Good morning, ladies and gentlemen. Welcome to Far East Consortium International Limited 2024-25 Interim Results Investor Presentation. Before we begin, let me introduce the management with us today. They are Ms. Wendy Chiu, BBS JP, Joint Managing Director and Executive Director. And Mr. Boswell Chung, Chief Financial Officer and Company Secretary. Ms. Wendy Chiu, Joint Managing Director and Executive Director, is now in another engagement, and she has recorded her presentation. Now, may I invite Boswell to start the presentation? Boswell, please.
Thank you. Thank you very much and thank you all for joining our interim result presentation. Our interim result was published last night. Today, we are going through some important points by the presentation we have prepared yesterday as well. The main theme of this first half, financial year 2025, we noted cash profit positive, although we've got a lot of a few various factors affecting our result as well as our equity. I'll adjust the cash flow. I'll adjust the cash profit about HKD 139 million. Revenue dropped about 18.7% to approximately HKD 5.2 billion. The main reason is that less residential property development was completed and settled in the first half versus last interim period. Net loss is attributable to shareholder, approximately HKD 770 million. Like I said, there are a few factors affecting this profit.
First, I think all of us, a lot of companies facing the same questions, their finance costs. During the first half, we noted HKD 497 million of the finance costs versus last year, actually, versus last interim period. Last year, actually, we dropped a little bit because we've got some development completed during the first half. And hopefully, in the second half, I think we will be having another slide talking about the second half as well. So hopefully, by way of this, the construction loan and all that will be reduced in the second half as well. So it will be helping the finance costs in the second half and as well as for the next financial year. And also the impairment loss on the QWB project, which is talking about HKD 204 million.
Another share of the impairment loss recognized by the JV property development, which is talking about HKD 270 million. Decrease in fair value of the investment property, talking about HKD 133 million. And also the increase of the net foreign exchange loss amounted to approximately HKD 167 million. We have committed to drive forward our property development projects. During the first half, we noted the revenue from the sales of property, which is talking about HKD 3.5 billion. Mainly, we've got the handover of our Aspen project in Canary Wharf in London. We started to hand over in May. And also, we've got another project Hyll on Holland in Singapore, which is handed over in June as well. So that helped a lot on the, I mean, contributed a lot on the sales of property in the first half.
Also, we've got some sales of completed inventory at Mount Arcadia in Hong Kong, and also the Manor Park Hong Kong as well. West Side Place, stage one and two, also contributed part of the revenue to the first half as well. Other than the recorded sales, we also have the pre-sale recorded HKD 3.8 billion for the first half, mainly from the Pavilia Forest, Hong Kong, and also the Red Bank Riverside, which is called the Kingfisher. Kingfisher is talking about HKD 322, I mean, the apartments. We launched in mid-August. Up to now, we almost sold out, I mean, pre-sold or exchanged about one third already. This is not small, HKD 1.2 billion, but this is part of our pre-sale. The cumulative attributable pre-sale and unbooked contracted sales, talking about HKD 11.8 billion, compared with half a year ago, end of March, is an increase, a slight increase.
Hopefully, this HKD 11.8, most of them actually completed within the coming 12 months. That means the cash flow visibility is foreseeable. Also, we have the existing inventory on hand, which is talking about HKD 4.8 billion as at the end of September, in which, I mean, of which we have almost HKD 900 million pre-sale. So that means we're looking forward to completing this HKD 900 million within, well, two, three months when the buyer arranged the document, financing, and all that. So it's, again, this part of the expected cash flow or the sales of property in the second half as well. Other than that, well, other than the property development, we noted the recurring income business or having a growth. Recurring business means the hotel, car park, and gaming. Recurring revenue increased by 2.2% to approximately HKD 1.6 billion, in which you can see hotel is always our prime contribution.
Revenue increased to almost HKD 1 billion, up about 1.1% compared with last interim period. Kai Tak, well, as you can write here, which is our flagship in Hong Kong, soft opening last 26th of September. Car park, in terms of revenue, growth about 6.7% to approximately HKD 380 million. Gaming, Palasino, revenue growth about 1% to about HKD 200 million as well, compared with last interim period. Balance sheet, I think we are staying healthy. The adjusted total equity, talking about HKD 33 billion. The net gearing ratio is at end of September, talking about 68.8% versus end of March, which is also 68%. So we maintain on that level. We talk about that more details later on in some slides as well. But also, on the other hand, we have the offsetting effect of some favorable impact on the foreign exchange translation of our foreign operation.
That means the long-term investment and all that. So it contributes some positive to our reserve as well. During the first half, we repaid HKD 1.2 billion on the unsecured loan, and also we settled construction facility about HKD 1.4 billion, which is mainly on the Hyll on Holland, like I said, well, we recorded the sales completed as well, and also the Aspen in Canary Wharf in London. Well, we manage our cash flow and the cash planning progressively. We obtained the consent solicitation to allow FEC to have the partial redemption for the perpetual notes. So in September, we got the flexibility, we got the consent so that we are allowed to pay, I mean, call monthly $20 million . Yeah, that's just a call option for us. So in order that, well, hopefully we can reduce the debt level, including the perpetual notes as well. But how?
We are trying to unlock the values through the asset monetization and strategic long-term planning. In September, we disposed car park in Manchester in the U.K. for consideration of HKD 17 billion. That is one of the examples that we divest our assets, some of our non-core assets. Also, we've got some other non-core asset or non-core business to sell. We are considering to dispose the long lease residential blocks in Baoshan District, Changzhou. Also, we are considering to unlock a hotel revaluation surplus of about HKD 19 billion. Strategically, we are considering to have some option to get back some cash on our investment in BC Invest as well. Next page, this is an extract of the financial statement. I'm not going through line by line, but one point I want to highlight is that the revenue dropped 18.7% to HKD 5.1 billion.
Hopefully, well, in the next page, I will demonstrate that I will show that, well, we've got some project coming up in the second half as well as the next year as well. So it will help our sales recorded in the second half. So hopefully, we can achieve on track as well. So that's giving us the visibility of the cash flow as well as the sales of property. And the finance costs, like I said just now, we dropped about, well, compared with last interim period, it dropped about 3.5%. And hopefully, it's, like I said, well, as on the way when we are completing the projects, we're reducing the construction loan. So hopefully, the construction, I mean, the finance cost will be reduced as well. Impairment loss, well, some IP loss, this is a non-cash item.
Dividend per share for the interim period, talking about HKD 0.01, so this is dropped a little bit, but we are considering a sustainable dividend factor, the ratios as well. On page eight, I think that is one of the important slides to show that our strong property development pipeline in the coming years. As at end of September, we've got the HKD 65.9 billion development pipeline, which is big enough for FEC to develop further, like, well, six, eight, or even ten years without land replenishment, so I think for the CAPEX, for the acquisition of land, we are not in a rush, so, well, in our portfolio, I think it's good enough. Also, we've got the pre-sales unbooked contracted sales, talking about HKD 11.8 billion as well Hong Kong dollar.
In the second half, you can see on the left-hand side of the box, you can see the total GDV of the project, like Malaysia, UK, Australia, talking about HKD 6.8 billion, the GDV. As at end of September, we have pre-sold HKD 4.1 billion as well. Hopefully, we can complete this on track within this second half. So that will be a big contribution to our P&L as well as the balance sheet as well. The profit margin. As you can see, the profit margin of the property development dropped from last year, HKD 1.4 billion to, I mean, last interim period, HKD 1.4 billion to the current interim period, HKD 943 million, dropped about HKD 500 million. It's not a small amount. That's the main contribution to the drop of the overall gross profit margin. As you can see, HKD 2.1 billion, and then, well, this first half is HKD 1.6 billion.
I think in the first half, we got some of the projects, in particular in Singapore, in the U.K., the profit margin is lower than the Australian project. The Australian project looked at last year, mainly, well, is quite a lot better in terms of the profit margin. So hopefully, in the second half, as you can see from the previous page, page eight, U.K., Australia, that is a relatively high profit margin. Hopefully, in the second half, we will bring up the profit margin as a whole for the whole year as well. So for page 10, well, that is also one of the important pages. I talked about the gearing. The gearing, well, the total bank loan and notes, we have, as at end of September, we noted HKD 27.6 billion. It dropped a little bit.
To be frank, well, some of the, well, part of the reason is that we paid down some bank loan and secure, or even the construction loan, and also we draw some bank loan as well. But part of the reason is for the exchange difference, which is talking about HKD 500 million. So because of that, well, when you translate to Hong Kong dollar, we noted it's reached to this HKD 27.6 billion, but in fact, it's dropped, in particular, if you have a look at the original currency. The net debts resulting, well, the net gearing ratio talking about 68.8%, almost the similar level of end of March as well. For the net leverage ratio, 35.2%, half a year ago, well, 35% around. On page 11, well, this is also one of the very important pages. A lot of, in particular, commercial banks are asking this.
For the current liability, which means we have to pay within a year, both period end, year end, at a similar level, HKD 12 billion. And in detail, we can see the secured loan talking about HKD 3.6 billion, the project loan, which is HKD 3.2 billion. I think that's HKD 3.2 billion when you complete the project. In particular, the project loan, the construction loan will go away, will be reduced. For the unsecured loan, that means the other corporate loans, we particularly roll over refinancing. And last year, I mean, in the first half, we paid down a little bit. So that's on the downturn. Loans on the repayment schedule, the payment schedule as per our repayment schedule. So the demand clause, this is academic, HKD 1.9 billion.
So as a whole, I think, in particular, when we complete our major project and also disposal of our non-core asset or business, hopefully, this current liability will be reduced as well. Next page, we're talking about the liquidity. The available existing liquidity talking about HKD 8.8 billion, including the cash position as well as the unsecured facility. CAPEX talking about HKD 1.2 billion. HKD 1.2 billion, when you have a look at the bottom part of the slide, hotel, investment property, they are all under control. And they're mainly on some hotel, which opening soon as well. So, and to be frank, partially covered by the construction loan as well. So in fact, really, the net amount of the CAPEX is not that big amount.
But honestly, if you have a look at our CAPEX requirement in the past few years, it's actually dropped quite significant because a lot of our projects are coming into the final stage of our construction. So it's actually opening very soon. Also, we've got the assets, hotel asset as well as the unsold inventory, talking about HKD 5.3 billion. That is something that we can sell and then we can get back some cash immediately as well. So for the next part, property development, I would like to show the Wendy's recorded video.
Thank you, Boswell. Good morning, everyone. Apologies, I can't make it here physically. I'll now take you through our property development updates. In this challenging environment, we continue to have three strategies. We aim to drive property development, accelerate project completion to enable early revenue recognition, optimize cash flow, and strategically reduce debt levels and gearing ratio.
We have a robust development pipeline of around HKD 66 billion to support sustainable growth in the next six to eight years. In this half year, property development revenue has recorded HKD 3.5 billion, mainly contributed by Aspen at Consort Place in London, West Side Place in Melbourne, Manor Park and Mount Arcadia in Hong Kong, and Hyll on Holland in Singapore. Despite a tough market, we managed to record approximately HKD 3.5 billion in new pre-sales and contracted sales during the first half financial year 2025. As of September 30, 2024, we have secured approximately HKD 11.8 billion in pre-sales and contracted sales as our future revenue stream. One of our key revenue contributors is Aspen at Consort Place for this half year. This project is situated in the heart of Canary Wharf and offers a breathtaking and magnificent view of Greenwich and the city landscape of Canary Wharf.
With our highly experienced project and planning team, we were able to secure and build the third tallest residential building in the U.K. and Europe of 65 levels. The development features over 500 apartments with a total expected GDV of HKD 4.4 billion. It has already commenced completion in phases and started the handover process this year in May. A total of 210 units worth approximately HKD 1 billion have already been settled in the first half financial year 2025. Another HKD 1.3 billion worth of units were secured as pre-sales and are expected to be settled in the second half financial year 2025. To date, approximately HKD 1.5 billion has been settled. The development also includes a 237-room Dorsett Hotel expected to open early next year. Another key revenue contributor in Melbourne, West Side Place. We continue with our existing strategy by actively selling our completed inventory.
Australia is another key property development revenue contributor. West Side Place consists of four towers with approximately 3,000 units located within the Ritz-Carlton and Dorsett Melbourne precinct. The whole development was completed last year and features a total GDV of approximately HKD 10 billion. We have already recorded HKD 8.3 billion cumulative revenue from this project, including HKD 800 million revenue in this half year. As of 30 September 2024, there are HKD 2.2 billion remaining inventory, of which we have already secured HKD 522 million as contracted sales and expected to contribute to our revenue in the second half financial year 2025. Another example of our execution and actively selling our completed inventory in Hong Kong.
Despite the challenging market conditions, our sales and marketing team has pushed through and is able to achieve and recognize over HKD 800 million for two Hong Kong projects, namely Mount Arcadia in Shatin Heights and Manor Park in Hung Shui Kiu. Hyll on Holland in Singapore is another revenue contributor with which we have completed and initiated the handover process in June. With a total attributable GDV of HKD 3.1 billion, we own 80% in this project, 100% units settled. As the project revenue being recognized over time, we recorded the remaining revenue of approximately HKD 500 million from this project during the first half financial year 2025. Now, let me update you on our upcoming project completion in Perth, Australia. Our development Perth Hub is nearing completion with 314 apartments.
All units have been pre-sold, and the development will be completed starting from December this year in phases, with a total expected GDV of HKD 848 million. This is actually also the first project built by FEC Construction Australia. And by utilizing our in-house construction capability, we maintain quality and control costs. We're very proud of our team for delivering this magnificent project on time and under budget. With this significant achievement, we will roll out similar projects across Australia nationally. In fact, this is highly recognized by the government, being one of the first affordable housing units within Perth. In Gold Coast Australia, following the completion of Tower One under the Star Residences in financial year 2023, Tower Two is expected to be completed in February 2025. The development features five towers in the heart of Gold Coast World Class Integrated Resort, in which we hold a third stake.
The Tower Two consists of 437 units with a total attributable GDV of approximately HKD 567 million, 100% pre-sold. In Brisbane, Australia, Queen's Wharf Residences, Tower Four, which is strategically located on top of our integrated resort under the HKD 3.4 billion Queen's Wharf Brisbane project in Brisbane. We hold a 50% stake in the residential component. It comprises 667 apartments with an attributable GDV of HKD 1.6 billion. The apartments are 100% pre-sold and expected to be completed in April 2025. Besides that, we have also soft opened the Queen's Wharf Brisbane Integrated Resort in Brisbane on August 29, 2024, this year, in which we own 25% stake. The response was very positive and well received. We opened our hotel and gaming facilities with premium gaming rooms unveiled. During the days that I was there in August and September, in fact, for a few days, I saw a huge line.
At one point, people actually had to wait two hours to get into a casino. It was very packed and there were long lines for slot machines. With the opening of the full-fledged F&B outlets expected by December Christmas, we would expect to increase and enhance our revenue by driving a lot more foot traffic within the precinct of the casino. In Manchester, U.K., adding traffic to our pipeline will be delivering over 20,000 new homes. Together with our track record, we are able to complete over 1,000 units cumulatively within the next year. With the change of government in July this year, the Deputy Prime Minister and the Secretary of State for Housing, Communities and Local Government, Angela Rayner, visited our development in Manchester. We shared our ambitious plan for the area and the importance of embedding the existing community within them.
This is another great testimony to our Manchester team for their dedication. Next is Victoria Riverside, situated within Red Bank, also in Manchester. Neighborhood to Victoria North development, it features three towers comprising approximately 596 units and 38 townhouses. The townhouses and Tower B and C are expected to be completed in December 2024, with an expected GDV of approximately HKD 2 billion. Tower B comprises 128 affordable housing units and Tower C comprises 193 residential units. Together with the townhouses, approximately 92% was pre-sold. Tower A is expected to be completed in summertime next year. It consists of 275 residential units with HKD 1 billion. Again, already pre-sold approximately 97%. Coming back to Hong Kong, in our recent launch, Pavilia Forest in Kai Tak in July, this development situated on top of the Kai Tak runway offers beautiful sea views and the Hong Kong landscape.
The site in front of our development is actually under a process of EOI for a proposed smart and green transit system in Kai Tak. It's expected that the vertical alignment will be no more than 20 meters, meaning hence our development above the 10th floor will be able to enjoy the beautiful Victoria Harbor sea view for a period of time. Our development consists of 1,300 apartments with a total GDV of approximately HKD 12 billion, in which we own a 50% stake. We have pre-sold 60% units launched as of 30 September 2024, GDV of HKD 2.3 billion, and have already pre-sold 65% of units launched to date with a GDV of HKD 3.4 billion. The development is expected to be completed in the first half financial year 2026. Another recent launch in Manchester, Red Bank Riverside, is another development within the Red Bank neighborhood and adjacent to Victoria Riverside.
The development consists of seven buildings. We launched one of the towers, Falcon, in March with 189 units, with a GDV of HKD 689 million. It's been well received, great response. 159 units pre-sold are reserved within the first three months. The remaining units will be launched upon Falcon completion with a higher price. In August 2024, we launched the Tower Kingfisher with 322 units and a GDV of HKD 1.2 billion, with already pre-sold and reserved over 60% of units launched to date. In Melbourne, we are expected to launch a mixed-use development project, 640 Bourke Street, in January 2025. 640 Bourke Street is actually located in the CBD of Melbourne, which is right adjacent to our West Side Place, Ritz-Carlton, Dorsett, and also, of course, our West Side development. It will consist of 70 levels with 608 apartment units. The total expected GDV for this project is around HKD 4.3 billion.
It's expected to be completed in financial year 2029. Overall, we are very confident that our strategic focus will continue to drive sustainable growth and stability for FEC in the years to come, with over HKD 65.9 billion in development pipeline. As we continue to drive early project completion, it is expected to significantly aid in debt reduction. Thank you all for your time and attention. We look forward to sharing more success with you in the near future. Now, I'll pass the hotel operations review to Winnie. Thank you.
Thank you. Sorry, just wanted to do some housekeeping issues. How many, I just wanted to get a gauge, how many of you all are joining us on the hotel tour as well as the Kai Tak Stadium tour?
Oh, wow. Great. That's excellent. Okay, great. So I just want to - I want to see - because I know that we're a little bit overrun already, and I do want you guys to see the amazing project. So I'll keep it brief, but feel free to ask any questions at any time. I came here actually - thank you for coming because I see a few of you have actually been coming since like 2010, and just really full of gratitude when I look at this. So back to the hotel performance. I think the hotel performance we're doing, despite the interest rate, I think we're doing quite okay. In terms of the growth, we have slight growth of 1.1%. Hong Kong is the main part of our hotel, and we are aligned with the market. The market is around just under 80%. So I think that's at the end, we are also part of a macro.
So I think this year, two countries came up quite strong, and I remain to see that they will continue to contribute more. One is Malaysia, and one is in terms of the growth, one is Malaysia, and one is Australia. And in terms of the occupancy growth, you can see, and as well as the rate. I do remain very bullish about Malaysia because it's really—if you do have family, I highly recommend you go there for holidays. I mean, it's very good value with the ringgit. It's just good value, good food, everything. And with the opening up of China, jokes aside, I foresee that a lot of people will go there because you can see a lot as a company, so many people, like more and more of our colleagues like to work from home. So you will have to have more off-sites.
Imagine if you have more off-sites, we will also look at costs, right, given such an interest rate environment. Malaysia is a great choice. I can already see some outbound from China going to Malaysia. I will not go into details of the numbers because it's self-explanatory, but feel free to ask me whenever. In terms of the revenue, the first half is at HKD 980 million. I was just joking with one of the colleagues, one of the bankers here. When we just started, we were at HKD 800 million for a full year. In the last decade, we really grew from—like it's really—I want to thank my team a lot. As to Boswell's point about the growth of our hotel valuation, we also grew from HKD 11 billion just about a decade ago to now HKD 29.8 billion.
What I want to highlight here is that, yes, we've been a good contributor for recurrent income for FEC. But aside from that, the valuation is also quite monetizable. In the past, since I think I've been in my position, we've sold about—we've sold five hotels. And it's actually—and every time almost we double. The one in Aldgate that we've sold most recently, we sold during COVID. We almost kind of—if you look at it. So I think in total, we've generated the sales proceeds of HKD 13.3 billion in terms when it comes to when we dispose our hotel assets. So that's really something I want to share with you all. Does anyone want me to go through more in terms of geographical location? Because I'm happy to, but I just don't want—any questions? All right, good. So next slide, Kai Tak.
I'm so happy to be receiving all of you here. It's been the most exciting journey for the group. I don't know how we got so lucky. We're the only hotel in the closest proximity. And with Coldplay, I mean, with all the announced shows, we almost have not enough rooms to sell. So what I want to highlight is that hotel is a real property, is an asset. The town is a hot asset. But I like to also think ancillary income because you cannot sell your room twice one night, right? But there are packages that you can do that can actually increase the ancillary income. And I've seen that from our group in the Coldplay tour package everything. So look, we'll talk more when we walk around. This is what I love most in.
Because in the hotel industry, honestly, it's not easy to find people right now, and actually, where we are is a kind of Uncertain] . It's like there are about 20,000 subdivided houses, people who live in subdivided houses around this area, so before we opened, I was so happy. I actually went to visit them, and we managed to do a recruitment day, and we hired 70 of them to join us with no experience, but we are now doing a joint program together with VTC because I believe Dorset is invested in positive impact, and that means that even if you were with me for a short time, I want to add value. I want you to have a, like you know, you have a good man, but you couldn't think of yourself.
Yeah, I want you to be certified so you can actually move or go to work somewhere else to other hotels. I want to be part of that. So happy to announce it's not here yet that we're doing a joint program with VTC. So it will be on-the-job training, and they will be certified. That's Dorset. Oh yes. This I think will be music to the ears of investors. With such an interest rate environment, I just think that every company has to be resilient, and to be resilient, the most important is to keep on pivoting. I'm happy to announce that we have, I think, an AGM. I've already gave a sneak preview that we are looking for partners, and we've managed to do our first project with TPG Angelo Gordon. We bought a hotel in Singapore. It's called the Changi Airport Hotel.
It's subsequently now been rebranded as Dorsett Hotel. What's interesting about this deal is that we're only putting in 10% equity. Then it's our first step into an asset-light model. We put in 10% equity. We also charge a fee for project management, and we get a management fee. But also, most importantly, we also managed to negotiate ourselves share on upside when they exit because all funds look for exit as well. I do believe, and I'm very confident with our track record that we do add value when we exit. For this hotel itself, we will be adding 80 rooms. A lot of you may know that hotels are valued by how much per key. That's already something. Again, feel free to talk to me more, share with me your thoughts when we're walking around later.
Yeah, the pipeline is self-explanatory. We have a few hotels coming up, namely in London, I mean, in the U.K. as well as in Australia. Australia, most of our projects are really; we're like owners' rep because most of our projects are joint ventures together with the Brisbane, like with the gaming company. So it's more like owners' rep role. But yes, there will be a few hotels coming up there. Yeah, I think that's, again, also quite self-explanatory. Thank you. With on this, I will pass it to Boswell to talk more about our project.
I need to accelerate the timing because of the, yeah, some overrun. For Car Park, Car Park, we noted, again, the revenue growth is 6.7%, and during the first half, we sold one of the Car Park in Manchester, talking about HKD 17 million starting.
For the whole portfolio, I think, again, this is also one of our asset-light business models for car park. We're managing about 116,000 car park bays, in which about 90% actually are managing for a third-party asset. This is quite a management company. For Palasino, we spun it off at the end of March this year. Now we have a hold of about 72% after the over-allotment option in April. This business, we actually are looking at quite recurring income as well. Soft opening of the casino in Queen's Wharf, Brisbane, we actually are investors. We are not the operator. We own 25%. The beauty of this casino or the joint venture is that we have the 99 years' gaming license. Also, we've got three hotels. Star Grand has been opened on 29th of August.
And hopefully, another two hotels, including Dorset, will be opening soon as well. So for the BC, I think this is obviously one of our non-core businesses. We own 53% shares of this company. And the AUM reached about $6.1 billion. Outlook, I think when we go through our presentation just now, I think we part, well, most of them actually we touched on already. The balance sheet management, we continue to reduce the debt level as well as the finance costs. And hopefully, the interest rate is coming down as well. So focus on the monetizing and completing or accelerating the completion of our existing property development. That's helped a lot on the cash flow as well as the P&L as well. Other than the core business, of course, non-core asset and non-core business, like I said, we are targeting to sell as well.
Hopefully, we can pay down the debt level as well as the debt as well as the perpetual notes. For the property development business, again, well, we have got the unbooked pre-sale talking about HKD 11.8 billion as at the end of September, in which, I mean, and also we've got the HKD 65 billion property development pipeline, which is big enough for us. I don't see any urgency to raise for the land replenishment. Hopefully, because of that and because of the diversified portfolio, we are focusing on reducing the debt level as well as saving a lot of the finance costs. Launch, like when you just mentioned, Bourke Street, we are launching hopefully in the Q1 next year. This is not a small amount. I mean, this is not a small project, 600 plus units, talking about HKD 4.3 billion in terms of the GDV.
Also, next phase, Victoria North Master Plan in Manchester, as well as selling some existing stock as well. Hotel, I think Wing has talked about that in fair detail as well. Car park and gaming, I think we touched on already as well. So for the ESG, I think you can have a look at the pages, so that's all the details you can find, and page 44 is talking about the awards that we have. So that's someone's trade in the market that we see as from the ESG, from the different, for example, the corporate governance perspective, we are recognized in the market, and that's just the presentation.
Thank you, Management. We will take questions now. Please raise your hand if you have any questions, and we will hand over the microphone to you, and much appreciate to have your name and the company you represent too. For online investors, you may input your questions in the Q&A box, and we will read it out one by one.
I think we've skipped through the ESG bit, but I do believe seeing is believing. Actually, today, the tea that all of you have got is a project that we're doing with VTC. We've donated a piece of land from my grandfather's day in Sai Kung to VTC to do research for Chinese medicine. Really invested in positive impact means we start, although we look at our own budget, maybe it's small. By the way, we donated the right of the land, not the land itself, for five years and get a matching fund from government. So that tea is actually Chinese herbs. On the land itself, we already have 20 types of Chinese herbs.
So that's why it's called D20, D being my grandfather's name, Deacon. The one that you guys are having actually is from City Super. So it hasn't got the gin. The name is actually called Dr. Yun, so which is my grandfather's name. But what is interesting is that not just now we're doing research, all Hong Kong company, by the way, we're producing it. And quite a lot of, oh yeah, quite a lot of corporates do get it for their gifts. A few banks have ordered. All proceeds go to VTC. And it's not bad, actually. And my sustainability colleague has pushed it even further to make it sparkling tea because youngsters like sparkling tea nowadays. I like it as well. Okay. Good. You're young. We're all young. But all made in Hong Kong. Oh, yeah, sure. Q&A? Yeah? Any questions from before? Oh, sorry. Oh, sorry.
The sustainability. And also, I'm talking to their investors too. And also, when we go out, you'll see another project that is also very close to my heart is VTC, again, another project with VTC. We have built a co-creation lab within the VTC because in my other titles, I do sit on Ali's fund as well as Lenovo's GP or investment committee and whatnot. So we built a lab there. But lab is a hardware. But we also have seed funding. Really not a lot. We're talking about HKD 50,000 to seed funding and let these young people to actually entrepreneurship because I truly believe in tech app. And it's really so humbling, the experience that I had when I was there to be a judge because VTC, 80% of our students, first, VTC is nine universities combined, the number of students.
And second, 80% of our students need financial funding. And their average salary of their parents is HKD 20,000. So household income. So we must help. And I'm so happy that it's been since COVID this year. It's okay. It's a year ago. Or maybe four years, four or five years ago, we launched this. And a few of our company has actually gone to Science Park and got a few million. And I'm so, so proud of them. And really, what you see, a few of the projects is really designed for Hong Kong as in there are social problems that we do not know. And one time, there was one of our students, I didn't even know. So because we have such high longevity in Hong Kong for both men and women, our number one in the world, we also have the issues that come with it.
So that means that a lot of Hong Kong people, when they sit in the bus stop, they miss the bus because they cannot time and time talk. They cannot see clearly or hear. So it's simply by designing something that will page, oh, number 10 bus is coming, something like that. But these are problems that I would love to know about, and I want to go to Hong Kong, and that's why I love this initiative, and I do urge you all, feel free to join me in any capacity. If you are all, I'm happy to come and mentor these kids, or you're all very successful people, or even be the judge for us. It really will make me so happy. Sorry, I overrun the.
Any questions from the floor, please? And any question from the online?
Yeah. [Foreign Language] 在中期的时候，就的 dividend payout 就是一个先。我照读先。去到 second half，会不会是，就是 full year，会不会是有什么 guidance？我想这个很 typical 的问题。Typical 的答案就是 guidance 是不会了。但是我都想说的就是 first half 的第一个先，是我们是想维持一个 sustainable 的 dividend ratio。也有很多的 investor 是支持了我们很多年。是的，他们也明白，就是我们也想是尽量好像我刚才 earlier 也有说的，accelerate 我们的 completion，拿回一些钱回来。为什么呢？其实就是为了减低我们的 debt level。最重要就是 finance cost，尤其是 perpetual notes。我们希望可以在尽快去减低这些 cost 的情况下，亦都会 maintain 住一个 dividend 的。但是 obviously for the whole year，第一还没开会，都还没计数，也不容许说。但是我们会是，到时会用一个方向去想，因为 second half 也实际上是 hotel 或者是 sales of property 方面，也是很明显是有一个很好的 improvement。
[Foreign Language] 其实 hopefully in the second half 会好过 first half。但是有行动来支持一下。支持一下。多一点来这里 staycation。Have said that，但是也有些隐忧的，坦白说。会不会 second half 也有些 impairment 呢？我现在不敢说，就是有好有不好，所以去到全年的时候才知道。但是 for dividend 这个 question 就是第一不能回答，但是也是到时我们再想，但是我们会 maintain 住一个 sustainable 的 ratio。That's what you brought up, a very good point. I think it's a commitment we have without investor。你问我加不加难，当然加难。你息升了这么多，但是诚意，大家都是拿个心出来。I think that for me is what I value. Okay, on this note, let's do more exciting things. Let's walk around and forward. Yes, thank you. This is the end of our investor presentation. Thanks again for joining. Thank you. Thank you. Thank you.