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D of DS (designate) responds to his new appointment 2.
HK Land planning hotel at Landmark
1. D of DS (designate) responds to his new appointment Following
is a statement by the Director of Drainage Services (designate), Mr Raymond Cheung
Tat-kwing, in response to his new appointment: "I am pleased to succeed Mr
John Collier as the Director of Drainage Services on June 9 this year. I have
served in the Drainage Services Department for over 10 years and have gained good
experience in all areas of the work of the department. As the head of the Department,
I will continue to maintain good communication with staff of different disciplines
and will promote a harmonious working relationship within the department. I also
expect to work hard with my colleagues to better serve the community. The Drainage
Services Department is tasked with the responsibilities for affording the community
a good standard of flood protection and for providing effective service in wastewater
treatment . To achieve this, we need proper planning, construction and management
of our drainage and sewerage infrastructures. I will strive to deliver high quality
service through continuous improvement of our facilities and prompt response to
the needs of the community. With the continued dedication and support of our staff,
I am sure that we can attain our goals." [Source
:Hong Kong Government, 22 May 2002] 2.
HK Land planning hotel at Landmark
Hong Kong Land is planning a hotel project amid weak office demand and expected
competition in the sector from the International Finance Centre Two. Hongkong
Land, the biggest landlord in Central, is reportedly planning to change the development
use of the additional gross floor area at the Landmark in Central from office
to hotel. The move was in line with credit rating agency Standard & Poor's
view that office rentals would remain soft over the near term. Hongkong Land received
approval from the Planning Department early last year to build a ``commercial
extension'' with a total gross floor area of 182,797 square feet at the Landmark
East Wing next to the Edinburgh Tower. ``Commercial extension'' is applicable
to hotel developments so Hongkong Land does not need further approval from the
Town Planning Board to proceed with a five-star hotel project. But it would need
to submit a new construction application to the Buildings Department since it
had approval for extra office space only. A department spokesman said it had yet
to receive a formal application from Hongkong Land for a hotel development According
to market sources, Hongkong Land had appointed a designer to draft the floor plan
for the proposed hotel. But details have yet to be worked out. A Hongkong Land
spokeswoman said the company would not respond to any speculative report and would
neither confirm nor deny the company was planning a hotel project. An analyst
said demand for hotels was on the rise as the government was trying to boost the
tourism industry. Many developers, as a result, were looking for plots on which
to build hotels. Many investors were also interested in investing in local hotel
projects and were seeking partnerships with local developers, the analyst said.
She said Hongkong Land could turn the 18-floor space to a 257-room hotel. And
since it was located in the heart of Central, the valuation for each hotel room
would be HK$4 million, which translated into a total development cost of HK$1
billion. An analyst with an European securities house said he would not be surprised
if Hongkong Land turned office space into a hotel. Many finance and business-services
firms had downsized and were sitting on up to 500,000 sq ft of excess space in
Central and it was difficult to see the recovery in demand exceeding excess space
this year, he said. This was assuming the economy rebounded strongly in the second
half, the analyst said. Therefore, despite Hongkong Land's superior ability in
managing its tenant base, the potential for growth in rental income in the near
term was very limited. The group also faced rental competition from International
Finance Centre Two atop the MTRC Airport Express' Hong Kong Station, which could
undermine Hongkong Land's short-term earnings. However, if Hongkong Land decided
to go ahead with the hotel plan it would have to knock down the five-storey East
Wing office tower. It is understood that the group had finalised the compensation
plans and moving arrangements for its tenants. [Source:
Hong Kong iMail, 27 May 2002] |  |
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