HONG KONG | Projects & Construction

[hkskyline]

$1b Tseung Kwan O plot up for grabs
The Standard
Thursday, June 21, 2012

A plot in Tseung Kwan O, on which more than 300 residential units can be built, opens for tender tomorrow carrying a price tag of HK$1.19 billion.

The site of 54,099.41 square feet, or 297,550 sqft in gross floor area, must provide between 360-378 units. The accommodation value is estimated at HK$4,000 psf. The tender closes on July 27.

Meanwhile, hotel operator and property developer Emperor International Holdings (0163) and New World Development (0017) have expressed interest in forming a consortium to bid for MTR Corp's (0066) Tsuen Wan West Bayside residential development. Sun Hung Kai Properties (0016) is also considering a bid.

The large lot area of about 4.29 hectares is meant for 2,384 flats, of which 1,235 may not exceed 538 sq ft. The site is estimated to be worth between HK$7.3 billion and HK$9.5 billion, or an accommodation value of HK$3,300 to HK$4,250 psf.

The MTCR revived the tender, which will close on Wednesday, after having withdrawn it in January.

Meanwhile, three developers - SHKP, Kerry Properties (0683) and Paliburg Holdings (0617) - denied reports that they have taken possession of shipyards near a project in Ap Lei Chau that they co-developed.

The site is opposite Larvotto, a high-end residential project co-developed by the three developers.

[hkskyline]

Measures to encourage data centre development in industrial buildings open for application
Sunday, June 24, 2012
Government Press Release

The Financial Secretary announced in the 2012-13 Budget two measures to encourage data centre development through optimisation of industrial buildings or industrial lots. The two measures will be open for application tomorrow (June 25).

The two measures are:

(1) the Government will exempt the waiver fee for applications approved for changing parts of an industrial building into data centre use submitted by owners of industrial buildings located in "Industrial", "Commercial" or "Other Specified Uses (Business)" zones aged 15 years or above; and

(2) for development of high-tier data centres involving lease modification on industrial lots, the Government will assess the premium for the lease modification on the basis of high-tier data centre use for the data centre part of the proposed development.

"Interested parties may refer to the Lands Department LAO Practice Note No. 3/2012 (www.landsd.gov.hk/en/legco/lpn.htm) for details on the application criteria and the necessary supporting documents. They are also advised to engage competent professionals to assist them in submitting applications," a spokesman for the Office of the Government Chief Information Officer (OGCIO) said.

All applications must be submitted to the Lands Department by March 31, 2016. For more information on government initiatives to facilitate development of data centres, please visit the thematic portal of the Data Centre Facilitation Unit of OGCIO (www.datacentre.gov.hk).

[hkskyline]

Red carpet for Beaumount
The Standard
Monday, June 25, 2012

Web : http://www.thebeaumount.com.hk/

The latest Cheung Kong (Holdings) (0001) project - The Beaumount in Tseung Kwan O - was well received with up to 1,100 parties placing checks to reserve flats since Friday.

Cheung Kong will release its first price list on the scheme today. Some flats are expected to cost around HK$6 million, or about HK$7,000 per square foot.

More than 100 units, mostly three- bedrooms, will be ready for sale at the earliest from Thursday. On their second day of opening, the showflats attracted 10,000 visitors on Saturday.

In view of the favorable market reaction, Cheung Kong has extended the 2percent discount offer on the price for the first 100 buyers to the first 200. The 1,777-unit project is comprised of two- and three-bedroom flats ranging from 650 to 1,000 square feet.

Separately, Henderson Land (0012) has received 50 checks from prospective buyers to reserve flats at its High West project at Sai Wan.

Meanwhile, secondary home transactions slowed over the weekend. Centaline recorded 12 transactions at the 10 benchmark projects, down from 13 last week.

Three housing estates saw no deals including Taikoo Shing, Laguna City and City One Sha Tin.

"As more developers are releasing new homes close to the market price, many secondary home buyers are turning to the primary market," said Louis Chan Wing- kit, Centaline managing director for residential sales.

Prospective buyers are also taking a wait- and-see attitude as the new government is likely to implement more housing policies.

[hkskyline]

Cheung Kong sets low flats price
The Standard
Tuesday, June 26, 2012



In a sales ploy aimed at attracting secondary market buyers Cheung Kong (Holdings) (0001) priced 446 units of The Beaumount in Tseung Kwan O at HK$5,617 per square foot yesterday, which is below second-hand flat prices in the district.

Among the units priced yesterday were three-room flats of between 915 and 1,001 sq ft.

The cheapest flat costs HK$4.81 million. When sales start Thursday, buyers paying cash are being offered a 5 percent discount. "The price is about 4.3 percent lower compared to projects in the secondary market nearby. The project could lure buyers from the secondary market," Cheung Kong executive director Justin Chiu Kwok- hung said.

Over the next few days more units will be released at prices between HK$7,000 and HK$8,000 psf, Chiu added.

Responding to reports that there was no mention of an industrial facility in front of the property, Chiu suggested that potential buyers read the sales brochure carefully. According to real estate agents 500 checks had been received yesterday to reserve units, bringing the number to 2,000 since last week.

The 1,777-unit project provides two- and three-bedroom flats sized between 650 and 1,001 sq ft.

Three-room flats in The Capitol - the first phase of Cheung Kong's Lohas Park development, are selling at HK$5,600 psf in the secondary market.

The Capitol, first sold in 2008, is just a few blocks away from The Beaumount. The average price of flats in Lohas Park stood at HK$5,670 psf, Midland Realty said in a research note issued yesterday.

Centaline Property Agency director for New Territories Chris Wong Ho- chung said the incentives offered by Cheung Kong may drag down prices of secondary apartments by up to 10 percent.

Chiu said Cheung Kong sold 1,400 flats so far this year, booking HK$12 billion.

Sales consent is pending on four projects, including a 200-unit project on Lai Chi Kok Road.

[hkskyline]

Developer puts prices up 10pc
The Standard
Wednesday, July 04, 2012

Cheung Kong Holdings (0001) plans to increase prices of the next batch of The Beaumount units it will release to the market by as much as 10 percent.

The Tseung Kwan O project has already recorded more than 500 transactions since sales started on Friday, generating HK$2.7 billion.

The prices for 136 three-room units were released on Monday night. Each unit is seeking an average of HK$5,614 per square foot, up 1 to 3 percent from previous batches. They will be available for sale by tomorrow at the earliest.

"More three-room units will probably be released next week, with a 5 to 10 percent price increase. Two- room units will be released in the next quarter," Cheung Kong Real Estate director William Kwok Chi-wai said.

More than 90 percent of the buyers are local, while the remaining are from the mainland including Guangzhou and Shenzhen.

Twenty percent of the flats were bought for long-term investment.

The project consists of a total of 1,777 units, ranging from 650 to 1,000 square feet.

The latest data show that during the first half of the year, 37,587 new mortgage loans were drawn down - 24.50 percent lower than the second half of 2011.

The number of new mortgage loans in June dropped 2.3 percent from May to 9,384.

"Such downward adjustment will continue into July as the new government has not announced its concrete housing policies and more new properties are yet to come to the market," mReferral Mortgage Brokerage Services said in a note.

"As mortgage rates and market share of small- to medium-sized banks and large banks are becoming similar, more attractive mortgage plans may be introduced by large banks in the second half of the year."

The number of equitable mortgages - loans obtained for uncompleted property in the first half of the year - jumped 42.4 percent to 2,403 from the second half of 2011.

The number of equitable mortgages drawn down for June is 512, up by 57.1 percent from May.

Bank of China (3988) obtained the largest market share for both mortgage loans and equitable mortgages in the first half of the year, capturing more than 20 percent of each segment.

[Minsk]

New public facility mediates tradition and the contemporary

The design for this civic leisure & library complex signifies the idea of a civic building with a piazza as a place for gathering. The building accommodates two main functions, which are a public library and an indoor recreation centre (IRC). The 10-storey library block, which is mainly outwardly orientated with glass façade to maximise its view and to benefit from the intake of natural daylight, locates at the south side of the site.

The 8-storey public library includes children’s library, adult library, multi-media library, reference library, students’ study room, computer centre, activity room and newspaper & periodicals reading area with an outside extension to the courtyard.

The 5-storey indoor recreation centre, which is more inward looking, comprises one 25x25m indoor swimming pool, one main games arena with 2 basketball courts, four multi-function rooms and a childrens' play room. The architectural language takes its DNA from the nearby Chinese vernacular tradition of Ping Shan Heritage Trail.

The concept is inspired by the Chinese traditional cabinet, a kind of multipurpose storage space for books, as well as open shelves to display porcelain and bonsai. By incorporating terraces that mediate the outdoor and indoor environments, the design re-interprets these traditional elements in a contemporary way.

With the use of brick walls, timber and metal screens; it establishes a connection with its roots yet modern at the same time. The spatial concept of the Library is to carve out the building mass to create inter-connected atrium, courtyard and roof terrace at various levels to allow natural light to reach the lower floors of the 10-storeys building. Readers can step out of the indoor space into these outdoor rooms to enjoy their reading with cups of tea.

worldarchitecturenews

[hkskyline]

North Point site could fetch $10b
The Standard
Thursday, July 05, 2012

The tender for the former North Point Estate site closes tomorrow and is expected to fetch as much as HK$10 billion.

At least six developers have expressed interest in the plot, including Sun Hung Kai Properties (0016), New World Development (0017), Henderson Land Development (0012) and Wheelock Properties (0020).

The 251,875-square-foot site is the largest government plot on Hong Kong Island to be tendered in recent years. It is estimated to be worth between HK$7.21 billion and HK$10 billion, or between HK$8,000 and HK$11,103 per sq ft.

The plot has a residential floor area of around 577,812 sq ft and commercial space of 322,866 sq ft.

It will provide at least 700 units as well as community facilities.

Meanwhile, Cheung Kong Holdings (0001) yesterday released a new price list for 84 low-level flats at The Beaumount in Tseung Kwan O.

The three-room flats are sized from 915 to 1,001 sq ft, commanding an average price of HK$5,462 psf - even lower than those launched earlier.

The 136 medium-level units released on Monday night were priced at HK$5,614 psf.

The 1,777-unit project has put about 804 flats on the market and around 580 have been sold.

Separately, the Urban Redevelopment Authority has sent out proposals to property owners of one of its three redevelopment sites in Sham Shui Po.

The asking price is HK$8,830 psf, similar to prices of seven-year-old flats in the same district.

[el palmesano]

great building!!

[hkskyline]

Sai Kung Tseung Kwan O Government Complex officially opens
Friday, July 6, 2012
Government Press Release



The Secretary for Home Affairs, Mr Tsang Tak-sing, officiated at the opening ceremony of the Sai Kung Tseung Kwan O Government Complex today (July 6), an event that signifies the provision of more recreational, cultural and community facilities and services for residents in the district.

Addressing the ceremony, Mr Tsang said this innovative and chic government complex was proof of the effective implementation of district administration. He thanked the Sai Kung District Council (DC) for its strong support for the building's construction, as well as its invaluable suggestions on the development scope and layout plan.

He said, "The SAR Government has always attached great importance to district administration. The Home Affairs Bureau, Home Affairs Department and district offices have been in close contact with the district councils, making every effort to co-ordinate various government departments to actively respond to residents' needs and encourage more people to take part in district affairs with a view to fostering a caring community."

Mr Tsang said the new-term administration would strengthen district administration to enhance governance and to get a better grasp of social sentiments and public opinions. "We hope to have the continued support of the district councils and community groups so that we can work together for the well-being of people, conveying public opinions to the administration, and promoting effective governance and social harmony."

Occupying an area of about 6,000 square metres, the Sai Kung Tseung Kwan O Government Complex is situated at 38 Pui Shing Road, Hang Hau, Tseung Kwan O, and adjacent to the MTR station and bus terminus. In addition to the Sai Kung District Office, the Sai Kung DC Secretariat, the Sai Kung District Leisure Services Office and the Sai Kung District Environmental Hygiene Office, the complex also houses the Hang Hau Sports Centre, the Hang Hau Community Hall and the Public Enquiry Service Centre. These facilities have been gradually opened to the public since last December.

Among the facilities, the Hang Hau Sports Centre is the largest sports complex in Sai Kung. It is well equipped with a wide range of leisure and sports facilities, including a gymnasium, a children's playroom, a fitness corner, table-tennis rooms, activity rooms and a multi-purpose arena with 1,200 spectator seats.

The sports centre also features the only indoor jogging track in the district. Members of the public can enjoy the fun of jogging on the 150 metre-long jogging track in all weathers. Fitted out with 37 advanced exercise machines, the gymnasium is the largest in Sai Kung district and is popular among local residents.

Located on the ground floor of the complex, the Hang Hau Community Hall is equipped with a 400-square-metre hall with a stage, a meeting room, a conference room and dressing rooms. Barrier-free access facilities are also available. Following today's opening ceremony, there are now six community halls, one community centre and four sports centres in the district.

With an environmentally friendly design, the complex uses natural lighting and energy saving features to good effect, thus reducing the impact of solar heat on the indoor temperature. Moreover, the sports centre has a green rooftop. The vertical greening design used for the external walls of the building also compliments with the design of the adjacent Pui Shing Garden.

Also attending today's opening ceremony were the Chairman of Sai Kung District Council, Mr George Ng; the Director of Leisure and Cultural Services, Mrs Betty Fung, the Acting Director of Architectural Services, Mr Stephen Tang, and the Deputy Director of Home Affairs, Ms Mimi Lee.

[hkskyline]

The Beaumont, LOHAS Park
6 July

image hosted on flickr

Hong Kong Tseung Kwan O by Johnny__Ko, on Flickr

[hkskyline]

Rosedale Hotel's new Kowloon location is almost complete (bottom left brown building with long black glass sections) :

[hkskyline]

SHKP in easy North Point win
The Standard
Thursday, July 12, 2012





Sun Hung Kai Properties (0016) beat six other developers to win the former North Point Estate site for a lower-than-estimated HK$6.91 billion yesterday, as prospects dim for the local property sector.

Several restrictions placed on the plot also discouraged bidding for the tender.

The 251,876 square foot Java Road waterfront plot is the biggest tendered in the past 15 years and had been tipped to fetch HK$7.4 billion to HK$9 billion. The maximum gross floor area of 900,677 square feet translates to a price of HK$7,672 per square foot.

The price offered is about 7.5 percent lower than the HK$8,300 psf that Cheung Kong Holdings (0001) paid for a site on nearby Oil Street last year.

"Developers have become cautious when filling up their land banks as global economic uncertainties prevail," Centaline Surveyors director James Cheung King-tat said. "Restrictions on height, number of units and noise levels also tempered the plot's appeal."

As much as 64 percent of the gfa, or 577,807 sq ft, will house 700 residential units. And 18 percent, or 162,122 sq ft, will be taken up by mall and office space. The rest will be used for public facilities including an elderly day care center and a traffic interchange.

SHKP executive director Victor Lui Ting said the total investment cost will be HK$15 billion. "The site faces the sea and has a convenient traffic location. The scale of development is not too big nor too small. We are happy to have won the tender," Lui said.

Cheung at Centaline expects the completed flats to be priced at about HK$15,000 psf - higher than secondary flats nearby.

But he said the lower-than-expected premium paid for the site by SHKP would add pressure to the North Point secondary market.

[hkskyline]

Tuen Mun Station Development

[little universe]

Kennedy Town Swimming Pool, Sai Wan/西环

From Achdaily.com

Architects: TFP Farrells
Location: Kennedy Town Praya, Sai Wan, Hong Kong
Photographs: TFP Farrells, Marcel Lam
Project Area: 11782.0 sqm
Structural Engineer: AECOM (C&S) Ltd

Occupying an area of approximately 0.8 hectare, the construction of the new swimming pool complex involves two phases. The first phase of the works – the construction of an outdoor secondary pool and leisure pool – has been completed and opened to the publicin May 2011. The second phase of the works, scheduled to be completed in 2016, will include the provision of a multi-purpose pool, a teaching pool and a jacuzzi.

The site of the new swimming pool complex is located at the junction of Kennedy Town Praya and Shing Sai Road and bounded at the western end by Sai Cheung Street North. The site marks the entrance to Kennedy Town when approached by car or tram from Central via Connaught Road West and Queen’s Road West.

Neighbouring buildings are predominantly residential towers of up to 35 storey height. Towards the west of the Site is Belcher Bay Park which extends over one city block and provides substantial landscaped open space for the community. To the north, across Shing Sai Road is the Western District Public Cargo Working Area and Victoria Harbour beyond.

A new swimming pool complex designed to enrich the local community by providing a public facility that is easily accessible, complementary to existing public amenities and will contribute to the character of Kennedy Town; which is currently defined by the historic tram line that terminates in the heart of the community. The design brief was for an iconic structure, housing both indoor and outdoor swimming pools, Jacuzzis, changing facilities and associated management and plant rooms. Some of the key design considerations include the building’s transparency, response to existing view corridors, sensitivity to adjacent residential towers, the relationship to Victoria Harbour and an environmentally sustainable design solution.

[hkskyline]

^ The pool was rebuilt here as the previous one had to be demolished for the MTR Island Line extension.

[hkskyline]

Gardenia 景怡峯
Shek Kip Mei, Kowloon

[hkskyline]

Cheung Kong well on target
The Standard
Tuesday, July 17, 2012

Cheung Kong Holdings (0001) has already met more than half its sales target for the year, having sold HK$17 billion worth of new homes so far.

The developer has sold 2,700 new residential units since January, executive director Justin Chiu Kwok-hung said.

"If the 400 remaining units at The Beaumount [are sold], altogether we could be cashing in HK$20 billion," Chiu said.

That will cover two-thirds of the 2012 sales target of HK$30 billion, which the company is confident of reaching.

It raised prices by about 5 percent for the 87 two-bedroom units of the Tseung Kwan O project, which go on sale from tomorrow. "Those flats are of better quality and are located on higher levels," Chiu explained.

Meanwhile, Wheelock Properties (0020) cashed in HK$4.5 billion from new flat sales and non-core projects in the first six months.

"[We] will focus on the Kadoorie Hill project in the second half and units will be available for sale in September," assistant general manager Ho Wing-yee said.

Units at the HK$2 billion Ho Man Tin project will likely be priced at about HK$20,000 per square foot, Ho said.

And executive director Ricky Wong Kwong-yiu said Wheelock may submit tenders for plots at Tseung Kwan O Area 66D1 and Tsuen Wan West.

Separately, the Lands Department received a total land premium of about HK$152 million from 15 lease modifications and one land exchange from April to June. Two of the modifications were of a technical nature and did not involve any land premium. Of the 16 transactions, six were on Hong Kong Island, three in Kowloon and the rest in the New Territories.

Meanwhile, a survey found that about 35 percent of private housing tenants fear home prices will fall under the new administration.

But overall, 58 percent of the 1,000 respondents polled by online property platform GoHome voiced optimism about the market and expect prices to rise steadily.

[little universe]

4 Cheung Kong/长江实业

[hkskyline]

Tender awarded for site in North Point
Wednesday, July 11, 2012
Government Press Release

The Lands Department today (July 11) announced that the tender for a site, Inland Lot No. 9027 at Java Road and Tin Chiu Street, North Point, Hong Kong, has been awarded to Choice Win (H.K.) Limited on a 50-year land grant at a premium of $6,910 million.

"Authority from the Central Tender Board was given to the Lands Department to award the site to the highest tenderer," a Government spokesman said.

The other tenderers in alphabetical order were:

(1) Able Brilliant Limited
(2) Crown Treasure Investments Limited
(3) Ever Merits Investments Limited
(4) HLP Asia Limited
(5) iCare.com Limited
(6) United Best Hong Kong Limited

　　Inland Lot No. 9027 has a site area of about 23,400 square metres and is designated for non-industrial (excluding godown, hotel and petrol filling station) purposes. The minimum gross floor area and the maximum gross floor area are 56,203 square metres and 83,675 square metres respectively, of which not less than 32,208 square metres and not exceeding 53,680 square metres are for private residential purposes. The total number of residential units to be built shall not be less than 700.

[melrocks50]

HONG KONG IS MY FAVORITE CITY EVER <3