The Group's real estate business has been growing rapidly and now we are a boutique residential property developer that strategically focuses on the Greater Bay Area, conducting our home-building operations consistent with the cities’ urban renewal policy.
For the year ended 31 March 2021, our real estate business recorded a revenue of HK$399,243,000, which included the successive delivery of units of the project of Phase 3 and Phase 4 of Castfast Villas, with the major projects as follows:
(1) Phase 3 of Castfast Villas (“Phase 3”), a joint residential project with our major shareholder, was completed during the financial year with the remaining units being delivered successively. For the year ended 31 March 2021, a revenue of HK$280,181,000 was recorded for a total of 188 units were delivered (with a total area of over 19,500 square metres at an average selling price of approximately RMB27,200 per square metre) and revenue was recognised during the year.
(2) The residential project of Phases 4 of Castfast Villas, a wholly-owned development project under the Three Old Renovation Plan has delivered 41 units during the year and recorded a total revenue of HK$119,062,000 (with a total of 3,900 square meters at an average selling price of approximately RMB29,000 per square meter). As of 27 May 2021, the residential project of Phase 4 and Phase 5 of Castfast Villas, with a total saleable floor area of approximately 120,000 square meters, has pre-sold approximately 260 units with a total of approximately 26,000 square meters at an average selling price of approximately RMB30,000 per square meter and is expected to be delivered in 2021 and 2022 successively.
(3) The progress of another self developed residential development project, Castfast Mansion in Boluo County, Huizhou is on schedule with satisfactory progress. The project is expected to be completed in 2022 with a saleable floor area of approximately 30,000 square metres, which is now available for pre-sale.
(4) As a participant of the urban renewal projects for cities in the Greater Bay Area, not only will the Group continue to conduct initial procedures for the change of land use of a land parcel in Yan Tien, but will also proactively identify quality land parcel to replenish our land reserves. In the future, the Group does not rule out any cooperation with other property developers to develop urban renewal projects in Guangdong, seizing the development potential of the Greater Bay Area. Furthermore, Phases 4 and 5 of Castfast Villas, a residential project wholly-owned by the Group, will continue to release new units for sale. Under the strong demand, both sales and average selling prices increase. The Group believes that the real estate business will bring significant revenue for the shareholders.