Able Engineering Holdings Limited (“Able Engineering”) has secured a 50-year land grant for Tung Chung Town Lot No. 54 after its HK$1.63 billion tender was accepted by Hong Kong’s Lands Department on 19 May 2026.

The site, located in Area 106A of Tung Chung, New Territories, covers 14,152 sq m and allows a maximum gross floor area of 49,532 sq m designated solely for private residential development.

Payment structure • Initial deposit: HK$50.00 million (already paid on tender submission) • Further 10% less deposit: HK$112.70 million due within seven working days of the acceptance letter • Remaining balance: HK$1.46 billion payable within 28 days

Financing will comprise internal resources and new bank borrowings.

Regulatory implications Because the acquisition exceeds 100% of the applicable percentage ratios under Chapter 14 of the Hong Kong Listing Rules, it is classified as a “very substantial acquisition.” Shareholder approval, a detailed circular, and other compliance steps are required; dispatch of the circular is targeted on or before 29 May 2026. Controlling shareholder Golden Lux Holdings Limited—beneficially owning 75% of Able Engineering—has signalled its intention to vote in favour.

Strategic rationale Management plans to transform the parcel into private residential units, marking Able Engineering’s entry into real-estate development and creating potential synergies with its existing core businesses of construction, RMAA (repair, maintenance, alteration and addition) and prefabricated units.