Great Eagle Holdings Limited announced on 11 September 2023, the Memorandum of Agreement for the formation of the JV company was entered into among the JV Partners comprising Sino Land Company Limited (Sino Land), China Overseas Land & Investment Limited (China Overseas), the Company and Chinese Estates Holdings Limited (Chinese Estates) holding 50%, 20% 20% and 10% interests in the JV Company, respectively. The project company is formed as the wholly-owned subsidiary of the JV Company to submit the tender for the Site, which after the successful tender for the Site shall develop the Site into a residential and retail development together with government accommodation. The Project Company shall bear all the development costs of the Project which will be financed by the JV Partners through the JV Company according to the Partners' Proportion.

On 13 September 2023, the Project Company received a letter from Lands Department confirming that its tender for the Site at NKIL 6590, Kai Tak, Kowloon at the land premium of HKD 5.35 billion has been accepted. Total capital commitment for the development of the Site is estimated to be around HKD 10.5 billion including construction costs. Pursuant to the Memorandum of Agreement, the maximum capital contribution of the Group under the JV Agreement to be entered into among the JV Parties is expected to be HKD 2.1 billion.