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1. Developer says project can still be scrapped

2. Square will complete Sheung Wan revamp

1. Developer says project can still be scrapped
Raymond Wang, The Standard 24 November 2004

The government can scrap plans to award the controversial HK$40-billion West Kowloon cultural project to developers if it considers the property portion to be too large, Hang Lung Development chairman Ronnie Chan says.

``The government has the right not to sell the waterfront site if property developers stick to a higher plot ratio,'' Chan, whose company owns an adjacent apartment complex, said Tuesday.

The current plot ratio, which will determine the number of flats to be built on the 40-hectare site as well as the floor area of its cultural facilities, is 1.81 times, but the government says this can be adjusted.

Three shortlisted bidders - Henderson Land Development; Dynamic Star, a joint bid by Cheung Kong (Holdings) and Sun Hung Kai Properties; and Sunny Development, a consortium led by Sino Land - have proposed a plot ratio of 2.5 times, 3.28 times and 4.3 times, respectively.

Chan agrees with the government setting the plot ratio around 1.8 because the West Kowloon site should become a ``world-class cultural district''.

Hang Lung's major luxury property project, the 1,122-unit The Harbourside is located next to the cultural hub project and has a panoramic view of the harbour towards Central. But Chan dismissed concerns that the view will be obstructed by British architect Norman Foster's plan for a giant canopy covering the West Kowloon site.

``The environment and the harbour will be damaged if the plot ratio is too high,'' Chan said. He declined to comment on the proposals submitted by the three finalists, saying: ``The government has the final say.''

Hang Lung Properties executive director Terry Ng said the company plans to launch the latest batch of seaview apartments at The Harbourside for sale within two weeks. The flats will be priced according to prevailing price levels of HK$13,000-HK$14,000 per square foot in the secondary market.

Meanwhile, Ng confirmed that the company has invited banks to submit proposals to sell at least HK$1 billion of floating rate notes for refinancing.

He said the company has received proposals from investment banks.

Shares of Hang Lung Properties rose 2.46 per cent to close at HK$12.50 per share on Tuesday.

Separately, Sino Land said 10 of the 26 luxury units at Bowen's Lookout in the Mid-Levels have been leased. The remaining 2,322 to 4,050 sq ft units are being offered for lease at HK$40-HK$60 psf a month.

2. Square will complete Sheung Wan revamp
POLLY HUI, SCMP 24 November 2004

The Urban Renewal Authority will complete the second and last phase of its Sheung Wan revitalisation with the opening of a 4,000-square metre public square near the Western Market at the end of next year.

Sheung Wan Fong, at the junction of Morrison and Wing Lok streets, will become the district's landmark, attracting local performers and tourists interested in traditional Chinese medicine and dry seafood. The area will be pedestrianised and beautified with palm trees, according to the authority.

A replica of the original masonry doorway of Nam Pak Hong, a company that dominated trade in rice and South Asian goods in the city's early days, will be built on the spot.

The authority has invited a renowned mainland expert to design a bronze-relief wall to hide a pillar box in the middle of the square. A Tourism Board panel next to the wall will tell visitors about Sheung Wan's development.

A compass design has been chosen for the paving of the square to signify the importance of the old trades to the area. It will also point to important local features.

Stephen Ng Chin-ming, district development director of the authority, said the authority, the Central and Western District Council and the Highways Department had contributed to the design and the $30 million needed for the project.

"We are happy the project has involved many parties, including the government and community groups. Public participation in urban renewal projects is what we have often been striving for," he said.