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1. Mong Kok WSD site tipped to fetch $1.6b

1. Mong Kok WSD site tipped to fetch $1.6b
Staff reporter, The standard 2 November 2002

The government could pocket as much as HK$1.6 billion by selling the Water Supplies Department (WSD) office in Mong Kok.

The government is considering changing the zoning of the 49,665 square foot prime site from ``other specific use'' to ``commercial-residential'' use after the department moves out in 2007. It is understood the government intends to redevelop the site by combining it with the adjacent 21,600 sq ft car park.

Market watchers estimate the entire site, if based on a plot ratio of nine, could produce around 640,000 sq ft in gross floor area with a land value of HK$1.6 billion and provide around 900 flats after the completion of the development.

It is understood the government planned to develop the Mong Kok Kowloon-Canton Railway station in two phases 10 years ago.

The first phase, which is now the New Century Plaza, has been developed by Sun Hung Kai Properties.

The second phase, however, was repeatedly postponed because the Social Welfare Department, which has offices there, has been unable to find a suitable accommodation in the same district.

The sources predicted the site would attract attention from local developers if the WSD office moved out by 2007.

Separately, the government approved several drafts zoning plans yesterday included those located at Tsim Sha Tsui, Shau Kei Wan and Tong Yau San Tsuen.

A spokesman for the Town Planning Board said about 44.91 hectares of the 193-hectare Tsim Sha Tsui site was zoned as commercial use, while another 1.17 hectares of land was designated as a ``comprehensive development area'' to facilitate control over the tourism-themed development at the former Marine Police Headquarters compound at Salisbury Road and Canton Road.

A 201-hectare Shau Kei Wan site, reclaimed near Aldrich Bay, was expected to provide additional land mainly for housing, school and open space developments.