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Old March 29th, 2009, 12:18 PM   #1
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HONG KONG | Wedding Card Street Redevelopment

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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Old April 1st, 2009, 11:57 AM   #2
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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.
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Old April 1st, 2009, 01:55 PM   #3
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A shame another piece of history was destroyed here in HK.

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

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Old April 2nd, 2009, 03:36 AM   #4
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nice pics
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Old April 29th, 2009, 12:42 PM   #5
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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。
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Old May 1st, 2009, 08:04 PM   #6
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Before - by Kai_Fong from dchome :



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Old May 2nd, 2009, 12:25 AM   #7
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This is very unfortunate side of Urbanisation .
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Old May 2nd, 2009, 09:04 AM   #8
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Source : http://www.pbase.com/middlehill/wan_...hei_tip_street

















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Old May 5th, 2009, 07:21 AM   #9
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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.
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Old May 12th, 2009, 11:17 AM   #10
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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.
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Old May 18th, 2009, 04:46 PM   #11
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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。
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Old May 31st, 2009, 07:42 AM   #12
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By melody28874 from dchome :

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Old June 6th, 2009, 05:48 PM   #13
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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.
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Old June 7th, 2009, 02:33 AM   #14
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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...
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Old June 16th, 2009, 04:09 PM   #15
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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.
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Old June 23rd, 2009, 05:06 PM   #16
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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■
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Old July 5th, 2009, 11:52 AM   #17
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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.
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Old July 8th, 2009, 08:51 AM   #18
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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.
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Old July 8th, 2009, 07:39 PM   #19
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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。
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Old July 8th, 2009, 08:48 PM   #20
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