.
The Westminster Roppongi is a 99-unit apartment building located next to Roppongi Hills, Tokyo. The area combines the dynamic atmosphere of Roppongi and its high-end retail and restaurants with the tranquility of Motoazabu, a district famous for its luxury housing.
In Hong Kong the company commenced foundation work at the site of Monterey Court. Monterey Court is a luxury project located in Jardines Lookout which is due to be completed in 2017. It is Grosvenor's third luxury residential development project in Hong Kong in collaboration with Asia Standard and PDP, following award-winning properties Grosvenor Place Repulse Bay, completed in 2004, and The Westminster Terrace, completed in 2010.
Overall for the group total returns were up to 9.1% (2013: 5.4%) although assets under management decreased to HK$8.3bn (2013: HK$8.9bn) due to some strategic project disposals.
Earlier this year Grosvenor Asia Pacific secured Benjamin Cha as successor to Chief Executive Nick Loup. Cha came from UBS Global Asset Management where he was managing director, Head of Global Real Estate Greater China.
