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1. K Wah triggers site for sale at Kowloon City

2. Building plans approved in April

1. K Wah triggers site for sale at Kowloon City
Eli Lau, The Standard 24 May 2004

K Wah Properties, which has already drawn two government plots for auction, has triggered another site for sale at Kowloon City.

The developer confirmed last night that it had triggered the site from the government's application list and would invest up to HK$1.5 billion on developing the residential project if it won the bidding. The 3,521 square metre plot at Sa Po Road can produce a minimum gross floor area of 19,014 square metres.

The Lands Department said the government has accepted the applicant's minimum guaranteed bid of HK$682.2 million and this would be the starting price for the sale.

The auction will be held on June 15, it said.

Executive director of Legend Surveyors' surveying and valuation department Kenneth Cheung predicted the Kowloon City plot will sell for HK$850 million, or HK$2,492 per square foot. The development could be priced at HK$4,200 psf for residential units and HK$6,000 psf for retail area, Cheung said.

The sale will be the second since the government announced the resumption of land sales this year.

The first auction of two plots at Ma On Shan and Sha Tin, also triggered by K Wah Properties last month, will be held on Tuesday and market watchers expect the government to fetch about HK$2 billion.

In January, the government released 17 lots on the application list after a 13-month suspension. Of those, 14 lots were residential sites. The application list programme was frozen under the government's market-stabilisation measures in November 2002. Future sales will only be from the list.

In March, Financial Secretary Henry Tang said revenue from public auctions and tenders is expected to reach HK$4.56 billion in 2004-05, representing about 38 per cent of the estimated total land sales income.

2. Building plans approved in April
Hong Kong Government, 24 May 2004

The Buildings Department approved 16 building plans in April-- two on Hong Kong Island, three in Kowloon and 11 in the New Territories.

Of the approved plans, four were for apartment and apartment/commercial developments, two were for commercial developments, four were for factory and industrial developments and six were for community services developments.

In the same month, consent was given for work to start on 18 building projects that, when completed, will provide 58,535 square metres of gross floor area for domestic use, involving 544 units, and 36,676 square metres of gross floor area for non-domestic use.

The department also issued 14 occupation permits -- three on Hong Kong Island, one in Kowloon and 10 in the New Territories.

Of the buildings certified for occupation, the gross floor areas for domestic uses were 124,782 square metres, involving 2,279 units, and 33,185 square metres for non-domestic use.

The declared cost of the new buildings completed in April totalled about $1.267 billion.

In addition, 7 demolition consents involving 7 building structures were issued.

The department received 1,283 complaints against unauthorised building works in April, and issued 1,347 removal orders on unauthorised works.