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1. New World eyeing Hung Hom complex

2. Garley Building 'a drug den overrun by mice'

1. New World eyeing Hung Hom complex

New World Development is interested in bidding for the commercial complex at The Metropolis in Hung Hom although developer Cheung Kong (Holdings) has the ultimate right to acquire the project. New World director and group general manager Stewart Leung said yesterday his company was keen to buy the property - a joint venture between Cheung Kong and the Kowloon-Canton Railway Corporation (KCRC). Cheung Kong and the KCRC said on Wednesday Phase 1 of The Metropolis - costing more than HK$3 billion - would be sold at an open tender ending on May 6. However, their 1999 joint-venture agreement gives both Cheung Kong and the KCRC the ultimate right to buy the property at prices above the highest bids received from the tender. Leung was yesterday undeterred by that provision, which analysts believed could dampen investor interest. ``I do have an interest [to bid for The Metropolis],'' he said. ``But I can't confirm it now as I need to look into more details of the complex.'' Leung said he did not think the Cheung Kong-KCRC agreement was unfair to potential investors in the project. ``I believe developers will still maintain interest in bidding if they find it profitable,'' he said. Leung said he was also interested in investing in the two-phase commercial complex SkyCity next to Chek Lap Kok airport. He was speaking after a meeting with local property agents and Estate Agents Authority chief executive officer Grace Chow yesterday. Henderson Land Development general manager Augustine Wong, who also attended yesterday's meeting, said the group had yet to decide whether to tender for The Metropolis. The 1.04-million-square foot commercial complex - comprising a 12-storey hotel, a three-storey shopping arcade and five-storeys of offices - is located next to the Hung Hom railway station. Phase 2, consisting of serviced apartments, is due to be launched in the third quarter of this year.

[Source: Hong Kong iMail, 19 April 2002]

2. Garley Building 'a drug den overrun by mice'

The Garley Building, where 40 people died in a fire in 1996, has become a derelict drug den overrun by rodents, a district council meeting was told yesterday. "The environment inside and outside the Garley Building is quite poor. For example, there are tens of thousands of mice," Yau Tsim Mong councillor Henry Chan Man-yu told a Housing Committee meeting. "According to complaints lodged by the public, there are always drug addicts and vagrants gathering in front of the building or even sneaking into it to do illegal activities." He proposed that the Urban Renewal Authority redevelop the private commercial building in Nathan Road, Tsim Sha Tsui, which has been a vacant shell since the fire. The blaze, which also left 80 people injured, was caused by a spark from a welding torch while new lifts were being built. Authority representatives told councillors they would present the proposal to their board for consideration. The council will also write to the building's owners about the environmental and safety concerns raised. Councillors who spoke at the meeting said they were concerned about having an eyesore occupying a prime location in Tsim Sha Tsui. "In its present condition it is hazardous to tourists and poses an environmental problem to the wider community," Mr Chan said. The 16-storey building was owned by 63 shareholders when first registered in 1976, he said. Any decision on the fate of the building requires the unanimous approval of all its incorporated owners. Mr Chan said the Urban Renewal Authority should exercise its powers to decide the future use of the building. A Buildings Department statement said officers were sent regularly to check the safety of the structure. Some units had been severely damaged in the fire and experts needed to check them for structural safety before they could be let out, the department said.

[Source: SCMP, 19 April 2002]