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Draft Tsim Sha Tsui Outline Zoning Plan amended 2.
Approved Kwu Tung South Outline Zoning Plan amended 3.
Approved Ngau Tam Mei Outline Zoning Plan amended 4.
Two sites snapped up for $422m in auction 5.
Developer prepares tenders 6.
Bidding brisk as small sites go for $422m
1. Draft Tsim Sha Tsui Outline Zoning Plan amended The
Town Planning Board (the Board) today (June 14) announced amendments to the Notes
of the draft Tsim Sha Tsui Outline Zoning Plan (OZP). The amendments are mainly
on the Remarks of the Notes for the "Residential (Group A)" zone and
the Notes for the "Comprehensive Development Area" zone. An amendment
is made to delete the two-tier plot ratio restriction for sites within the "Residential
(Group A)" zone. Irrespective of size of the sites and parking space provision,
the maximum plot ratio of 7.5 for a domestic building, and 9 for a partly domestic
and partly non-domestic building will in general apply to all sites under this
zone unless otherwise specified in the Notes. Another amendment is to add 'Hotel'
use under Column 2 of the Notes for the "Comprehensive Development Area"
zone, so as to make provision for hotel development on application to the Board.
This is to provide flexibility for comprehensive development at the site under
this zone. The draft OZP No. S/K1/15 incorporating the amendments is available
for public inspection until July 5, 2002 at the Secretariat of the Board, the
Tsuen Wan and West Kowloon District Planning Office and the Yau Tsim Mong District
Office. Any person affected by the amendments may submit a written statement of
objection to the Secretary of the Town Planning Board on or before July 5, 2002.
Copies of the draft Plan are available for sale at the Map Publications Centres
in Yau Ma Tei and North Point. The electronic version of the plan is viewable
from the Town Planning Board's website (http://www.info.gov.hk/tpb). [Source:
Hong Kong Government, 14 June 2002] 2.
Approved Kwu Tung South Outline Zoning Plan amended
The Town Planning Board (the Board) today (June 14) announced amendments to the
approved Kwu Tung South Outline Zoning Plan (OZP). The amendments involve the
addition of 'Social Welfare Facility' use under Column 2 of the Notes for the
"Green Belt" zone and deletion of the term 'Service Apartment' from
the Notes of the OZP. The draft OZP No. S/NE-KTS/7 incorporating the amendments
is now available for public inspection until August 14, 2002 at the Secretariat
of the Town Planning Board; Sha Tin, Tai Po and North District Planning Office;
the North District Office and Sheung Shui Rural Committee. Any person affected
by the amendments may submit a written objection to the Secretary of the Board,
15th Floor, North Point Government Offices, 333 Java Road on or before August
14, 2002. Copies of the draft plan are available for sale at the Map Publications
Centres in Yau Ma Tei and North Point. The electronic version of the plan is viewable
from the Board's website (http://www.info.gov.hk/tpb). [Source:
Hong Kong Government, 14 June 2002] 3.
Approved Ngau Tam Mei Outline Zoning Plan amended
The Town Planning Board (the Board) today (June 14) announced an amendment to
the approved Ngau Tam Mei Outline Zoning Plan (OZP). The amendment involves the
addition of 'Social Welfare Facility' use under Column 2 of the Notes for the
"Green Belt" zone. The draft OZP No. S/YL-NTM/7 incorporating the amendment
is now available for public inspection until August 14, 2002 at the Secretariat
of the Board; the Tuen Mun & Yuen Long District Planning Office; the Yuen
Long District Office and the San Tin Rural Committee. Any person affected by the
amendment may submit a written objection to the Secretary of the Board, 15th Floor,
North Point Government Offices, 333 Java Road on or before August 14, 2002. Copies
of the draft plan are available for sale at the Map Publications Centres in Yau
Ma Tei and North Point. The electronic version of the plan is viewable from the
Board's website (http://www.info.gov.hk/tpb). [Source:
Hong Kong Government, 14 June 2002] 4.
Two sites snapped up for $422m in auction
Two developers took just minutes yesterday to snap up two lots for HK$422 million
in the second government land auction of the financial year. The sites, at North
Point and Sha Tin, sold within the range of market expectations. Nan Fung Development
outbid Chinachem Group, Paul Y-ITC Construction Holdings and Sino Land in less
than five minutes to win the 15,074 square feet North Point site on King's Road
- which formerly housed government staff quarters - for HK$310 million. With an
estimated gross floor area of 156,500 square feet, that values the non-industrial
site at a potential accommodation value of HK$1,980 a square foot. Grand Union
Investment took just three minutes to secure the Sha Tin site for HK$112 million
- or HK$1,472 a square foot after taking into account an estimated gross floor
area of 76,100 square feet - knocking out its sole rival Sino Land at the second
bid. Grand Union is believed to be owned by the Law family, a major shareholder
of clothing chain Bossini International. Bidding for the King's Road site started
at HK$260 million. Nan Fung, through a company called Purchaser Overseas Rank,
opened the bidding, which proceeded in increments of HK$5 million, with Sino Land
the only opponent in the last five bids. The price for the site was near market
expectations of HK$271 million to HK$300 million. Sino Land opened bidding for
the Sha Tin site at HK$110 million but backed out after Grand Union came in. The
market had speculated that the site would sell for HK$90 million to HK$143 million.
The 14,626 square feet site at Kong Pui Street is near the residential development
Shatinpark Phase II. Chinachem sales manager Ng Sung-mo expressed disappointment
after failing to secure the North Point site, saying the price was too high. Cheung
Kong executive director Grace Woo, who attended the auction with group deputy
chairman Victor Li but did not bid, called the government's opening price aggressive''.
Representatives of K Wah Real Estate and Henderson Land Development put in an
appearance at the auction venue at the Cultural Centre in Tsim Sha Tsui but did
not bid. Royal Institute of Chartered Surveyors vice-president Nicholas Brooke
said the opening bids were higher than most people had expected. He said it was
``quite aggressive'' to open the Sha Tin site bidding at HK$110 million. ``It
shows that the government thinks land prices are beginning to move up.'' Surpass
Property Strategy Consultant managing director Charles Lai said the auction was
``very, very quiet''. The Sha Tin sale showed that sites in the New Territories
were ``not that attractive now'', he said. Lai estimated the buyers would have
to sell developments for HK$4,000 a square foot at North Point site and HK$3,200
a square foot in Sha Tin to make a profit. Assistant Director of Lands Alexander
Paton said he was satisfied with the results and disagreed that opening prices
had been too high. ``Bidding for the North Point site was quite good, while [the
developers' response to] the Sha Tin site is not too unexpected because it's not
at a particularly prime location.'' Hang Lung Properties executive director Terry
Ng said the plots were too small to indicate any market trend. The government
took HK$2.97 billion from the sale of four sites in April - more than the HK$2.7
billion it took all last year. [Source:
The Standard, 18 June 2002] 5.
Developer prepares tenders
Henderson Land Development will submit tenders for two residential projects and
register interest for a commercial development at the airport, according to general
manager of development, Augustine Wong Ho-ming. Mr Wong said the group would acquire
land through private treaty or lease modification. Henderson is interested in
the Sky Plaza commercial development at Hong Kong International Airport. Sky Plaza
consists of four office blocks with a gross floor area of 645,000 square feet
and a retail-entertainment centre of 322,000 sq ft to be completed by 2005. Bidding
will close on Thursday. Mr Wong said Henderson could also bid for the Urban Renewal
Authority's 1.4 million sq ft residential-retail development in Tsuen Wan. The
tender will end next month. Mr Wong declined to comment on a contract agreement
Henderson entered into with the authority for the site last month. He said the
firm would also submit an offer for the MTR Corp's 1.53 million sq ft residential-retail
development at Hang Hau Station on the Tseung Kwan O railway. The tender will
close next Monday. Separately, Chinachem Group director Joseph Leung Wing-kong
said the group was also interested in Sky Plaza and was studying the details.
Cheung Kong (Holdings) executive director Grace Woo Chia-ching said the firm would
also bid for the Hang Hau Station development. Meanwhile, Lands Department assistant
director Alexander Paton said there was no demand from developers for sites on
the application list. Land on the list will only be released for sale by the Government
when a developer offers a minimum acceptable bid. Mr Wong said the weaker demand
was not surprising given more sites were being offered by corporations such as
the Urban Renewal Authority and MTRC through private tenders. [Source:
SCMP, 18 June 2002] 6.
Bidding brisk as small sites go for $422m
Two small commercial-residential sites sold for HK$422 million yesterday in brisk
bidding at the second land auction this financial year. The results were generally
in line with market expectations, indicating that developers were confident, analysts
said. The auction - the first since the Government announced a drastic cut in
sales of Home Ownership Scheme flats early this month - lasted about 20 minutes.
However, analysts said the auction might not provide an accurate gauge because
the sites were too small to attract big developers. Nan Fung Development took
the larger 15,074 square foot site in North Point at a higher than expected HK$310
million, fending off three bidders that included Sino Land and Chinachem Group.
Bidding opened at HK$260 million. Nan Fung plans to invest up to HK$600 million
in the project. The Law family, controlling shareholder of Bossini International,
fended off the only rival bid from Sino Land to acquire the other site, a 14,626
sq ft lot in Sha Tin for HK$112 million. The opening price was HK$110 million.
"The North Point site sold well and bidding was brisk. The price is very
acceptable," said Alexander Paton, assistant director of Lands, who conducted
the auction. He said the Sha Tin site's price, though on the low side of expectations,
was acceptable given its less than ideal location between two completed developments.
[Source:
SCMP, 18 June 2002] | 
