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- K Wah profit falls on lack of completed projects
- Redevelopment of Shek Pai Wan Estate Phase 2 Completed Ahead of Schedule (with photo)
- Appointments to Land and Building Advisory Committee
1. K Wah profit falls on lack of completed projects
YVONNE LIU, SCMP 30 March 2007
Developer KWah International said full-year underlying profit dropped 22.55 per cent to HK$69.7 million last year due to a lack of completed projects to be booked as earnings.
Net profit, including a property revaluation gain, plunged 93.7 per cent to HK$230 million from HK$3.64 billion in 2005, when HK$3.55 billion was booked from the disposal of shares in Galaxy Entertainment Group. Turnover dropped 4.5 per cent to HK$276 million from HK$289 million.
Last year, KWah generated HK$4 billion from the sale of three residential projects - Great Hill in Sha Tin, JResidence in Wan Chai and the phase one of Shanghai Westwood in Shanghai .
The profit and turnover of the projects could be booked this year after the projects are completed.
No property sales were booked last year.
The developer plans to launch penthouse units and houses at Great Hill this year and expects to book a further HK$1 billion from the sales of the project.
KWah also plans a pre-sale of phase two of Shanghai Westwood by the end of this year, with revenue to be booked when the project is completed next year.
Acting managing director Eddie Hui Ki-on said the group would expand its business coverage from residential and commercial property development to investment properties including hotels, serviced apartments and retail projects to ensure stable annual income.
The developer bought a development site at Shiu Fai Terrace, Mid-Levels East, this year and has teamed up with Sino Land and Nan Fung Development for a site in Tai Po.
KWah spokesman Alexander Lui Yiu-wah said the group would invest HK$10 billion to buy development sites in the mainland and Hong Kong in the next one to two years.
The company is seeking sites in mainland cities such as Wuxi , Suzhou and Kunming .
KWah increased its final dividend to 2.5 HK cents per share from one HK cent a year earlier.
The company's shares fell 3.81 per cent to close at HK$2.78 yesterday after the results announcement.
2. Redevelopment of Shek Pai Wan Estate Phase 2 Completed Ahead of Schedule (with photo)
Hong Kong Government, 30 March 2007
The Hong Kong Housing Authority (HA)'s Redevelopment of Shek Pai Wan Estate Phase 2 has been completed ahead of schedule despite disruption to project progress due to the re-entry and re-tender of construction contract. The early completion is good news to tenants affected by the redevelopment of Wong Chuk Hang Estate.
Officiating at the ceremony today (March 30) to mark the project completion and the handover of the site were Chairman of the HA's Building Committee, Mr Ip Kwok-him, Committee Members Mr Stephen Yip Moon-wah and Mr Joseph Kwan Kwok-lok, Chairman of the Southern District Council, Ms Mar Yuet-har, and Deputy Director of Housing (Development and Construction), Ms Ada Fung.
Mr Ip said at the ceremony, "The breach of contract by the original building contractor had brought about many challenges, especially those concerning workers on site. The HA and the Housing Department (HD) have demonstrated a huge perseverance in handling the situation. Having duly considered the continuity of project works and the livelihood of the concerned workers, the majority of the domestic sub-contractors and site workers under the original contract were retained. Satisfactory solutions to overcome a myriad of problems over the contract and project works have led to the early completion of the project. Tenants will soon be able to move into their new homes. Members of HA's Building Committee and HD colleagues are pleased to see the hard efforts eventually bear such rich fruit."
On the same occasion, Ms Ada Fung commented, "We understand that tenants in Wong Chuk Hang Estate have been eagerly looking forward to moving into their new homes in Shek Pai Wan Estate Phase 2. We worked very hard, aiming for project completion within ten months. During the process, the contract suffered further delays due to heavy rain, with completion date extended to mid-April 2007. Cognizant of the wishes of the tenants, all parties - including HD colleagues, architects, engineers, surveyors, site supervisors, the contractor, the sub-contractors as well as site workers - doubled their efforts and advance the completion date to late March. At the same time, this is the first completed project after the HA introduced the wages payment monitoring system for construction workers. The effective implementation of the system in this project is truly encouraging."
Wong Chuk Hang Estate is among the last to be demolished under the HA's Comprehensive Redevelopment Programme. The Redevelopment of Shek Pai Wan Estate was designed to rehouse the tenants of Wong Chuk Hang Estate. The completion of Phase 2 signifies another major step forward for the Comprehensive Redevelopment Programme.
According to the original plan, Shek Pai Wan Estate Phase 2 should be completed in early 2006. However, the original contractor failed to comply with contract obligations, causing serious delay to the progress of works. The HA decided to terminate the original contract and re-enter the site on 17 February 2006. Re-tendering was promptly arranged in March 2006, with the aim of completing the construction works within the shortest period of time. Works re-started under the new contract in May 2006, and completed in March 2007. It is expected that tenants in Wong Chuk Hang Estate will start moving in to their new homes in Shek Pai Wan Estate Phase 2 from this May onwards.
The Redevelopment of Shek Pai Wan Phase 2 includes four domestic blocks, one primary school and a lift tower. Following an opening ceremony officiated also by Mr Ip, the lift tower has been in service since 15 February. Operating 24 hours a day, the lift serves an impressive daily average of over 6 000 users. This convenience is enjoyed by tenants in Shek Pai Wan Estate and nearby residents alike, especially the seniors and the physically disabled.
3. Appointments to Land and Building Advisory Committee
Hong Kong Government, 30 March 2007
The Government today (March 30) announced the appointments to the Land and Building Advisory Committee by the Chief Executive for the period from April 1, 2007 to March 31, 2009.
Professor David Lung Ping-yee is reappointed as the chairman of the committee. Six new members are appointed - Mr Peter Ho Chiu-kee, Mr Stewart Leung Chi-kin, Ms Pong Yuen-yee, Mr Wong Chi-kui, Mr Conrad Wong Tin-cheung and Mr Yu Kam-hung.
Also reappointed to the committee are Dr Rebecca Chiu Lai-har, Ir Reuben Chu Pui-kwan, Mr Raymond Chow Ming-joe, Dr Linda Fan Wong Chi-ning, Mr Bernard Hui Man-bock, Dr Simon Kwan Sin-ming, Mr David Chris Lee Tsung-hei, Miss Wong Lai-chun, Professor Anthony Yeh Gar-on, Mr Stephen Yip Moon-wah and Ms Margaret Yuen Ying-lai.
The Secretary for Housing, Planning and Lands, Director of Buildings, Director of Lands, Director of Planning and Government Economist continue to serve the Committee in their official capacity.
The terms of reference of the committee are:
(a) To keep under review:
(1) the needs of the public and private sectors for land; and
(2) the planned provision, take up and utilisation of land.
(b) In the light of (a) above, to consider the adequacy of land development programmes.
(c) To monitor and assess policies and procedures in relation to planning, land, and buildings matters.
d) To advise the Government on any of the matters referred to in (a), (b) and (c) above.
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