| News
Stories: |
 |
Click-on
these handy "jump links" to quickly access the news item
you're
looking for.
1.
14 bid for Wan Chai project
2.
Wedding Card Street residents storm
URA headquarters
3.
Wai Kee plans to diversify
4.
Consultation launched on building height
restrictions in two districts
1. 14 bid for Wan Chai project
Raymond
Wang, The Standard 13 May 2004
Fourteen
local developers have submitted tenders for the HK$1 billion urban
renewal project in Wan Chai, according to the Urban Renewal Authority
and developers.
Consortiums
comprising Sino Land and Manhattan Garments (International), and
Chinese Estates Holdings and Chuang's Consortium International confirmed
their bids.
Sole
bids were made by leading developers, including Sun Hung Kai Properties,
Henderson Land Development and Cheung Kong (Holdings). Mid-sized
developers New World Development, K Wah International, Yu Tai Hing
and Nan Fung Development also confirmed tenders.
The
deadline for the 21,200 square foot residential and commercial development
in Johnston Road was yesterday.
Sino
Land, which last month outbid 13 developers for the HK$2 billion
urban renewal project in Tsuen Wan, said the shareholding structure
of its consortium had yet to be finalised.
General
manager for finance Ringo Chan said the anticipated interest rate
increases would not have a significant impact on the real estate
market. ``We are still optimistic about the market.''
Chinese
Estates and Chuang's Consortium International said they took an
equal share in their partnership.
However,
their joint bid was not made because they wanted to reduce investment
risk, Chinese Estates sales and leasing manager Michelle Lee said.
``Given the dearth of new development sites in urban areas, we are
keen to bid for the Wan Chai project,'' she said.
A
developer, who did not want to be named, estimated total investment
at between HK$800 million and HK$900 million.
The
finished development is expected to fetch about HK$1 billion in
revenue, assuming a selling price of HK$4,500 per square foot, representing
a profit margin of more than 17 per cent.
One
of the requirements of the tender is the conservation of five pre-war
four-storey buildings that are of historic value to Hong Kong. As
a result, investment cost is expected to increase to about HK$850
million from nearly HK$800 million, developers said.
The
project is expected to supply about 190,000 sq ft of residential
floor area and about 28,000 sq ft of commercial retail area when
it is completed in 2007.
The
tender award is expected to be announced by the end of this month,
developers said.
2. Wedding Card Street residents storm URA headquarters
POLLY
HUI, SCMP 13 May 2004
Residents of the Wan Chai area earmarked for redevelopment protest
at the Urban Renewal Authority in Sheung Wan. Picture by Martin
Chan
Wedding
Card Street residents stormed the Urban Renewal Authority headquarters
in Sheung Wan yesterday demanding they be relocated to a neighbouring
area in Wan Chai.
Armed
with a fake tender document, about 30 protesters chanted slogans
outside the authority's office as developers rushed to submit their
tenders before the noon deadline for the redevelopment of Johnston
Road.
Lee
Tung Street, also known as Wedding Card Street, has also been earmarked
for redevelopment.
The
protesters have refused to hand over their properties, saying compensation
offered by the authority is too low.
They
said the authority should adopt their "flat-for-flat"
proposal, under which the government would be responsible for helping
them resettle nearby - ideally, they said, in properties similar
to those being redeveloped on Johnston Road.
"The
authority officials have turned a blind eye to our wish to stay
in the district. They have a responsibility to preserve the character
of Wan Chai but have done little to preserve the wedding card businesses
on Lee Tung Street," said Wan Shuet-chun, a representative
of the residents.
The
authority said it had acquired more than 51 per cent of the 647
properties on Lee Tung Street.
The
protesters yesterday demanded the authority allow them into its
office to submit their fake tender, which stated their proposal
for resettlement in Wan Chai and the importance of urban conservation.
They
also gave the authority fake gold and silver ingots to symbolise
their willingness to pay the difference between their old and new
flats if it agreed to their plan.
Chaos
erupted for about an hour when the protesters tried to enter the
authority's headquarters by smashing the glass door. A few representatives
were eventually let in.
"They
had not notified us in advance about their protest outside the office.
The tenderers all came by invitation, and some of them were blocked
because of the protesters," said a spokesman for the authority.
The spokesman said their compensation policy, which was endorsed
by the Legislative Council three years ago, did not provide for
a flat-for-flat option.
"For
such an option to be effective, a very substantial amount of resources
in land and funding will be needed. The authority does not have
sufficient resources for this purpose at present," the spokesman
said.
He
said the cash compensation approach was more flexible and had worked
well for flat owners in more than 10 other redevelopment projects
carried out in the past two years.
The
demolition of Wedding Card Street is part of a $3.58 billion project
to transform an ageing part of Wan Chai into a leisure, shopping,
residential and commercial precinct.
3. Wai Kee plans to diversify
DENISE
TSANG, SCMP 13 May 2004
Wai
Kee Holdings will diversify away from its core construction business
into waste management on the mainland through recently acquired
company i-China Holdings.
Company
vice-chairman Derek Zen Wei Peu said Wai Kee last month completed
the $90 million reverse takeover of the near-bankrupt logistics
firm, which will now serve as Wai Kee's flagship for construction
and environmental projects in both Hong Kong and China.
Mr
Zen said Wai Kee would focus on toll-road operations, bio-technology
and quarrying after injecting its entire construction portfolio
into i-China.
"The
division of businesses is clearer," Mr Zen said after the company's
annual shareholder meeting yesterday.
He
added that i-China was on the verge of inking a contract for a solid-waste
treatment project on the mainland but declined to reveal any details.
Wai
Kee's diversification is necessary as Hong Kong's construction sector
remains in doldrums, due in part to tightened spending on public
works.
I-China's
unfinished contracts were valued at $965 million, about 70 per cent
of which were scheduled for completion this year, Mr Zen said.
"The
construction sector is very competitive but I am cautiously optimistic
about our prospects," Mr Zen said, noting that i-China was
now debt-free, with $60 million in cash.
Mr
Zen said Wai Kee would recognise an undisclosed exceptional gain
in its interim results from the $593.2 million sale of its 50 per
cent interest in the Hunghom Peninsula residential project in Tsim
Sha Tsui.
Redevelopment
of the project, which was sold to property developer Sun Hung Kai
Properties in February, had touched off fierce public debate.
4. Consultation launched on building height restrictions in two
districts
Hong
Kong Government, 13 May 2004
The
Planning Department today (May 13) launched a two-month public consultation
exercise on a set of building height restriction proposals for Kwun
Tong and Kowloon Bay business areas.
A
department spokesman said public views would be considered before
any appropriate height limits were incorporated into the statutory
town plans.
The
proposals were prompted by the recommendations of the study on "Urban
Design Guidelines for Hong Kong" completed in 2003, the spokesman
said, adding there was general public consensus on the need to preserve
public views to the ridgelines and peaks around the harbour.
The
Kwun Tong and Kowloon Bay business areas, located close to the waterfront,
have become more business-oriented over the years.
"In
view of considerable development and redevelopment pressures facing
the areas, we find it necessary to update the planning framework,
including control of building heights, to guide the areas' transformation,"
the spokesman said.
"While
preservation of views to ridgelines is one of the primary considerations,
local area context has also been taken into account when the building
height proposals for the areas are formulated. Our objective is
to maintain visually compatible height profile in the wider setting."
A
public forum on the height proposals is scheduled for June 26, 2004,
(Saturday) at 9.30am at the Christian Family Service Centre, 3 Tsui
Ping Road, Kwun Tong.
Details
of the proposals are presented in a consultation digest posted at
the Planning Department's website at www.info.gov.hk/planning. Hard
copies of the digest are also available at the following locations:
(a)
Public Enquiry Service Counter, Kwun Tong District Office, LG/F,
Kwun Tong District Branch Offices Building, 6 Tung Yan Street, Kowloon;
(b)
Planning Information Enquiry Counter, 17/F, North Point Government
Offices, 333 Java Road, North Point;
(c)
Kowloon District Planning Office, 14/F, North Point Government Offices,
333 Java Road, North Point.
| 
