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Old April 3rd, 2005, 04:08 AM   #701
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KCRC stands firm on ending East Rail fare discount in May
Felix Lo
30 March 2005
South China Morning Post

The KCRC is determined to end its 20 per cent discount on East Rail fares, describing it as an unsustainable "giveaway exercise" that had not led to more passengers.

Kowloon-Canton Railway Corporation chairman Michael Tien Puk-sun said yesterday it was not commercially viable to extend the discount beyond May 31, when it is due to end.

He was responding to a call from The Frontier legislator Emily Lau Wai-hing to keep the concession for at least another year.

Ms Lau said the end of the discount on same-day returns would mean a fare rise for all but regular long-distance travellers, who would be able to buy discounted monthly passes from next month.

Ms Lau and a number of Sha Tin and Tai Po district councillors gave Mr Tien a petition calling for an extension of the discount, with 3,150 signatures collected at stations along the line.

"Not every citizen has benefited from the economy which is only showing signs of picking up," Ms Lau said. Ending the discount would put a burden on non-regular passengers and those taking short to medium trips, who would not be helped by the monthly pass.

"For bigger families, a few hundred dollars extra would mean a lot to them and cause them to tighten their belts," she said.

Mr Tien said the discount scheme, launched on April 1, 2003, had attracted less than 1 per cent more passengers. It was an unsustainable "giveaway exercise", which failed to achieve a "double-win situation" for passengers and the corporation.

"The KCR Corporation, being a wholly government-funded organisation that needs to operate under commercial principles, has been suffering a low 1 per cent asset-rate return, as opposed to the normal 4 to 5 per cent," he said. "We have not been increasing fares despite that {hellip} we know we have to look after both aspects - the commercial aspect and people's livelihood. Otherwise, we would have increased the fares."
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Old April 3rd, 2005, 05:13 AM   #702
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KCRC seeks interest in Nam Cheong Development
2 April 2005
South China Morning Post

Kowloon Canton Railway Corp (KCRC) will invite expressions of interest from developers on Monday for the 4,253-unit residential development at Nam Cheong station.

Submissions will be accepted until April 29 for the $16 billion residential project, the rail firm's largest development of the year. Surveyors estimate the land premium at up to $11 billion, or about $2,800 per square foot.

Nam Cheong, which will be developed in two phases, comprises 10 high-rise residential towers, nine sea-facing low-rise residential blocks and a 39-storey office tower with a retail podium.Ernest Kong

goodyear plans new Asia headquarters in shanghai

Goodyear Tyre & Rubber, the world's largest tyremaker by volume, plans to put its Asia-Pacific headquarters in Shanghai, seeking to move closer to customers such as Ford Motor and suppliers as it expands in China.

Goodyear aims to boost mainland purchases of materials and equipment tenfold in the next five years, increase retail outlets in the nation and expand a plant in the northeastern city of Dalian, the company said in an e-mailed statement.

"China's vehicle market is still more profitable for international companies than North America and some other markets," said Tang Chuan, an analyst at KGI Asia. "Relocating its headquarters may help the company cut management layers and reduce costs."

Goodyear competes with France's Michelin, Japan's Yokohama Rubber and other overseas tyremakers in China, supplying customers including Ford, Volkswagen and Peugeot Citroen.Bloomberg

build king aims to double overseas sales by 2008

Civil construction firm Build King Holdings aims to double overseas sales within three years, after net profit jumped more than 100 per cent last year.

It plans to increase turnover contributions from outside Hong Kong to 33 per cent by 2008 from 15 per cent last year.

Chairman Derek Zen said the firm was teaming up with construction heavyweights, including China Railway Middle East and China Railway Tenth Group, to achieve the overseas sales target.

Net profit was $50 million for last year, up 108 per cent from the $24 million recorded in 2003. However, turnover fell 39 per cent to $741 million last year, from $1.2 billion previously.

As at March 31, the firm had contracts on hand of about $7.9 billion, of which $961 million have yet to be completed, mainly from the Hong Kong government. Andy Cheng

kowloon firm buys stake in shenzhen properties

Hong Kong-listed Kowloon Development has bought a substantial stake in municipal government-backed Shenzhen Properties and Resources, amid a continuing drive by Beijing to sell state assets and ease its financial burden, according to sources.

The deal would provide Kowloon Development, with origins in Macau, a path into the mainland market. For the Shenzhen government, it is an opportunity to cash out of the debt-laden property developer.

The Shenzhen-traded A and B shares of both companies were suspended yesterday pending an announcement of the deal.

Shenzhen Properties, which also manages hotels and operates department stores, is 67.4 per cent held by Shenzhen Construction Investment and 11.78 per cent owned by Shenzhen Investment Holdings.

Ernest Kong
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Old April 5th, 2005, 03:34 AM   #703
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MTR Corp may build toilets - but not in its stations
Zhou Weijing and Rachel Zeng
05 April 2005
South China Morning Post

Relief may be on the way for MTR passengers desperate to answer the call of nature. The MTR Corporation is in discussion with transport officials to build toilet facilities at major public transport hubs such as large bus, minivan and other terminals near its stations.

However, an MTR Corp spokeswoman said there was still no plan to provide such facilities inside its stations. "We are discussing with transport officials about setting up public toilets at [public transport interchanges] near MTR stations," she said.

While talks are still ongoing, it is not clear how many such interchanges will be selected and who would pay for the construction.

The Transport Department said building public toilets at transport hubs would be considered on a case-by-case basis. A toilet facility is expected to open on Suffolk Road, near the Kowloon Tong MTR and KCR stations, at the end of the year.

"As practical conditions of different transport interchanges vary, they will be considered case by case," a transport spokesman said. "If situations allow, provision of public toilet facilities will be taken into consideration."

Tse Wing-ling, vice-chairman of Wan Chai District Council, said there should be at least some toilets near MTR stations. "Though it is not a simple question, I insist there should be public conveniences near or at the entrance of the MTR stations. The MTR Corporation should at least sponsor some such facilities at the stations."

Council chairwoman Ada Wong Ying-kay said while building toilet facilities at transport hubs was an acceptable solution to help passengers, the MTR should give clear directions to such facilities.

"They should have public toilets as one of the markings at the relevant exits," she said.

Meanwhile, four toilet facilities are under construction or in active planning at scenic or tourist spots, the Food and Environmental Hygiene Department said.

The four are located at Lantau Link View Point in Tsing Yi; the Education Resource Centre, also a transport interchange, at Kowloon Tong; the Tsam Chuk Wan Anti-Japanese Martyrs Monument in Sai Kung; and a new public transport interchange in Wing On Plaza Garden in Tsim Sha Tsui. They will be completed by 2007.
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Old April 6th, 2005, 05:52 PM   #704
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馬鐵信號故障
06/04/2005


【本報訊】馬鐵昨晨首班列車,由大圍車廠開出前發生信號故障,導致列車班次延誤,服務受影響個多小時。

由大圍車廠開往烏溪沙的首班列車,每日上午五時四十分開出,昨晨工程人員在大圍車廠進行準備工作時,發現信號系統出現故障,立即通知控制中心。經了解後,認為列車毋須停駛,惟班次延誤約八分鐘,至昨晨七時,工程人員完成搶修,列車服務才回復正常。
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Old April 24th, 2005, 10:40 PM   #705
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from a transportation forum.
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Old April 25th, 2005, 03:34 PM   #706
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Monday April 25, 3:20 PM
Hong Kong Disneyland unveils rail line for its theme park

AP - With the help of Donald Duck and a cloud of silver confetti, officials unveiled a new rail line Monday for Hong Kong Disneyland _ the world's first train route specifically dedicated for a theme park.

The 3.5-kilometer (2-mile) train line, which cost 2 billion Hong Kong dollars (US$257 million, €197 million), will be able to shuttle about 10,000 passengers per hour to the park, set to open Sept. 12, said Disneyland and the city's Mass Transit Rail Corp. The park and subway operator financed the project.

The line will be a branch off the subway line from Central Hong Kong to outlying Lantau Island, where Disneyland is being built.

"Disneyland Resort line will take visitors to a magical world," MTRC Chief Executive C.K. Chow said. "The 3.5 minute train journey is not to be missed for all Disneyland visitors who wish to enjoy the full experience."

The trains' windows and the straphangers are shaped like Mickey Mouse. The ceiling and the sides of the train are painted red, yellow, purple and blue.

The park is a joint venture between the Hong Kong government and The Walt Disney Co. It's being built on reclaimed land at Penny's Bay.

Critics have criticized the government for shouldering most of the US$3.5 billion construction cost for the park. But officials have argued that the park will boost employment and help make Hong Kong a major tourist destination.
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Old April 26th, 2005, 05:35 AM   #707
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LCQ10: Railway corporations regard staff as important asset
Wednesday, April 20, 2005

Following is a question by the Hon Li Fung-ying and a written reply by the Secretary for the Environment, Transport and Works, Dr Sarah Liao, at the Legislative Council meeting today (April 20):

Question:

Regarding the operation of the MTR Corporation Limited and the Kowloon-Canton Railway Corporation, will the Government inform this Council:

(a) of the respective numbers of staff of the two corporations each year during the period between January 1, 2002 and March 31, 2005, together with a breakdown by terms of employment; and among these staff, the number of those engaged in duties such as frontline train operations, logistics support in maintenance and inspection, and engineering services;

(b) of the respective total numbers of outsourcing contracts for works and services awarded/to be awarded by the two corporations each year during the above period and in the coming year; and in relation to such contracts, the work and service items, the number of workers engaged in outsourced works and services, the contract periods and costs involved, the total number of affected railway corporation staff, and how the two corporations handled/will handle the problems concerning the affected staff;

(c) whether it has conducted a comprehensive review on the adjustments to the terms of employment for staff made by the two corporations in recent years, and studied the impact of such adjustments on the overall rail operation; if it has, of the details and results of the study; if not, the reasons for that and whether it has any plan to conduct such review and study in future; and

(d) whether any preliminary results regarding the impact of the merger on the staff were available from the merger study conducted by the two corporations; if they were, of the details; if not, the time when the staff and the public will be informed of such results?

Reply:

Madam President,

For the period between January 1, 2002 to March 31, 2005, based on the railway corporations' existing establishment, the respective total numbers of staff employed by the two railway corporations are set out in annex 1.

The respective total numbers of outsourcing contracts for works and services awarded/to be awarded by the two railway corporations each year between January 1, 2002 and March 31, 2005 and in the coming year are set out in annex 2.

MTRCL indicates that there is no additional outsourcing project by the corporation for the remaining months of year 2005 and year 2006.

Since the two railway corporations manage and monitor their outsourced contracts by contractors' performance rather than by number of staff of individual contractors, they cannot provide the total number of such staff engaged in these contracts.

The two railway corporations advise that the contract period of the outsourced engineering and service contracts varies according to the nature of the contracts. Generally speaking, for MTRCL, the contract period ranges from two to five years. For some contracts which require a longer follow-up period or continuity of service such as maintenance service for infrastructure and rolling stock, the contract period normally lasts for six to seven years. For KCRC, the contract period ranges from one to five years.

In planning and implementing outsourcing contracts, the two railway corporations give full regard to the interests of staff. The two railway corporations point out that job security of staff has not been affected by outsourcing activities.

The two railway corporations are directly responsible for managing their human resources in the provision of efficient and reliable railway services. Like other commercial entities, the two railway corporations review on its own the terms of employment of their staff including any adjustment. The role of the Government as the regulator of railway services is to closely monitor the performance of the railways, in particular, the safety and reliability aspects.

The two railway corporations pledge that they regard staff as their most important asset and are committed to looking after the interests of all staff in taking forward the merger issue. In the course of the merger discussion, the two railway corporations have enhanced communication with their staff, and have established channels to listen to their concerns and views. So far, the two railway corporations' discussions of the merger are conducted from a broad perspective and no detailed plan has been made yet. If the merger were to proceed, they would conduct further studies on post-merger staffing arrangement. The two railway corporations will further consult their staff on issues affecting them before making final decisions.
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Old April 26th, 2005, 05:37 AM   #708
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LCQ10: Railway corporations regard staff as important asset
Wednesday, April 20, 2005

Following is a question by the Hon Li Fung-ying and a written reply by the Secretary for the Environment, Transport and Works, Dr Sarah Liao, at the Legislative Council meeting today (April 20):

Question:

Regarding the operation of the MTR Corporation Limited and the Kowloon-Canton Railway Corporation, will the Government inform this Council:

(a) of the respective numbers of staff of the two corporations each year during the period between January 1, 2002 and March 31, 2005, together with a breakdown by terms of employment; and among these staff, the number of those engaged in duties such as frontline train operations, logistics support in maintenance and inspection, and engineering services;

(b) of the respective total numbers of outsourcing contracts for works and services awarded/to be awarded by the two corporations each year during the above period and in the coming year; and in relation to such contracts, the work and service items, the number of workers engaged in outsourced works and services, the contract periods and costs involved, the total number of affected railway corporation staff, and how the two corporations handled/will handle the problems concerning the affected staff;

(c) whether it has conducted a comprehensive review on the adjustments to the terms of employment for staff made by the two corporations in recent years, and studied the impact of such adjustments on the overall rail operation; if it has, of the details and results of the study; if not, the reasons for that and whether it has any plan to conduct such review and study in future; and

(d) whether any preliminary results regarding the impact of the merger on the staff were available from the merger study conducted by the two corporations; if they were, of the details; if not, the time when the staff and the public will be informed of such results?

Reply:

Madam President,

For the period between January 1, 2002 to March 31, 2005, based on the railway corporations' existing establishment, the respective total numbers of staff employed by the two railway corporations are set out in annex 1.

The respective total numbers of outsourcing contracts for works and services awarded/to be awarded by the two railway corporations each year between January 1, 2002 and March 31, 2005 and in the coming year are set out in annex 2.

MTRCL indicates that there is no additional outsourcing project by the corporation for the remaining months of year 2005 and year 2006.

Since the two railway corporations manage and monitor their outsourced contracts by contractors' performance rather than by number of staff of individual contractors, they cannot provide the total number of such staff engaged in these contracts.

The two railway corporations advise that the contract period of the outsourced engineering and service contracts varies according to the nature of the contracts. Generally speaking, for MTRCL, the contract period ranges from two to five years. For some contracts which require a longer follow-up period or continuity of service such as maintenance service for infrastructure and rolling stock, the contract period normally lasts for six to seven years. For KCRC, the contract period ranges from one to five years.

In planning and implementing outsourcing contracts, the two railway corporations give full regard to the interests of staff. The two railway corporations point out that job security of staff has not been affected by outsourcing activities.

The two railway corporations are directly responsible for managing their human resources in the provision of efficient and reliable railway services. Like other commercial entities, the two railway corporations review on its own the terms of employment of their staff including any adjustment. The role of the Government as the regulator of railway services is to closely monitor the performance of the railways, in particular, the safety and reliability aspects.

The two railway corporations pledge that they regard staff as their most important asset and are committed to looking after the interests of all staff in taking forward the merger issue. In the course of the merger discussion, the two railway corporations have enhanced communication with their staff, and have established channels to listen to their concerns and views. So far, the two railway corporations' discussions of the merger are conducted from a broad perspective and no detailed plan has been made yet. If the merger were to proceed, they would conduct further studies on post-merger staffing arrangement. The two railway corporations will further consult their staff on issues affecting them before making final decisions.
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Old April 27th, 2005, 11:23 PM   #709
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Old April 28th, 2005, 02:12 AM   #710
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^It's so cool, I wonder who ripped it out?
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Old April 28th, 2005, 02:38 AM   #711
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Why is there a KCR line (gray) going that way?
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Old April 28th, 2005, 03:09 AM   #712
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Quote:
Originally Posted by superchan7
Why is there a KCR line (gray) going that way?
it does go that way..
that's the KCR west rail.. cos it goes along the western coast.. and then through the tunnel after the stop at Tseun Wan West.

btw...
thought it'd be cool if there'll be a stop called 'macau'. :P
haha.
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Old April 28th, 2005, 05:40 AM   #713
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I thought the KCR west rail line in that diagram went upward instead of left. They changed it?
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Old April 29th, 2005, 03:34 AM   #714
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KCRC driver suspended as safety concerns mount
Teddy Ng, Hong Kong Standard
April 29, 2005

The Kowloon Canton Railway Corporation (KCRC) Thursday suspended a driver who overshot an East Rail station on a run to Fan Ling.

The KCRC apologized to about 60 affected passengers who returned to Tai Wo on the next train.

East Rail operations general manager Anthony Yan said the 7.50am incident was being investigated, but initial indications pointed to human error.

However, he insisted the passengers were never in danger as the railway's Automatic Train Protection system only allows a train to proceed to the next station if it is safe to do so.

The stopping of trains at stations is controlled by another system, the Automatic Train Operation, and it is possible this failed to function properly. In such cases, however, it was the driver's responsibility to stop the train, he said.

Under established procedures, trains must stop at all stations in order to allow passengers to board and alight.

"The driver of the train did not stop at Tai Wo station according to standard procedures," the KCRC said.

The driver, who has been with the company for more than a year, has been suspended from work.

Pro-Beijing Democratic Alliance for Betterment and Progress of Hong Kong legislator Lau Kong-wah, who is also the Legco transport panel chairman, said the incident was unacceptable.

"It is not the first time such an incident has happened. The senior management of the KCRC must be held accountable even for human errors," Lau said. "It should remedy such mistakes through proper training for drivers and by improving the system."

Democrat legislator Andrew Cheng urged the KCRC to release the full report of the investigation as early as possible. "I think the KCRC should prepare a backup system," he said. "If there is a possibility of human error, then there should be a back-up computer system to automatically remedy the error. Different components within the system should complement each other," he said.

Frontier legislator Emily Lau sent a letter to KCRC chairman Michael Tien, asking him to apologize to the public. She said she was worried about the safety of train commuters.

It is not the first time that a KCRC train has overshot a station.

On February 2, 2001, one train did not stop at Fan Ling and two days later, another train missed Tai Po Market station.

An investigation report then blamed human error for both incidents.
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Old April 29th, 2005, 07:01 AM   #715
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Quote:
Originally Posted by superchan7
I thought the KCR west rail line in that diagram went upward instead of left. They changed it?
Yes, they have changed. A Legislative Council member complained that MTRC did not show the KCR West Rail Line correctly and omitted the Tsuen Wan West Stn.
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Old April 29th, 2005, 03:48 PM   #716
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Tuesday April 26, 1:59 AM
HK MTR Corp Issues HK$1 Bln Long-Term Debt Via HSBC

HONG KONG (Dow Jones)--MTR Corp. (C.I.) Ltd., an arm of Hong Kong railway operator MTR Corp. (0066.HK), is offering HK$1 billion of long-term fixed-rate debt, lead manager HSBC said, comprising HK$500 million each of 10-year and 15-year bonds.

Terms for the issues are as follows:
Code:
Amount:            HK$500 million
Maturity:          May 11, 2015
Coupon:            4.50% per annum
Coupon Frequency:  Quarterly
Issue Price:       At par
Redemption:        At par
Payment date:      May 9, 2005
Denominations:     HK$500,000
Listing:           None
Guarantor:         MTR Corp.
Amount:            HK$500 million
Maturity:          May 11, 2020
Coupon:            4.75% per annum
Coupon Frequency:  Quarterly
Issue Price:       At par
Redemption:        At par
Payment date:      May 9, 2005
Denominations:     HK$500,000
Listing:           None
Guarantor:         MTR Corp.
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Old April 29th, 2005, 10:40 PM   #717
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29 April 2005
KCRC Press Release
Eight expressions of interest received for Nam Cheong Station property development

A total of eight expressions of interest have been received for the joint venture property development for Nam Cheong Station, West Rail, at the close of submission today.

KCRC Director of Property, Mr Daniel Lam said, “We are very pleased with the response, which reflects the market’s confidence in the potential of the site.

“Among the eight expressions of interest, two were submitted by consortia involving small to medium sized developers.”

The 46,200 sq. m. site will yield about 369,600 sq. m. of gross floor area, comprising 300,300 sq. m. for residential use, 27,660 sq. m for retail use and 41,640 sq. m. for office use. A total of 4,247 flats will be provided. The development will be completed in two phases, with the Phase 1 ready for occupation in 2009.

According to the current plan, the Corporation will invite selected developers/consortia to submit tenders for the proposed development in the second quarter this year while the tender will be awarded in the third quarter. Construction is expected to begin early next year.

Nam Cheong Station property development is among the first batch of sites for which expressions of interest are invited in the year. The Corporation has invited expressions of interest for the site at Wu Kai Sha, and has also planned to invite expressions of interest for the sites at Tsuen Wan West (TW7), Yuen Long and Tuen Mun.
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Old April 30th, 2005, 03:18 PM   #718
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MTR Press Release
28 April 2005
Interchange Discount at MTR Tsim Sha Tsui Station Extended for 2 Months

Octopus cardholders transferring between the MTR and the KCR East Rail at Tsim Sha Tsui will continue to enjoy interchange discount until 30 June 2005.

Adult Octopus cardholders will automatically save $1.5 on the second leg of their journey when they use the same Octopus card to travel on both rail systems and transfer at Tsim Sha Tsui. To enjoy the discount, the second leg journey must be made within 30 minutes after completion of first leg.

Under the offer, Elder and Child Octopus users will enjoy a $0.8 discount on the second leg journey.

Students currently enjoying concessionary fares on the MTR will save $1.5 when they go from the MTR to the KCR and $0.8 when they travel in the opposite direction.

The extension of the interchange discount will help encourage more passengers to use the new interchange facility at Tsim Sha Tsui with the KCR East Rail's new East Tsim Sha Tsui Station and the two convenient pedestrian subways beneath Mody Road and Middle Road.
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Old April 30th, 2005, 03:19 PM   #719
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28 April 2005
KCRC Press Release
East Rail passengers to enjoy more interchange discounts

The Kowloon-Canton Railway Corporation (KCRC) will introduce the first two interchange discount schemes for East Rail passengers in the North District on 1 May this year.

At the same time, passengers holding Octopus cards transferring between KCR East Tsim Sha Tsui Station and the MTR Tsim Sha Tsui Station will continue to enjoy the $1.5 interchange discount scheme until 30 June 2005. The scheme originally expires on 30 April 2005.

From 1 May to 30 November, East Rail passengers using Octopus cards will enjoy a discount of $0.5 when interchanging with green minibus routes 58K or 501K. KCRC and the operator of the two routes will review the schemes in six months.

Route 58K runs between Sheung Shui Station and Ping Kong every 10 – 18 minutes. Route 501K is a circular route plying between Fanling Station and Yan Shing Court at a frequency of 5 – 10 minutes. The full fare of both routes is $3.5.

KCRC General Manager - Marketing, Mr Michael Lai said, “We are pleased to introduce interchange discounts for the first time to East Rail passengers in the North District and to extend the Tsim Sha Tsui KCR/MTR interchange discount for another two months. The Corporation will continue to explore promotional initiatives with other operators to bring more benefits to passengers.”

East Rail passengers can enjoy the discount only if they are using Octopus cards and interchanging with green minibus routes 58K and 501K at Sheung Shui Station and Fanling Station respectively within 45 minutes after exiting the East Rail station, or when entering Sheung Shui Station or Fanling Station within two hours after boarding minibuses 58K or 501K. Passengers using the East Rail One-Month Pass are not eligible to enjoy the MTR or the green minibus interchange discounts.
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Old May 1st, 2005, 03:12 PM   #720
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South China Morning Post
April 28, 2005
Grandiose project sparks buying spree
Tseung Kwan O development sells more than 500 flats on the first day of sale

Peggy Sito

The recent upsurge in the residential market continued yesterday, with more than 500 flats offered at the Grandiose development in Tseung Kwan O being snapped up by end-users and investors on the first day of sale.

The joint project between New World Development and MTR Corp comprises three buildings with 1,472 apartments ranging in size from 576 square feet to 1,055 sqft.

The Grandiose will be completed by the middle of next year.

Estate agents said the project had attracted end-users and a large number of speculators and investors.

Centaline Property Agency said 500 units had been sold by 10.30pm and 20 of them had been immediately offered for resale.

According to Midland Realty, one investor who snapped up 10 units offered them for resale at 10 per cent more than the purchase price.

"So far, I have not met any buyer planning to purchase the units for their own use," Midland senior sales manager Candy Chan Pui-fong said.

"Not only veteran speculators are attracted to the projects, but also some small investors. They will sell their units if prices can go up 15 per cent before completion, while others will hold on to them as long-term investments."

Ms Chan said most of the buyers had chosen a staggered payment method, which allowed them to make a down-payment of 15 per cent in three instalments by January, with the remaining 85 per cent to be paid on completion of the apartment.

Buyers using this method end up paying 4 per cent more than those who complete the deal in 30 days.

"We cannot say purchasers who choose staggered payment are definitely investors, but it is investors who prefer to use this method because of the long completion period," Ms Chan said.

However, Centaline executive director Louis Chan Wing-kit estimated investors only accounted for 30 per cent of the buyers. "Many of our clients are end -users," he said.

Agents said flat-hunters were optimistic about the market outlook on the back of the improved economy and falling supply in the housing sector.

They cited the encouraging sales of the Arch in West Kowloon as an example. About 90 per cent of the 1,052 units in the project were sold in little more than a week.

But analysts said there was sufficient supply in Tseung Kwan O in the next few years.

Cheung Kong (Holdings) and MTR are developing two residential projects at the Tiu Keng Leng MTR station.

MTR also has its Tseung Kwan O development, Dreamcity, which will comprise 21,500 flats when it is completed in 10 years. The first phase of Dreamcity was won by Cheung Kong last month.

HKR International has sold 13 of its 41 houses at Le Bleu, the second phase of Coastal Skyline in Tung Chung, over the past 10 days for $ 300 million, according to the firm's general manager of development and marketing Chan Chi -ming.

Mr Chan said the houses, which ranged from 2,300 sqft to 2,500 sqft, were sold at about $10,000 per square foot, a record for the district and comparable to home values in traditional luxury areas such as Yau Yat Tsuen.
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