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MTR in talks for two light rails 2.
Sun Hung Kai leads for West Kowloon work 3.
Sky Tower flat sales likely to reach $4.8b
1. MTR in talks for two light rails CongestionESTION
in the Tsim Sha Tsui tourist and business district could be eased if the Mass
Transit Railway Corporation (MTRC) wins government approval to build an elevated
light rail network. The scheme is one of two light rail projects, believed to
be worth about HK$5 billion, proposed by the MTRC. The second would link Chai
Wan and Siu Sai Wan on Hong Kong Island. MTRC spokesman Lam Chan confirmed that
proposals for both systems had been submitted to the government by the rail company.
``Light rail would enable the development of rail lines into less densely populated
areas,'' he said. The Tsim Sha Tsui scheme would help serve the West Kowloon reclamation,
possibly linking to the Airport Express and Tung Chung lines. An extension to
Hung Hom could also be considered. The new routes would improve access within
the districts and feed passengers to the main mass transit line stations. ``We
are examining suitable routes for an above-ground link,'' Lam said. If approved,
the light rail networks would be faster and considerably cheaper to build than
existing mass transit links. They would also be more environmentally friendly
than buses or mini-buses. The elevated systems would cause less disruption than
ground-based trams or underground lines. Plans have been lodged with the government
at a time when there are growing calls to pedestrianise part of Tsim Sha Tsui
in an effort to end mounting congestion in the area. No details of the types of
system have been released, but they could be similar to either the light rail
network in Tuen Mun and Yuen Long or the automated people mover at the Chek Lap
Kok passenger terminal. The Kowloon-Canton Railway Corporation is building a 4.4-kilometre,
mainly elevated, extension to the light rail system in Tin Shui Wai at a cost
of HK$2.3 billion. This puts the cost of developing the extension at about HK$522
million per kilometre, about 40 per cent of the cost of a conventional mass transit
line. A network based on the Chek Lap Kok people mover would be even cheaper.
The MTRC has no direct experience of building and operating a light rail system
similar to the Tuen Mun-Yuen Long network, but it does have a contract to repair
and maintain the Chek Lap Kok people mover. [Source:
Hong Kong iMail, 6 May 2002] 2.
Sun Hung Kai leads for West Kowloon work
Sun Hung Kai Properties is believed to be negotiating with the government for
the rights to develop the HK$24 billion West Kowloon entertainment and cultural
complex. The Hong Kong iMail understands the developer is seeking to negotiate
a contract as the lead company in a consortium of five or six property and related
companies. This follows the selection of Norman Foster's design as the winner
out of 161 international and local entries in a contest to prepare architectural
concept plans for the area. The Foster and Partners entry was sponsored by Sun
Hung Kai Properties. Given the close relationship between Foster and Sun Hung
Kai, one insider said ``it would be logical'' for the property company to be negotiating
with the government to secure the rights for the Kowloon project. He said Sun
Hung Kai was likely to be asked to give an undertaking assuring the government
that other property developers would be allowed to form a development consortium
with Sun Hung Kai. This would help avoid a repetition of the public outcry that
followed the government's award of the Cyberport site to Richard Li's Pacific
Century CyberWorks without competitive bidding. Sun Hung Kai is also the lead
developer in a group that is building the 102-storey hotel and office tower that
forms part of Union Square, formerly the Kowloon station development. Sun Hung
Kai is developing four out of the seven phases of the station project which is
next to the area earmarked for the entertainment complex. Officially, the government
is still considering whether to award the cultural centre site as a single package
or several smaller parcels. But sources said it privately favoured awarding the
site in one lot partly because it would avoid interface and communication problems
between developers. The Planning Department will award a consultancy study soon
for a masterplan based on Foster's concept proposals. The department's Metro Group
section hopes the successful consultant will start work on the nine-month investigation
within the next two months. Overall, the report will refine Foster's plans and
see if any other aspects of the four runner-up schemes could be incorporated into
the masterplan. The Foster scheme includes auditoriums, museums, galleries and
cinemas, together with offices, shopping malls and open space under a 25 hectare
canopy. [Source:
Hong Kong iMail, 6 May 2002] 3.
Sky Tower flat sales likely to reach $4.8b
Cheung Kong (Holdings), New World Development and Shanghai Industrial Holdings
are expected to pocket HK$4.8 billion from their latest joint residential project
in Kowloon. The project, called the Sky Tower, would be sold this month at an
average price of HK$4,000 per square foot, Cheung Kong executive director Justin
Chiu said. The project, at To Kwa Wan, consists of six 58-storey towers with a
total floor area of 1.2 million square feet. While the three companies didn't
have an equal stake in the project, Chiu declined to disclose the share of each
developer. ``Many people living in the New Territories would like to move to the
urban area to reduce the spending on commuting, so I expect sales of urban apartments
will be better than those in the New Territories,'' he said. Sky Tower has a total
of 2,208 flats and a hotel will be built nearby. Cheung Kong sales manager David
Wan said he expected the flats to be sold in three phases, with this month's sales
offering flats in two towers. He said all Sky Tower flats should be sold this
year if the market demand was good. The better-than-expected land auction results
last month had boosted developers' confidence for sales after almost four years
of market doldrums. [Source:
Hong Kong iMail, 6 May 2002] | 
