Historic Background and Redevelopment Plans

Lee Tung Street is the original home of the publishing industry. Before it was torn down, it was home to many shops selling wedding cards, name cards, and traditional Chinese calendars. Also known as "Wedding Card Street", a redevelopment plan was announced in 2003, but public opposition and increased desires over heritage protection has sent plans back to the drawing board.

Location
Lee Tung Street is located in the city centre - Wan Chai district.

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Site Photos
Source : www.pbase.com/jonathanwg

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URA project lures suitors
Hong Kong Standard
Wednesday, March 25, 2009

Property developers' interest in Wan Chai's Lee Tung Street - commonly known as Wedding Card Street - has not slackened because of the economic strains.

The Urban Renewal Authority announced yesterday it has received 15 expressions of interest in the project, the same number it received last September after a first sounding on prospective redevelopers.

"The strong feedback from the market was expected due to the scarcity of new land supply in urban areas," said Midland Surveyors director Alvin Lam Tze- pun.

Besides a lack of urban land available for developers, he said, the MTR Corp (0066) does not plan to offer for tender any new projects in the first half.

Word in the market is that Wheelock Properties (0049), Sun Hung Kai Properties (0016), China Estates (0127), K Wah International (0173), New World Development (0017), Cheung Kong (0001) and Hopewell (0054) have submitted expressions of interest.

Lam said some smaller developers may form syndicates due to the investment size and to reduce risk.

The Lee Tung Street-McGregor Street project covers about 88,500 square feet. It is expected to have an overall gross floor area of about 835,000 sq ft for residential and commercial use along with public open space and a home for the elderly plus three buildings preserved for their historical value.

Lam estimates the site is worth about HK$5 billion, and the land price could reach HK$6,000 per square foot. It includes 900 residential units, he noted.

Developers see solid attractions. Among them: possible sea views from the higher floors and the fact that it is on the transport network.

"The formal tender is expected to be competitive as developers have regained confidence recently after the primary home market showed signs of recovery," Lam added.

The URA's tender review panel will shortlist qualified parties and invite them to submit formal tenders. The tender exercise is expected soon.

A shame another piece of history was destroyed here in HK.

I made a pic at the time they started tearing down the buildings:

http://www.pbase.com/xavibarca/image/89555358/original.jpg

nice pics :okay:

喜帖街擬本月招標
1 April 2009
東方日報

【東方日報專訊】為近年港島區最大型市區重建項目的灣仔利東街（俗稱喜帖街），消息透露，上月第二度招收意向結果，反映金融海嘯未有削弱發展商對項目投資意欲，故擬最快於本月招標。另受惠於樓價下滑，該局部分重建項目收購進展順利，並以中區卑利街╱嘉咸街及旺角洗衣街（俗稱波鞋街）最理想，至今已分別累積收購近八成及逾七成業權。

卑利街收購近80％

消息指，上月底市建局再度就喜帖街招收意向，並接獲15份意向書，與去年八月首度招收意向反應相同，因而增強信心，並計劃本月至五月份期間招標。喜帖街項目位於利東街及麥加力歌街，現估值約38億至42億元，較海嘯前調低約30%至35%。

樓價不斷下挫，令該局旗下重建項目收購進度理想，除剛達收購限期的觀塘市中心重建項目收購成數達66%外，以實用面積每方呎逾8,500元天價提收購的卑利街╱嘉咸街，累積收購業權已近八成；而持續錄得全幢物業成交的波鞋街，已收購業權亦逾七成，反映收購進展順利。

長實（00001）持有約七成業權的黃大仙衙前圍村，消息指，不包括發展商部分，其餘31個屬小業主所有的業權已收購近60%，至今未能收購的業權有約兩成多是因未能追尋到業主；至於每方呎收購價高達9,986元的中區士丹頓街╱永利街項目，進展較緩慢，累積收購業權僅約40%。雖然上述收購項目的限期均已屆滿，但消息表示，會持續與有關業主商討，以盡快完成收購。

Before - by Kai_Fong from dchome :

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This is very unfortunate side of Urbanisation .

Source : http://www.pbase.com/middlehill/wan_chai__hei_tip_street

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Wedding Card St tenders invited
5 May 2009
South China Morning Post

The Urban Renewal Authority has invited developers to tender for a redevelopment project at Lee Tung Street, also known as "Wedding Card Street", after 15 developers and consortiums showed interest in co-developing the project.

A source from the property sector said the winning developer will have to share profits with the authority if sales are over HK$6.2 billion.

Henderson Land and Sun Hung Kai are among the developers showing interest, the companies' spokeswomen confirmed yesterday. Bidders must submit a payment proposal by June 15.

The exercise had been put on hold due to the economic downturn. Developers who had expressed their interest in August were asked to reconsider in March. The same number of developers expressed interest.

The HK$3.5 billion project is expected to offer 1,415 flats with a "wedding city" theme, with wedding shops in preserved tenement buildings.

URA goes green with $270m upgrades
Hong Kong Standard
Tuesday, May 12, 2009

The Urban Renewal Authority plans to spend about HK$270 million on environment-friendly upgrades for Wan Chai's Lee Tung Street and Kwun Tong town center redevelopment projects.

The green drive is to encourage developers and the community to adopt more environment-friendly practices, authority chairman Barry Cheung Chun- yuen said yesterday.

The authority's new policy on environmental sustainability covers designs and devices to improve energy efficiency, water conservation and recycling.

It promotes greening, the use of eco- friendly building materials and reducing construction waste, and will be applied to future urban renewal initiatives and be binding on prospective developers.

Costing about 2 percent of total development costs, the environmental add- ons will be piloted at the Lee Tung Street development, which will receive HK$20 million to serve as a landmark and testbed for the new policy.

Cheung said the upgrades will reduce carbon emissions by up to 23 percent, or the carbon-saving equivalent of about 17 percent of the one million trees planted by the government annually.

The tender for the HK$2 billion project was launched on Monday last week and will close on June 15.

Eco-upgrades to the HK$30 billion Kwun Tong town center project are expected to cost HK$250 million.

Project add-ons include sun-shading for windows, energy efficient lighting, lifts and escalators, and water-cooled air- conditioning and heat recovery systems.

Cheung said the authority is happy to foot the bill, but he hopes growing awareness will lead to an industry-wide shift to developers and buyers shouldering the costs of going green.

The authority is also exploring the use of high thermal performance fabrics in windows to improve insulation and cut the "heat island" effect. Solar-power street lamps are being considered too.

Lower lighting power and densities will be explored through light emitting diode fixtures, along with more efficient air-conditioning devices including carbon dioxide detectors to regulate the amount of fresh air drawn.

利東街項目響頭炮 盼發展商效尤 市建局全面引入環保建築
12 May 2009
星島日報

本港社會近年漸趨重視環保建築，市建局盼起牽頭作用，銳意在未來各發展項目全面引入環保設施，灣仔利東街項目將成頭炮，預計建築成本會增加百分之二至三，但可減低兩成三的二氧化碳排放量，即相當於每年種植十七萬棵樹。市建局主席張震遠表示，額外新增建築成本初時會由局方承擔，期望發展商日後可以分擔有關開支。

記者：歐志軍

市建局董事會昨通過日後在發展新項目時，全面落實一系列環保新政策，包括引入能源效益供電系統、低流量水龍頭、回收雨水作沖廁用、採用環保建築物料和減少建築廢料等；新設計項目亦會盡量提供公共休憩空間、空中花園、垂直綠化帶等綠化環境。

二氧化碳減兩成三

市建局準備委託顧問專家，研究在未來項目中引入可行的新環保設施，例如高節能外牆設計、再生能源照明裝置、太陽能熱水系統、在公共地方採用低密度照明設計及裝置空調節能裝置，以及污水處理循環再用系統等。

正在展開招標程序的灣仔利東街項目，將是首個全方位引入環保元素的項目。市建局委託顧問專家作評估後，發現利東街項目廣泛實施連串環保設施後，二氧化碳排放量可以減少約兩成三，空氣質素得以改善，相當於每年種植十七萬棵樹。

市建局主席張震遠估計，引入環保元素的項目，建築成本將增加百分之二至三，即約四千至六千萬元，額外成本初期會由局方承擔，相信合作的發展商會相應調整入標價。他更期望，當發展商日後理解到有關環境設施具成效，會主動承擔額外開支。

市區重建項目佔全港建築項目的比例不高，單由市建局推動環保並不足夠，張震遠希望是次能產生示範作用，喚起公眾對環保的關注，讓香港最終成為一個環保城市。被問到引入空中花園等環保設施，會否增加樓宇體積引起屏風效應，張震遠認為兩者沒有矛盾，建議引入的不少措施也涉及樓宇面積，要解決屏風樓問題，最重要視乎設計。

喚起公眾關注環保

對於其他展開樓宇復修的項目，如要同樣引入各項環保措施，成效可能有限，對個別舊樓也會成本太高，張震遠認為，日後會視乎需要引入適當的環保措施。

By melody28874 from dchome :

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Social workers seek freer role in renewal projects
Staff caught in conflict between authority and residents
6 May 2009
South China Morning Post

In the last of a three-part series on the review of urban renewal strategy, Olga Wong looks at the conflicts social workers face in helping residents affected by redevelopment projects.

Tired of not being able to provide the services needed by residents affected by urban renewal projects and sometimes even being warned for speaking up for them, social workers are seeking a more independent role.

They say they have been constrained in the past by the conflict between their roles in serving both the Urban Renewal Authority and the residents. As a result it takes twice the time it should to gain the trust of suspicious residents, the social workers say. Some have quit in frustration and turned to volunteering so they can carry on their work.

One of these, Lai Kin-kwok - who left after being involved in four redevelopment projects in Sheung Wan and Western district since 2003 - is now training social workers at Caritas Francis Hsu College.

"I'd rather teach and influence the government's policy if I cannot speak up for residents," Mr Lai said.

Another, who preferred to remain anonymous, left to join protesters against the redevelopment of Wan Chai's Lee Tung Street, also known as "Wedding Card Street".

Social service teams are hired through tendering as the Urban Renewal Authority launches a project, and are often warned not to contravene the authority's policies.

"Our contract with the authority states that we should not violate its policy," Mr Lai said. "The clause covers too much and is too ambiguous."

Residents receiving the service are also resistant to their help. "I have to spend almost a year to gain their trust, as they always think we are hired to force them to leave," he said.

He said the authority did not prevent social workers joining protests by aggrieved residents. "But they questioned my boss about my presence," he said, adding that a member of the authority's staff had asked him who had approached the residents he was serving and whether a political party was involved.

"This is a conflicting situation. I shouldn't disclose details of my client's personal life," he said.

A study conducted by Polytechnic University in 2005 found the conflicting roles of social workers made their service to vulnerable groups less effective. It recommended that the authority restructure the funding model and set up an independent committee to manage and supervise the social service teams.

The study interviewed social workers of Methodist Centre, St James' Settlement, the Salvation Army and Christian Family Service Centre - which all compete for renewal project tenders. At least four social workers hired by these organisations said they had resigned out of frustration.

"I quit for a more far-reaching service," said one who joined the Wedding Card Street campaign. The authority eventually reserved space for setting up a social enterprise to retain the community network in the area.

Ah Ping, a social worker who has participated in two renewal projects in the past three years, said the authority's staff videotaped protests.

"They complained to my supervisor after spotting me in the video," she said, adding that she was warned for helping "rich" shop owners.

A government adviser on the renewal strategy review, Ho Hei-wah, suggested allocating funds to the Council of Social Service, which could pay and supervise social service teams for the authority.

The authority's chairman, Barry Cheung Chun-yuen, said he would consider engaging social workers at an early stage. An authority spokesman said a meeting would be arranged with social workers to gauge their views. But he said they were currently required to work according to the existing renewal strategy.

"The social service teams have been given a high degree of flexibility in helping those affected in our projects," he said.

I had already read about Wedding Card Street since 2002 they were talking about doing it.
I think its amazing!!!
i wish they´d do something similar here in my town...:banana:

Six suitors vying for Wedding Card Street
The Standard
Tuesday, June 16, 2009

The Urban Renewal Authority has received six tender offers for its redevelopment project on Lee Tung Street in Wan Chai, which could cost the winning bidder a total of more than HK$8 billion to complete.

Tenders for the 88,500-square-foot site closed yesterday, with Sun Hung Kai Properties (0016), Cheung Kong (Holdings) (0001), Henderson Land (0012), K Wah International (0173), Chinese Estates Holdings (0127) and a joint venture between Hopewell Holdings (0054) and Sino Land (0083) confirming their bids.

Surveyors said the number of offers is satisfactory, even though 15 developers previously expressed interest in the project located on what is better known as Wedding Card Street.

"It's already quite good to have six bids, given the huge size of the project," said SK Pang Surveyors managing director Pang Shiu-kee. "And there are some restrictions for the developers, as they will be responsible for protecting and revitalizing the area."

Experts estimate the land cost for the project, which covers a maximum gross floor area of about 835,000 sq ft, will range between HK$4.6 billion and HK$5.4 billion.

Total investment could exceed HK$8 billion, said Charles Chan Chiu-kwok, managing director of valuation and professional services at property consultant Savills.

The winning developer would have to share profits with the URA if flat sales surpass HK$6.2 billion, according to tender details.

Quinly Wan Tsz-mei, a property manager at K Wah Real Estate, said the developer has confidence in the project as it offers great potential. She said the firm had considered the profit contribution to the authority before submitting its bid.

The URA said its tender review panel will consider the tenders and make its recommendation to the board.

The project will feature some "wedding city" themed shops and a wedding tradition and culture gallery in three historical buildings. Some space will be designated for social enterprises.

According to Centaline Property Agency, nearly 60 percent of homebuyers in Wan Chai are long-term investors.

The yield for new residential units in the area is about 4.5 to 5 percent on average.

六財團爭灣仔利東街重建項目
16 June 2009
信報

灣仔利東街（俗稱喜帖街）重建項目昨天截標，這個金融海嘯後的首個大型招標項目，共有六個財團入標，包括多個本港主要發展商。有測量師表示，市區地皮難求，反應良好屬意料之中。 這是市區重建局今年首個招標項目，除重建外，中標財團亦要為皇后大道東的三幢舊樓進行保育。

合和夥拍信置入標 嘉華物業助理總經理尹紫薇(右圖)昨天遞交標書後表示，集團在區內亦曾進行類似的發展項目（嘉薈軒連和昌大押舊址活化），對保育發展有一定經驗，而且利東街項目比嘉薈軒規模較大，故有更好發展潛力。她表示，集團擬獨資發展。 該項目亦吸引不少近年該區發展的地產商，除嘉華外，以灣仔作大本營的合和實業（054）夥信置（083）各佔一半權益的財團入標，標書更由合和執行董事楊鑑賢(左圖)親自投遞，發展尚翹峰及York Place的華置（127）亦有入標。 其他主要發展商如新地（016）、恒地（012）、長實（001）亦證實已入標，前二者表示是獨資競投。 萊坊執行董事陳致馨表示，市區土地需求一向高企，尤其是港島區的灣仔，過去有不少面向中產的樓盤銷情不俗，利東街項目吸引發展商是意料之中，他估計，樓面地價將達每方呎七千五百元，地皮估值六十二億六千萬元。

須符合額外環保要求 不過，陳致馨指出，該區晚間人流不少，零售物業主要只可作租金較低的飲食用途，而且重建條款例明，須預留位置作嫁喜相關的商店，故對商業物業的價值有保留。 問及如何看待商業物業，尹紫薇表示，向市建局提出發展條件時，已考慮各種因素。 為顧及可持續發展，市建局要求中標財團需要符合六個環保要求，包括採用阻擋太陽高熱的設施和水冷涼風系統等，局方估計建築成本將增加百分之二至百分之三，約四千萬至六千萬元。 環保觸覺主席譚凱邦表示，希望該項目內的樓宇頂部可減少用燈，降低光污染，希望商場部分可選用冬天開窗設計，減低用電，節約能源■

Renewals must follow green code, URA says
12 May 2009
South China Morning Post

Developers participating in renewal projects will be required to reduce carbon emissions by using environmentally friendly designs and measures that save energy, the Urban Renewal Authority said yesterday.

The authority was willing to bear the additional construction cost to set an example for developers to follow, the authority's chairman, Barry Cheung Chun-yuen, said. He said he expected developers would offer lower tender prices because of the authority's green policy.

The policy, comprising six principles, asks developers to save energy and water, use environmentally friendly building materials, increase green areas, add facilities for collecting recyclable waste, and reduce construction waste and environmental nuisance.

The principles will be translated into specific measures, depending on the site's constraints, and written as tender conditions to ensure they will be adopted by developers.

The authority estimates the measures will add only 2 per cent to 3 per cent to construction costs.

"We will pay for the extra cost at the initial stage as developers might adjust their tender price for the increase in construction cost," Mr Cheung said.

The authority has adopted green initiatives in the past, but by turning the initiatives into an official policy with stricter standards it hopes to become a pioneer in the adoption of new, green technologies.

The green policy will come into effect for the next renewal project - Lee Tung Street, also known as Wedding Card Street, in Wan Chai.

The developer winning the tender will be required to use e-glass as a structural fabric, reflecting half the solar radiation hitting the building and reducing the need for air conditioning. Street lamps in open spaces will be equipped with small wind turbines and solar panels to provide renewable energy. Grey water will be treated and used for toilet flushing, irrigation and cleansing.

"The measures will reduce carbon dioxide emissions by about 23 per cent, which is an equivalent to planting 170,000 trees," Mr Cheung said, adding the authority would do more in the upcoming Kwun Tong project.

Henderson Sunlight Assets Management chairman Tony Tse Wai-chuen, who was formerly in charge of Henderson Land Development's sales department, said green buildings were a market trend.

"A few per cent rise in construction costs is not significant, and it will be offset by savings in electricity tariffs," he said.

"The properties will also benefit from a greener environment."

A spokeswoman for the developer said it would respond to the authority's call for greener redevelopment if requirements were clearly set out in tender documents.

Sino, Hopewell:Wanchai Proj Devt Cost Around HK$8.3B
26 June 2009

HONG KONG (Dow Jones)--The 50-50 joint venture set up by Sino Land Co. (0083.HK) and Hopewell Holdings Ltd. (0054.HK) will develop a project in Hong Kong Island's Wanchai district at a total cost of about HK$8.3 billion, the two companies said Friday.

The two companies were awarded the project comprising two sites Tuesday, and will each contribute around HK$4.15 billion to develop the sites, which were put up for tender by Hong Kong's Urban Renewal Authority.

Sino Land will finance its portion by internal resources and bank borrowings, while Hopewell will fund the project by internal resources, existing corporate banking facilities and project financing, the two companies said in separate statements.

The project, comprising two sites at Lee Tung Street and McGregor Street in Hong Kong's core district of Wanchai, covers a total site area of about 88,500 square feet and will provide about 1,000 luxury residential units and a shopping mall.

Any proceeds from the sale of residential portion beyond HK$6.2 billion will be shared equally between the joint venture company and the Urban Renewal Authority, the companies said.

Development of the project is expected to start before the end of 2009 and be completed by 2015.

The project has drawn warm response from developers, as land supply in Hong Kong's core district remains scarce due to the Hong Kong government's tight land supply policy.

In a note Thursday, Macquarie upgraded Sino Land to outperform from neutral as the deal may boost the developer's net asset value by HK$0.10 per share to HK$15.70.

"We expect the Hong Kong government to maintain its tight land supply policy, which should provide good downside protection for property prices," Macquarie said in a note.

CLSA also said the deal is favorable for Hopewell, which has long dominated Hong Kong's busy Wanchai district. The brokerage house on Wednesday raised the firm's target price by about HK$2 per share to HK$26.95.

"The strategy of focusing development efforts on Wanchai seems sensible even though the strategy commands the payment of high prices," CLSA said.

"Outbidding the likes of Sun Hung Kai and Cheung Kong supports the notion that the price paid was high."

The Urban Renewal Authority didn't disclose the identities of the other bidders or the selling price of the land site.

However, Cheung Kong (Holdings) Ltd. (0001.HK), Henderson Land Development Co. (0012.HK), Chinese Estates Holdings Ltd. (0127.HK) and K. Wah International Holdings Ltd. (0173.HK) earlier confirmed they submitted bids for the redevelopment project.

利東街項目 建隧道通港鐵站
8 July 2009
星島日報

信和、合和及市建局合作發展的灣仔利東街項目，發展商透露將由信和擔任項目經理，並會參與興建一條隧道，以連接利東街項目和港鐵站，未來市民可通過天橋及隧道系統，由堅尼地道直達灣仔海旁一帶商業區，令區內交通更便捷。而項目將打造成另一個指標式物業時代廣場及太古廣場。

信和執行董事余惠偉透露，由信和及合和組成的財團投得市建局灣仔利東街、麥加力歌街重建項目，項目將由信和擔任項目經理，發展商將合作興建一條隧道，連接港鐵站，據悉，長約九十多米，落成後市民可通過天橋及隧道系統，由堅尼地道直達灣仔海旁一帶商業區。

該公司營業及市場部總經理劉貴玉則表示，項目將打造成另一個時代廣場及太古廣場，而未來亦有隧道接連港鐵站直達利東街項目。

發展大型主題商場

據了解，發展商現計畫興建八百個單位，面積介乎八百至一千方呎的住宅單位。而發展商銳意打造區內成為嶄新、矚目的國際旅遊地標，除住宅外，項目亦將發展出一個主題式大型商場。

事實上，利東街項目的商業部分，市建局亦要求合作發展商，在項目內闢設以姻嫁作主題的商業街，特色包括以「姻園」為主題的零售店鋪、於保育歷史建築內設立的「中西婚嫁傳統文物館」，另外亦有部分樓面作為社會企業之用。

有業界人士指出，由於利東街項目鄰近用地，已建有不少新型寫字樓及商業零售項目，包括合和中心，QRE PLAZA，連同未來將興建的合和中心二期商業及酒店項目，以及前龍門大酒樓將發展成的零售商場，配合未來利東街天橋及隧道系統，將令該區的核心地位更為鞏固。

By 鄧麗欣之戀 from skyscrapers.cn :

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利東街住宅擬800至1000呎
3 July 2009
明報

【明報專訊】上周由合和實業（0054）伙拍信和置業（0083）組成財團中標的灣仔利東街（俗稱喜帖街）重建項目，初步擬建單位面積由800至1000平方呎起。此外，信和旗下11個商場為響應港府的「塑膠購物袋環保徵費計劃」，下周二（7月7日）向顧客提供環保購物袋。

信和商場向顧客提供環保袋

信和置業執行董事楊光表示，灣仔利東街發展項目其中住宅部分，單位的開則初步為800至1000平方呎起，平均每個單位約1000平方呎，合共涉及約800伙，他強調此乃初步方案，但在灣仔區發展住宅來說，此乃信和置業的首次。

此外，信和因響應港府將推出的塑膠購物袋環保徵費計劃，將於下周二在旗下11個商場向顧客提供環保購物袋，其中可由顧客於客戶服務中心以10元購買每個附有插畫的環保購物袋，售賣所得收益將全數撥捐環保團體綠嶺行動。

楊光表示，信和旗下商場商戶皆預期塑膠購物袋環保徵費計劃，可以減少約五成的膠袋使用量。

Source : http://www.pbase.com/tasminip/hk_wanchai&page=all

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Wan Chai developers eye $5b
9 July 2009
The Standard

Hopewell Holdings (0054) and Sino Land (0083) are seeking about HK$5 billion to back up their Lee Tung Street redevelopment project in Wan Chai, according to a debt-industry newsletter.

They are discussing financing costs of the deal which, including interest rates and other fees, would be at 1.5 percent with a five-year tenor, Basis Point quoted banking sources as saying.

The deal structure and other details have yet to be finalized.

The Hopewell-Sino consortium won the joint-venture contract for the Lee Tung Street-McGregor Street site from the Urban Renewal Authority last month. The redevelopment is expected to cost about HK$8.3 billion, with each contributing half. Sino has said it intends to fund the project with shareholders' advances and bank borrowings.

Hopewell has said its funding is expected to come from internal resources, existing corporate banking facilities and project financing.

Proceeds of the residential portion of the Lee Tung project exceeding HK$6.2 billion will be shared between the URA and the consortium.

The income and sales proceeds derived from the commercial portion will be shared between the URA and the consortium at a ratio of 40:60.

Source : http://www.pbase.com/jonathanwg/wanchai&page=all

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Lack of property sales hits Hopewell
27 August 2009
The Standard

Hopewell Holdings (0054) posted a 72 percent decrease in full-year net profit due to lack of property sales this year.

Net profit of the Hong Kong-based property, infrastructure and hospitality group decreased from HK$5.98 billion to HK$1.68 billion. The company made nearly HK$4 billion from the Macau-residential project Nova City last year.

HHL will start the joint redevelopment project of Lee Tung Street with Sino Land (0083) this year and its own Hopewell Centre II next year. ``There is room for rents to rise,'' said co-managing director Thomas Wu Man-sun. ``They are still 20 to 30 percent lower than the highs in 2007-08.''

Average occupancy rates of HHL's commercial properties are more than 80 percent, Wu said.

Full-year profit of Hopewell Highway Infrastructure (0737), HHL's subsidiary, also decreased 47 percent from HK$2.01 billion to HK$1.06 billion. HHI's profit dropped this year because of higher profits made from the sale of Guangzhou East-South-West Ring Road and yuan appreciation last year.

The company plans to spend HK$12.8 billion on Phase II and III of the Western Delta Route. Phase III will start as Phase II is completed in 2010.

``We expect Phase II West to break even in a year,'' Wu said. ``Based on the current toll revenue of Phase I, it may even make a profit.''

Source and more : http://www.pbase.com/chungpolun/lts&page=1

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Hopewell profit soars
The Standard
Friday, February 05, 2010

Hopewell Holdings (0054) posted a 171 percent surge in interim net profit from a year ago to HK$2.5 billion thanks to fair value gain from a Happy Valley project amid a property boom.

Core profit for the six months to December was up 9 percent from HK$554 million.

Hopewell has not decided whether to sell or lease Broadwood Twelve, which will be completed in the second quarter.

"We didn't borrow money for developing Broadwood Twelve, and the cost is only HK$6,000, HK$7000 per square foot," said executive director William Wong Wing-lam. "Whether the market booms or not, it is the same to us."

Managing director Thomas Wu Man-san said Happy Valley sales have been stable. Hopewell has a net cash position of HK$5.63 billion.

It will invest HK$9 billion in the Lee Tung Street redevelopment and Hopewell Centre II over the next five or six years. And it will invest another HK$1 billion in Hopewell New Town, a residential-commercial project in Guangzhou.

Hopewell will book HK$400 million in revenue this financial year from selling over 90 percent of the 100 homes to be completed in the Guangzhou project. Wu expects office occupancy to improve and retail occupancy to fare quite well this year. Interim net profit for subsidiary Hopewell Highway Infrastructure (0737) fell 13 percent to HK$504 million as interest income declined.

Aggregate daily expressway toll revenue rose 3 percent to 9.8 million yuan (HK$11.15 million) and traffic jumped 8 percent to 375,000 vehicles.

The unit will invest HK$1.4 billion in phases II and III of the Western Delta Route.

Wu played down the adverse effects of the rival Coastal Express on its Guangzhou-Shenzhen Superhighway, but admitted that some trucks may switch roads as the competitor's tolls are lower.

Hopewell declared an interim dividend of 45 HK cents and the unit 17 HK cents.

Developers likely to lose billions if bonus scheme goes
3 December 2009
SCMP

Developers who have assumed they will get extra floor area in return for adding "green" features to buildings on land they have already acquired are likely to lose billions of dollars if the government goes ahead with a plan to scrap the bonus scheme.

In the "Wedding Card Street" project in Lee Tung Street, Wan Chai, for example, two developers could see their income slashed by almost HK$1.5 billion without the extra area.

But a surveyor says this should not be a reason not to press ahead with the measure as "investment always comes with risk".

On Tuesday the Real Estate Developers' Association hit back at the government proposal to drop the practice of granting extra floor areas for the so-called green features and to require them to provide these by law.

Under the current practice, developers can build features such as podium gardens and mail delivery rooms without paying a premium for most of them, while including the items in the common areas for which home buyers have to pay.

The association warned officials to "consider carefully" the impact of its proposal on the value of land they had bought but not yet built on.

A simple calculation might explain the developers' reaction.

The Lee Tung Street project, which is under planning after Hopewell Holdings and Sino Land won the site in June, allows a residential gross floor area (GFA) of about 61,300 square metres. If the concession remains and green features inflate the GFA by 23 per cent - as happened in some developments - this will increase to about 75,400 square metres.

An estimation of how much money the project will generate can be done by multiplying the GFA with the average price of a medium-sized flat on Hong Kong Island - HK$104,194 per square metre in September, according to the Ratings and Valuation Department.

The result is that the developer would earn HK$7.86 billion with the concessions and HK$6.39 billion without them.

Dr Poon Wing-cheung, of the Institute of Surveyors, said it was true that developers could have their profits trimmed on sites they had already acquired, because they usually took into account the extra floor areas when bidding for the land.

"But investment always comes with risk. You can't expect the policy to remain unchanged forever."

Height restrictions in different districts had also cut development density without the owners being compensated, he said.

Lee Wing-tat, a Democrat who sits on the Legislative Council's development affairs panel, said the developers had gained enormously from the extra floor area practice. He urged the government to listen to the public, which had shown a preference for a less dense environment.

The Sustainable Development Council is expected to make recommendations to the government based on a public consultation by the middle of next year.

URA set to open up its books on projects
12 June 2010
South China Morning Post

The financial details of individual urban renewal projects - a closely guarded secret since the Urban Renewal Authority was set up in 2001 - will be disclosed on Monday.

Information on the gains or losses on individual projects and the amount in nominal land premiums paid is expected to trigger debate about whether the authority should self-finance redevelopment projects.

The financial operation of the URA is being reviewed by the Development Bureau, a process to be completed by the end of this year.

The government injected HK$10 billion into the authority when it was established in 2001.

But how much each renewal project has gained or lost has been kept from the public until now. The authority has only disclosed an overall gain or deficit on a yearly basis since it began operating.

This sparked criticism from lawmakers and activists, who urged more transparency.

It was only last June that the authority made a commitment in the Legislative Council to consider making the details public as far as possible.

A person who has seen the details said the figures would be submitted to the Legislative Council later this month but they would be released to the media in a government briefing on Monday.

However, only the financial details of eight projects, including the Langham Place development in Mong Kok, will be disclosed as the sale of flats and shops in the remaining projects has not been completed. The authority has carried out 45 redevelopment projects and four preservation schemes.

The authority is expected to have made a profit in the last financial year. The projects tendered last year increased cash flow as the co-developers of the Lee Tung Street (Wedding Card Street) redevelopment in Wan Chai and phase one of the redevelopment in Kwun Tong have already paid an initial redevelopment cost.

In contrast, the authority recorded an operating deficit of HK$4.5 billion for the 2008-2009 financial year as a loss provision was made for the Kwun Tong Town Centre project.

James To Kun-sun, a non-executive director of the authority and a Democratic Party lawmaker, said the authority would be forced to justify its profit and losses after the release of financial details.

"It's good for the authority to have a candid conversation with the public," To said. "But you can't blame the authority for giving a certain amount to affected residents while making huge profits."

To said people living in a flat more than 30 years old were given compensation equivalent to a seven-year-old flat, but the authority does not know whether a project will make a profit until the moment the flats are sold.

"It will suffer a loss if flats are sold during a downturn in the property market."

He said profits were spent on other redevelopment and conservation projects.

Pedestrian system to link Wan Chai towers
Hopewell Holdings plans walkways to help traffic flow and better connect its properties
22 September 2010
South China Morning Post

Four high-rise buildings in Wan Chai will be linked to the MTR station by subways and footbridges.

The pedestrian system, initiated by Hopewell Holdings, will connect its key properties - the Hopewell Centre, the Wu Chung House office tower, serviced apartment block Garden East and the Lee Tung Street redevelopment, which is being jointly built with Sino Land.

"The system is aimed at diverting pedestrians from the roadside to smooth traffic flow in Queen's Road East and Johnston Road," Hopewell's executive director, Albert Yeung Kam-yin, told the Wan Chai District Council yesterday.

Under the proposal, a subway under Johnston Road will link the MTR station with the basement of the future residential project at Lee Tung Street - popularly known as Wedding Card Street - and the basement of the Hopewell Centre in Queen's Road East.

The segment between the Hopewell Centre and Wedding Card Street will be built by Hopewell and completed by 2013, Yeung said.

The section linking it to the MTR station will be built later.

The contract to design the project will be put out to tender by the MTR Corp.

A footbridge will be added to link Wu Chung House and Garden East, which are on opposite sides of Queen's Road East.

Although Yeung said the pedestrian system would not be connected to the Hopewell Centre II, which is currently under construction, councillors still expect that the works will mean the tower will be better connected to other parts of Wan Chai.

Councillors backed the proposals, believing they will offer convenience for residents and visitors.

The council was yesterday also updated about a scheme by Swire Properties to revamp another part of Wan Chai.

Last year, Swire announced a HK$20 million proposal to beautify the streetscape in a one-hectare area between Queen's Road East, St Francis Street, Star Street and Wing Fung Street by improving features such as railings, paving, lighting, signage and information panels.

It also sought to beautify the area's Lok Moon Garden, Dominion Garden and Kwong Ming Street children's playground, and improve public access to them.

The company would manage the first two parks, which are part of private residential properties, and hand the public playground in Kwong Ming Street back to the Leisure and Cultural Services Department after completing the renovations.

The company's architect consultant told councillors yesterday that the parks and streets would be paved in stone to restore an old flavour to the area, once the site of a Christian hospital and cemetery.

Shaken residents flee Wan Chai flats
1 February 2011
The Standard

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Drilling at a Wan Chai redevelopment site was suspended yesterday after those living nearby complained their homes had been shaken twice in three days.

More than a dozen residents of the six-story, building at 18-20 Tai Wong Street East, which is undergoing renovations to its exterior wall, were evacuated after police received a report at 10.38am. A similar report was made on Saturday.

``As with the last time, I heard a noise coming from a cabinet. Another cabinet on wheels also shook,'' a woman surnamed Kwan said.

A resident surnamed Chan said: ``I was sitting on a sofa when it started shaking. [The shaking] lasted for around half an hour.''

Another resident said he received a call from his mother in the morning telling him the 43-year-old building was shaking. He said some neighbors also felt the vibrations and feared there might be a repeat of the To Kwa Wan tenement collapse a year ago in which four people died.

After inspection, the Buildings Department said the block is structurally safe and allowed residents to return to their homes.

A spokesman for the Urban Renewal Authority, which is behind a redevelopment project in Lee Tung Street, two blocks from Tai Wong Street East, said it decided to temporarily halt foundations drilling but other work will continue.

He said structural engineers will inspect the block and nearby buildings to see whether there is a link between the vibrations and drilling work. So far, he said, there is no evidence that there is.

``As the building concerned is two blocks away, it is quite unlikely that the drilling work has any impact on the block.''

He said the drilling started in the latter half of last year and there were no complaints until last week.

The spokesman said the inspection will start after the Lunar New Year holidays.

The drilling work may resume if the department is satisfied with the report and deems it safe.

Engineer Ringo Li of the Professional Commons, a policy think-tank, said an on-site inspection is required to check whether the reported vibrations are related to the foundations work.

The redevelopment project is expected to provide 1,212 flats by 2015.

More building cracks reported near URA project in Wan Chai
2 February 2011
South China Morning Post

More people living near an Urban Renewal Authority construction site in Wan Chai have reported cracks in their buildings, with the authority still trying to determine whether its piling work caused one block to shake a day earlier.

In Amoy Street, next to the Lee Tung Street redevelopment site, hair stylist Emmi Lee said there were two cracks inside her salon on the ground floor of a tenement.

Across the top of the glass window of the shopfront, a horizontal crack could be seen. A strip of exposed concrete, about 1cm wide, made the crack stand out from the orange paint on the wall.

"It's all cracked. It's very dangerous {hellip} we're worried that it could fall any time," she said, adding that she was worried about the glass falling onto pedestrians.

Other owners of shops in the same street said that they felt vibrations but did not report cracks.

"I can feel the vibration when I sit on the ground," Chan Chi-keung, owner of a plastic manufacturing company also in Amoy Street, said.

A real estate agent working in the same street said vibrations were not surprising because they were so close to the construction site.

Their reactions came as concerns were raised that piling work at the authority's site caused a 43-year-old building in Tai Wong Street East, three blocks away, to shake on Saturday and Monday.

Some residents of the building said the shaking lasted for 15 minutes and 17 people were evacuated from their flats for several hours. Piling work has been suspended since yesterday.

On the other side of Amoy Street, Po Ngai Garden, a 15-storey apartment block nearest to the construction site has also developed cracks.

Two vertical cracks along the outer wall of the 24-year-old building extend from the top of the wall to the ground. One of them is about three metres long and the other, on the shorter wall, measures about 1.4 metres.

Inside the lobby, watchman Chung Wai-chong pointed to a vertical crack behind one of the cracks on the outer wall. The cracks, about 0.5cm to 1cm wide, appeared over a month ago, he said.

An authority spokesman said an engineer had started a survey of buildings in the neighbourhood, in Amoy Street, Swatow Street and Tai Wong Street East.

Several shop owners in Swatow Street said that they had not found cracks in their shops.

The authority spokesman said: "The team is still analysing data. Our initial finding is that there are no irregularities in these buildings. But we will expand regular monitoring of nearby buildings and conduct checks more frequently."

Piling would be suspended until the survey was completed and assessed by the Buildings Department.

Chan Chi-ming, head of the construction department of the Vocational Training Council, said a possible reason that the block at Tai Wong Street East felt more shaking than others was that there were no adjacent blocks to cushion any impact.

Alarm sounds over cracks found in shaken buildings
2 February 2011
The Standard

More residents have voiced concerns about the safety of buildings near an Urban Renewal Authority redevelopment site in Wan Chai.

This comes after a dozen residents were evacuated from a six-story building on Tai Wong Street East on Monday following complaints that it had been shaking for the past three days.

The complaints from those living two blocks away from the Lee Tung Street site prompted a halt to piling work by the URA.

But following inspections on Monday, authorities said they have found no evidence that site work is responsible. Inspectors from the Buildings Department revisited the affected flats yesterday and concluded that there is no danger.

But those living in another nearby street complained that widening cracks have been found in their walls.

``When the construction work began, it was a small crack,'' said Chong Wai- chong, who works as a security guard at nearby Po Ngai Garden on Amoy Street.

``But afterwards, piling work was conducted in the adjacent building and the crack started to widen.''

Chong said that some cracks grew to as long as three meters.

``I just feared it would collapse after seeing what happened at Ma Tau Wai,'' said a shopkeeper, referring to the collapse of a To Kwa Wan tenement a year ago, in which four people died.

``There are cracks in the toilets and the door as well as on some walls. That's why I am worried,'' he said.

The authorities said detectors have been installed in buildings near the project site to keep track of structural safety during the construction work.

A government spokesman said drilling and piling work at the project will be suspended until the Buildings Department receives the contractor's report.

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Findings of investigation into cause of building vibration at No.18-20 Tai Wong Street East
Tuesday, March 1, 2011
Government Press Release

An investigation into the cause of vibration experienced by residents living at No.18-20 Tai Wong Street East has confirmed that the vibration level recorded did not exceed the limit set out in the approved foundation plans for the Lee Tung Street redevelopment project, and that the safety of the buildings nearby the construction site is not affected. Residents can put their minds at ease, a spokesman for the Buildings Department said today (March 1).

The investigation was conducted upon receipt of complaints from residents of No.18-20 Tai Wong Street East concerning the vibration of their building on January 29 and 31, 2011.

The limit of the vibration level as set out in the approved foundation plans for the Lee Tung Street redevelopment project is 7.5 mm per second. Vibration tests were conducted to find out the level of vibration at 15 buildings near the site. During the investigation, the highest level of vibration recorded was 2.7 mm per second, even when vibration-generating construction activity was in full motion on the Lee Tung Street redevelopment site. The vibration level recorded is far below the limit as approved.

"Generally speaking, it is normal for construction activities to generate a certain degree of ground vibration which may or may not be perceptible," the spokesman said. "The investigation also revealed that the perceptible vibration, the measured level of which as recorded is far below the limit set out in the approved plans, occurred during the excavation of inter-bedded strata of rock and soil by the method of hydro-fraise for the construction of diaphragm wall at the Lee Tung Street re-development site."

The Building (Construction) Regulations stipulate that no building works shall be carried out which may affect adversely the stability of any adjoining building, structure, land, street or services. The Buildings Department also has issued Codes of Practice and Practice Notes on foundation works in order to set out guidelines and requirements on how to assess the effect of foundation works on adjacent buildings. Such assessments, as well as various precautionary and protective measures, have to be provided by the project's Registered Structural Engineer (RSE) to the satisfaction of the Buildings Department prior to the actual commencement of foundation works.

In order to address the concern of the residents of the buildings affected, the Registered Structural Engineer and the Registered Specialist Contractor for foundation works (RSC) for the Lee Tung Street re-development project has proposed, with the agreement of the Buildings Department, to adjust the construction method by minimising the use of hydro-fraise for excavation of inter-bedded strata of rock and soil with the aim of minimising the vibration that may be caused. The RSE and RSC will also implement the following measures for resumption of construction works on site for the diaphragm wall:

(i) to give advance notice to nearby residents about the specific dates and times during which the vibration-generating construction activities will be carried out;

(ii) to set up a telephone hotline to answer the residents' enquiries; and

(iii) to step up building monitoring.

In addition, the RSE and RSC will position staff at the vibration-affected buildings to continuously monitor the structural safety of the buildings during the vibration-generating construction activities.

The Buildings Department and the RSE briefed the District Council and the affected residents on the test results and the arrangements for the above measures last Tuesday and today respectively. The Buildings Department will continue to monitor the construction activities on site and the implementation of the above measures.

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Hopewell clinches 14pc income gain
The Standard
Friday, February 24, 2012

Underlying profit at Hopewell Holdings (0054) grew 14 percent in the second half last year, thanks to higher rents generated by its investment portfolio and toll roads.

Net income excluding revaluation gains was HK$579 million, although revenue fell by 2.33 percent to HK$3.15 billion.

Managing director Thomas Wu Man-sun predicted stable rental growth despite the European debt crisis. "Spot rents at Hopewell Centre are between HK$40 and HK$50 per square foot per month. Our average right now, is less than HK$30 psf per month," he said.

But the firm sold fewer residential flats in the six months to December 31, resulting in a loss before interest and tax of HK$8 million.

Investment in the Lee Tung Street project has been increased to HK$9 billion from the previous HK$5 billion. The 88,500-sq-ft project will provide about 1,300 units.

Presales are set to start next year, and construction is due for completion in 2015.

As for the second phase of Hopewell Centre in Wan Chai, the developer said it is continuing talks with the government on the land premium.

An interim dividend of 45 HK cents was proposed. Subsidiary Hopewell Highway Infrastructure (0737) said net profit for six month to December 31 rose 16 percent to HK$571 million, or HK$19.28 per share.

It's incredible how long this project has taken already!

It's incredible how long this project has taken already!

I passed by it today and saw some pilings in the ground, but no signs of any structure appearing yet. Yes, it's surprisingly slow.

I passed by it today and saw some pilings in the ground, but no signs of any structure appearing yet. Yes, it's surprisingly slow.

Especially compared to how fast they normally build here!

Are all the housing units rented out or sold already?

Especially compared to how fast they normally build here!

Are all the housing units rented out or sold already?

I don't think they've started pre-sales.

I don't think they've started pre-sales.

I always feel they delay these projects on purpose since the prices are expected to rise.

I always feel they delay these projects on purpose since the prices are expected to rise.

Yah probably true...

But sometimes if they waited too long, they have to pay some kind of fee to the gov't right?

But they are under construction, just that the buildings haven't risen yet.

Hopewell banks on office spread to lift rent levels
The Standard
Tuesday, August 21, 2012

The managing director of Hopewell Holdings (0054), Thomas Wu, expects rents at the company's offices properties to continue to rise as more firms shift from long-established business districts.

Rents at flagship property Hopewell Centre in Wan Chai increased 19 percent to an average of HK$37 a square foot in the 12 months to June 30. It has an occupancy rate of 97 percent.

"Rents for some [units] even soared above HK$40 psf after rental contracts were renewed," Wu said. "So we can expect office rents to rise above the HK$37 psf level."

Office rents are considerably more in neighboring districts. Pacific Place in Admiralty charges HK$110-HK$120 psf while Lee Gardens in Causeway Bay is HK$60-HK$75 psf.

Rents at another Hopewell property, KITEC in Kowloon Bay, rose 22 percent from HK$9.8 psf to HK$12 psf in the 12 months to June.

"Rents will be our main source of the profit in the future," Wu said.

Other projects in Wan Chai are also on the move. Hopewell Centre II is set for completion by 2018 and the Lee Tung Street redevelopment by 2015.

Construction will be under way on the 1.09-million-sq-ft Hopewell Centre II by year's end, Wu said, and pre-sales commence for the 1,300 residential units in the Lee Tung Street project in the first half of next year.

Hopewell' core net profit rose 11 percent to HK$1.35 billion in the 12 months to June 30 while revenue fell 6 percent to HK$6.56 billion.

It proposed a final dividend of 54 HK cents per share, plus a special dividend of 40 HK cents to celebrate group's 40th anniversary this year.

Net profit at subsidiary Hopewell Highway Infrastructure (0737) rose 0.5 percent to HK$1.02 billion. It proposed a final dividend of 16 cents per share.

Shares of Hopewell Holdings rose 1.06 percent to HK$23.75 while that of HHI advanced 1.58 percent to HK$3.85.

This is the Hopewell center II?

http://218.188.25.84/corporate_member/members/wmky/0001/Hopewell%20centre%201.jpg

This is the Hopewell center II?

http://218.188.25.84/corporate_member/members/wmky/0001/Hopewell%20centre%201.jpg

Here's the dedicated Hopewell Mega Tower thread (http://www.skyscrapercity.com/showthread.php?t=275361).

Believe there should be renderings in there.

2/23

http://www.globalphotos.org/hongkong/2013/0223/IMG_5887.JPG