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1. Developers show little interest in Metropolis Phase 1

1. Developers show little interest in Metropolis Phase 1

Most of Hong Kong's large developers have not submitted tenders for The Metropolis Phase I - a joint venture between Cheung Kong (Holdings) and the Kowloon-Canton Railway Corporation (KCRC). The office portion of the Hung Hom property, to be sold on a floor-by-floor basis, drew 15 submissions when tenders closed at noon yesterday. The hotel premises and shopping arcade each received one tender only. Surveyors estimate that Phase I of the Hung Hom development has a market value of around HK$3.6 billion. New World Development chairman Cheng Yu-tung, Henderson Land Development vice-chairman Colin Lam and a spokesman of another blue chip developer, Sun Hung Kai Properties, said their companies did not submit tenders for the property. Railway operator KCRC did not submit a tender, its spokesman said. Cheung Kong and KCRC jointly announced last month The Metropolis would be sold by open tender. KCRC property director Daniel Lam earlier said the railway operator had long wanted to sell out of the project, while Cheung Kong executive director Justin Chiu said the company was keen on buying the KCRC's stake. The Phase I office premises provides 252,588 square feet of gross floor area in a 15-storey block. It includes 98 car parking spaces and five loading bays. The three-storey retail premises has a gross floor area of 344,340 sq ft. It will be sold together with 141 car parking spaces, 38 coach parking spaces and 34 loading bays. The project also has a 12-storey hotel with 688 guest rooms and two premier suites. The hotel has a total gross floor area of 449,160 sq ft. It will be sold with six car parking spaces and two loading bays.

[Source: Hong Kong iMail, 7 May 2002]