Shun Tak Holdings Limited and HIP Company Ltd. have entered into a strategic partnership with a wholly owned subsidiary of the Abu Dhabi Investment Authority ('ADIA') to jointly invest in a shopping mall as part of Phase V of the Nova City project in Taipa.

Upon completion of the transaction, the Group will receive a consideration of approximately HK$3,150 million for the sale of 50 per cent interest in the shopping mall to HIP. The property - a large-scale lifestyle retail complex occupying over 655,000 square feet - will sit beneath eight residential towers of Phase V of Nova City, which will comprise approximately 1,700 residential units.

Under the current plan, it will house a diverse range of tenants including a cineplex, a supermarket, and an exciting array of differentiated lifestyle brands and dining options, bringing a new dimension of convenience to the residents of Nova City in addition to fulfilling unmet demands by the local community. It offers 609 car parks, and will be serviced by the future light rail station.