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1. Three Bays to yield $2m per month

2. Contract signed to improve Tung Chung Road

1. Three Bays to yield $2m per month
Eli Lau, The Standard 24 June 2004

Sino Land is expected to reap at least HK$2 million a month in rental income from its Three Bays luxury project in Stanley

The nine-house development, at 7Stanley Beach Road, Tai Tam Bay, is to be launched for lease at a minimum price of HK$50 per square foot, or HK$180,000 a month, as early as next week.

That is 5-8 per cent higher than the average price for the top-end market in Island South, Sino Land leasing department senior manager Maria Lam said yesterday.

“House One, which has the best location, can be priced as much as HK$60 psf a month,”she said. The seaview detached houses range in size from 3,870 square feet to 3,960 sq ft each.

Three Bays, formerly known as Surfside, was redeveloped last year at a cost of about HK$5,000 psf.

Lam said the company had received 50 to 60 inquiries about leases and that it would arrange visits to show flats starting tomorrow. “Several multinationals have approached us recently,'' she said.

While Sino Land has no plan to sell the Three Bays project, market watchers estimate the houses could go for more than HK$20,000 psf.

Lam said there was room for further increases in rent, but declined to predict the range.

Meanwhile, executive director Yu Wai-wai yesterday confirmed that Sino Land has submitted a joint bid with a partner for the private tender of a retail-residential site at Fo Tan. The 552,581 sq ft site is owned by Dairy Farm.

Shares of Sino Land yesterday dropped 1.79 per cent to close at HK$4.13.

2. Contract signed to improve Tung Chung Road
Hong Kong Government, 24 June 2004

The Highways Department today (June 24) signed a $562-million contract with China Civil Engineering Construction Corporation and China Railway Wuju Group Corporation Joint Venture to start improvement works to Tung Chung Road between Lung Tseng Tau and Cheung Sha.

Mr Adrian Ng Kwok-kee, the Project Manager/Major Works of the department, signed the contract on behalf of the Government.

The existing Tung Chung Road provides the only vehicular access connecting north and south Lantau. It is a single-lane carriageway constructed over hilly terrain with passing bays for two-way traffic and with sharp bends and steep gradients.

In order to cope with the traffic demand and improve the safety of the road, the section of Tung Chung Road between Lung Tseng Tau and Cheung Sha will be widened and realigned to a two-lane two-way rural road.

During the construction period, temporary traffic management schemes will be implemented to maintain two-way traffic flow on the road.

Works will commence in July 2004 for completion in early 2007.