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Hotel planned for Sky Tower site: New World 2.
KCRC woos key players in $5b West Rail mixed development 3.
Two world-class stadiums at centre of plans for shake-up
1. Hotel planned for Sky Tower site: New World NEW
World Development has revealed plans to build a hotel in To Kwa Wan aimed at mainland
tourists. The three-star or four-star hotel, to be completed by 2005, would be
part of the developer's six-tower Sky Tower project. Director and general manager
Stewart Leung said the hotel would have 300 to 400 rooms with a gross floor area
of 300,000 square feet. The project would cost at least HK$300 million, Leung
said, but did not give any more details. ``I think a hotel development is much
profitable than building offices in the current market. ``The government is focused
on tourism ... and with the Disney theme park, the number of mainland tourists
will probably increase ... so it is better to build a hotel.'' The Sky Tower project,
on Sung Wong Toi Road, is a joint venture between New World Development, Cheung
Kong (Holdings) and Shanghai Industrial Investment (Holdings). New World has estimated
the sale of all 2,208 flats in the residential part of the Sky Tower development
will generate between HK$6 billion and HK$7 billion. The first batch of 32 flats
is to be sold at HK$3,046 per square foot, 10 per cent below market average. These
include 28 two-room flats ranging in size from 605 sq ft to 715 sq ft. The rest
are three-room flats of between between 885 sq ft and 924 sq ft. Leung denied
the flats, which were originally priced at around HK$4,000 psf, were being released
at a low price because competition from Home Ownership Scheme units would resume
in July. Separately, Sun Hung Kai Properties said it expected to reap HK$1.6 billion
to HK$2 billion from the sale of 800 flats at its Park Island Phase One development
at Ma Wan. The flats, measuring between 1,500 sq ft and 2,000 sq ft, were released
at a price of between HK$3,500 to HK$4,000 per sq ft. Another 800 units in Phase
Two would be rolled out for sale in the next six months. Sun Hung Kai plans to
lease out the 700 units in Phase Three at prices of between HK$18 and HK$20 per
sq ft. [Source:
Hong Kong iMail, 24 May 2002] 2.
KCRC woos key players in $5b West Rail mixed development
Kowloon-Canton Railway Corp (KCRC) is inviting developers to express initial interest
in the first property project on offer along West Rail - a 2.59 million square
foot joint-venture development in Tsuen Wan. The 4.28-hectare site at Tsuen Wan
West Station comprises 2.01 million sq ft for residential use, 409,000 sq ft for
retail and 169,000 sq ft for public car parking. Surveyors said the project could
require more than HK$5 billion, assuming an average cost of HK$2,000 per square
foot - including construction, land premium and interest expenses. Analysts said
smaller developers might not have enough financial resources to compete. A KCRC
official said land premium was under negotiation and the project would become
a focal point in Tsuen Wan. It is being undertaken by West Rail Property Development,
jointly owned by KCRC and the Government. Cheung Kong (Holdings) executive director
Justin Chiu Kwok-hung said it would submit an intent of interest. So would New
World Development, according to director Stewart Leung Chi-kin. The initial phase
comprises 1,056 flats in four towers on a five-level retail podium and a car park.
Phase two has 1,774 flats, in six towers, and parking facilities. Although the
project is a two-phase development, the official said KCRC intended to put the
tender in one package. Developers have until June 14 to submit interest. The KCRC
is expected to launch a formal tender after the expressions of interest procedure.
West Rail, due to come into service next year, has property developments at eight
stations and a depot. In its initial estimate, the projects are expected to provide
about 40,000 flats and involve a combined floor area of about 35 million sq ft
between 2005 and 2011. In the second half of the year, KCRC plans to tender a
project at Nam Cheong Station. It will comprise 3.97 million sq ft for residential,
office and commercial uses. Meanwhile, Mr Chiu revealed that Cheung Kong had submitted
tenders to bid for all the hotel, office and retail portions of The Metropolis
in Hunghom. It is the joint developer with owner KCRC. Cheung Kong is believed
to be the only bidder for the completed 1.04 million sq ft complex - a 690-room
hotel, a 344,340 sq ft retail centre and a 15-storey office block. [Source:
SCMP, 24 May 2002] 3.
Two world-class stadiums at centre of plans for shake-up
Two world-class stadiums are envisaged under long-term plans to replace the Hong
Kong Stadium and the Queen Elizabeth Stadium in Wan Chai, Home Affairs Secretary
Lam Woon-kwong said yesterday. He said financial and feasibility studies for a
proposed 50,000-seat stadium in Southeast Kowloon and a new multi-purpose indoor
arena with up to 10,000 seats in West Kowloon would proceed this year. He stressed
that a world-class stadium was necessary to hold more international sports event.
Mr Lam said the 40,000-seat Hong Kong Stadium near So Kon Po caused noise problems
for neighbouring households, while the Queen Elizabeth Stadium was too old. Both
triggered traffic chaos during major events. Mr Lam said the two existing venues
would eventually be torn down, but the land use had yet to be sorted out with
the Planning and Lands Bureau. The sports policy review, released yesterday by
Mr Lam for a two-month consultation, suggests closer partnership with the private
sector in building and managing sports venues. It says other venues should also
be considered to cater for alternative sports, such as skateboarding and motor
sports. Under the proposal, an Event Fund will be established to support the hosting
of international sports events in the SAR. Principal Assistant Secretary for Home
Affairs Eva To Hau-yin said to cover the hosting of international events, the
limit of funding from the Arts and Sports Development Fund would be raised from
$550,000 at present to $60 million. To secure the funding, organisers of such
events would have to table a detailed budget and estimate of the number of participants,
she added. To promote community participation, more district-based sports clubs
are proposed. Students are to be given more physical training lessons each week
to foster a sporting culture among young people. Mr Lam said: "We hope to
develop team spirit, leadership, the principle of respecting fair competition
and to surpass oneself." [Source:
SCMP, 24 May 2002] |  |
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