1 Cultural sector to play role in hub plan
Staff reporter, The Standard 14 September 2007
The independent statutory West Kowloon Authority will include members of the public and the cultural sector, a senior government official said.
Permanent Secretary for Home Affairs Carrie Yau Tsang Ka-lai told a radio program yesterday that consultations are continuing on the management of the authority but she guaranteed that representatives of the cultural sector will be included.
Members of the authority have to be approved by the Legislative Council.
Former chief secretary Rafael Hui Si-yan is tipped to be chairman of the body, which will be responsible for planning the West Kowloon cultural district site.
The relaunched project includes arts and cultural facilities, and residential, commercial and hotel buildings.
Yau said the cultural center will be financially self-sustainable.
The entertainment and retailing facilities can make about HK$7 billion in profit over 50 years to compensate for a loss of HK$6 billion from the cultural venues.
The government has asked the Legislative Council for a HK$19.2 billion endowment to launch the project.
"This is, of course, a long-term investment. We are aware that in developing the hardware side, concurrently we will have to invest more on the software," Yau said.
She added that the government will give more resources to nurture local talent to make use of the new museums, theaters and concert halls.
Meanwhile, more building tycoons have expressed interest in the project although it has a plot ratio of 1.81 and a height restriction of 100 meters.
Sun Hung Kai Properties (0016) chairman Walter Kwok Ping-sheung said the plot ratio and the 20 percent residential land use "are now very low."
He added that the group would like to bid but would wait for a decision on land use after the three-month consultation period.
K Wah International Holdings (0173) chairman Lui Che-woo also expressed an interest.
Hang Lung Properties (0101) said that lowering the maximum height in the cultural hub will not dampen developers' enthusiasm.
2 Government to declare historic mansion a monument
Regina Leung, SCMP 14 September 2007
The government will declare King Yin Lei mansion at 45 Stubbs Road a “proposed monument”, Secretary for Development Carrie Lam Cheng Yuet-ngor said on Friday.
The declaration would be made through statutory procedures under section 2A of the Antiquities and Monuments Ordinance.
Mrs Lam said the government had consulted the Antiquities Advisory Board. After they hold a special meeting this afternoon, they agreed to declare the King Yin Lei mansion should become a monument,” she said.
“Subject to the board’s support, the declaration will be published by notice in the gazette as soon as possible and take immediate effect,” Mrs Lam said.
The proposed monument declaration would be valid for 12 months. It will enable the Antiquities Authority to consider whether the building should be declared a monument under the ordinance.
Mrs Lam said this would also give the government time to negotiate with the owner about future plans for the building.
Once a building has been declared a proposed monument, it is subject to stringent controls.
A permanent monument cannot be demolished, removed, obstructed, defaced or interfered with unless a permit is granted by the Antiquities Authority.
“The government is very concerned about the damage to the building recently. If the owner wants to change the structure of the building, he must inform the Land Department and get their approval,” Mrs Lam said.
A spokesman for the government said the Land Department had already sent a letter to the owner of the mansion.
However, Albert Lai Kwong-tak, chairman of the Hong Kong People’s Council for Sustainable Development, has said the issue was a “huge grey area”.
“The buildings ordinance only covers structural change of a building. But then we are talking about a unique building with historical value. Any damage would ruin its value,” he said.
“The government must save the mansion now by whatever means possible,” he said.
On Tuesday and Wednesday, many of the green tiles on the roof of one of the city’s oldest and best-preserved mixed-style mansions were removed, and the three Chinese characters “King Yin Lei” on a plaque at the gate were destroyed by jackhammers.
According to a local TV report, construction workers were still working inside the mansion on Friday. Most of the window frames have been removed.
Damage to the building could be seen from the outside. The red brick walls, one of the most distinctive features of the mansion, were had dents believed to have been made by hammers or axes.
3 Tower sold for HK$2b
Yvonne Liu, SCMP 14 September 2007
Oterprise Square office building in Tsim Sha Tsui, owned by the controlling shareholders of the Oriental Daily News, is being sold to a consortium for more than HK$2 billion, sources said.
The price is about to HK$11,600 per square foot.
"The building has attracted developers and foreign investment funds to submit bids in the past few months," a source said without disclosing the buyer.
The nine-year-old Oterprise Square, at the junction of Nathan and Middle roads, is a 27-storey building with a gross floor area of 177,211 square feet. Its five floors of shops cover 59,643 sqft and the 22 office floors 117,568 sqft.
The annual rental income is estimated at more than HK$57 million, giving a yield of 2.5 per cent.
Property investors were eager to gain control of the building since few landlords on the prime shopping street have been willing to sell. Developers are active in Tsim Sha Tsui.
"The existing rental yield may not be attractive. But Oterprise Square is in a prime location in Tsim Sha Tsui and there is potential to improve rental income," a property agent said.
The building's average office rent is about HK$26 per square foot.
"Many of the existing office tenants are clinics. The building has the potential to attract insurance companies and financial institutions, which can afford higher rents to lease the building," said Kent Fong Chi-kit, a director at the investment department at surveying firm DTZ.
He believes the rental income could rise significantly if the buyer improves the layout, tenant mix and supporting facilities.
