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1. Go-ahead for 42-storey hotel in Kowloon Bay

2. Sale sought for two luxury sites

1. Go-ahead for 42-storey hotel in Kowloon Bay
Eli Lau, The Standard 30 May 2004

Glorious Sun Group has been given approval to build a 1,020-room hotel in Kowloon Bay.

The Town Planning Board yesterday approved the plan for a 42-storey tower adjacent to Kerry Properties' Three Enterprise Square at the junction of Wang Tai Road, Wang Yuen Street and Wang Mau Street.

The project plan allows for the development of up to 63,672 square metres.

Glorious Sun Group, a privately-held property unit of listed apparel maker Glorious Sun Enterprise, acquired the 5,306-square-foot plot for HK$361 million in March 1998. It was originally designated for industrial use.

Glorious Sun chairman and chief executive officer Charles Yeung said earlier the development would cost about HK$1.2 billion and be financed from internal resources.

The hotel would be either two or three stars and cater to mainland tourists travelling to Hong Kong on individual visas.

Shares of Glorious Sun Enterprises fell 1.08 per cent yesterday to close at HK$2.30.

2. Sale sought for two luxury sites
Raymond Wang, The Standard 30 May 2004

Manhattan Garments (International), which took part in this week's land auction, has applied for two luxury residential sites on The Peak and in Kowloon Tong on the government's reserve list to be put up for public auction or tender.

With the outlook for the luxury market turning bullish recently, the company's interest is in the 12 Mount Kellett Road plot on The Peak and a site on Ede Road in Kowloon Tong, sources said last night.

It is understood that the Lands Department is looking through the application but has yet to decide whether to accept the minimum prices.

The Peak site is expected to sell for more than HK$500 million, or almost HK$12,000 per square foot, while the Kowloon Tong plot could fetch about HK$400 million, surveyors said.

In another sign of growing confidence in the property market, the Urban Renewal Authority's latest redevelopment project in Tai Kok Tsui has attracted broad interest from developers.

The authority said it received 17 expressions of interest in the joint development of the Cherry Street project site yesterday.

They are Sun Hung Kai Properties, Sino Land, K Wah International, Nan Fung Development, Cheung Kong (Holdings), Henderson Land Development, Wharf Holdings, HKR International and nine mid-sized developers.