The Development Studio (TDS) is a real estate developer based in Hong Kong, focusing on residential and commercial properties across Asia. The team is experienced in uncovering distinctive investment angles through judicious acquisitions and creative market positioning.

TDS Partners, a sister company of TDS, invests in unique opportunities on behalf of private funds and high net worth individuals, with execution through TDS Management, a wholly owned subsidiary of TDS.

TDS also engages in a limited amount of advisory work in respect of investments (and ‘value-add’ to such investments) as well as conceiving and executing development projects. This includes identification and appointments of architects and the consultancy team with an emphasis on design development, strategic positioning, government approvals, construction contract procurement, project management, the creation of marketing programmes and the establishment of asset management structures and systems.

Since inception, TDS has established an enviable track record of successful partnerships with reputable organisations such as Hysan Development, Kadoorie Estates, Hong Kong and Shanghai Hotels (Peninsula Group), Kerry Properties, Kowloon Development Co., Philippine based Eton Group etc.


Alex Leung, Ricky Lui, Stephan Spurr, Ralph Wong, Keith Kerr

Keith Kerr, spent 35 years at Swire Properties in Hong Kong, the last 20 years as CEO and Chairman. Projects developed during his tenure were Pacific Place, Festival Walk, the Taikoo Place campus comprising 13 office buildings culminating in the 150,000 m˛ One Island East as well as a wide range of residential projects. Projects initiated in Mainland China during his tenure include the Taikoo Hui mixed use development in Guangzhou, The Village at SanLiTun in Beijing (incorporating The Opposite House hotel), Indigo in the Jiang Tai area of Beijing and the prime mixed-use joint venture project with Hong Kong Resorts, Da Zhong Li, in the Puxi district of Shanghai. He is President of the Real Estate Developers Association of Hong Kong and Non-Executive Chairman of Grosvenor Asia Pacific.

Stephan Spurr, an Executive Director, was born in Japan and has spent all his working life in Asia, first with The Hong Kong Land Co. based in Hong Kong (14 years) and also Australia; but latterly with Swire Properties Ltd. (20 years) where he was the Director and General Manager responsible for Island East. (the investment property portfolio comprising TaiKoo Place, Cityplaza and Taikoo Shing). His experience has covered every aspect of the real estate industry with a particular focus on strategic marketing, retail and office leasing, as well as asset management in Hong Kong and the PRC. Most recently, he oversaw the marketing, pre-leasing and establishment of Taikoo Hui, Swire’s flagship commercial development in Guangzhou.

Ricky Lui, an Executive Director, is originally from Hong Kong but focused on Mainland China for the past 14 years being based in Beijing for 10 years and before that 4 years in Guangzhou. During this time he had acquired a tremendous understanding of the government system, local market nuances and a unique business network. He has over 20 years of experience in the real estate industry, having been an executive for New World Development, PCCW Group, Tishman Speyer and Beijing Zhai Tai Land Development, gaining extensive experience in development, renovation and asset management in Hong Kong, China and Japan. Major developments involved include Pacific Century Place in Beijing and Tokyo, developments on Er Sha Island in Guangzhou, Discovery Bay in Hong Kong and various reputable and large scale projects in the Asia Pacific region.

Alex Leung, Manager, joined The Development Studio shortly after its inception in 2010. With a keen interest in architecture, he is largely focused in Planning and Development, and is also actively involved in the capital raising side of individual projects. Alex has worked on a diverse range of projects varying from residential site assembly and redevelopment to the master planning of residential and commercial properties. Alex has an undergraduate degree in Biomedical Engineering and a Masters in International Healthcare Management.

Ralph Wong, Manager, joined The Development Studio in 2011 with a focus on commercial property leasing, marketing and asset management. Prior to joining The Development Studio, Ralph worked at Swire Properties in a number of roles encompassing development and valuations, retail and offices. Ralph was predominantly involved in the developments of TaiKoo Place and Festival Walk as well as site acquisitions in Hong Kong. Ralph holds an Honours Bachelor of Business Administration with a concentration in finance and economics from the Schulich School of Business at York University in Canada and a Master of Science in Real Estate from The University of Hong Kong. He is a Chartered Surveyor from the Royal Institution of Chartered Surveyors.



The Development Studio, Ltd.

9th Floor, Baskerville House
13 Duddell St., Central, Hong Kong

P +852.2869.0090
F +852.2869.0686




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