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Old December 9th, 2008, 10:44 AM   #521
hkskyline
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Public space struggle
Hong Kong Standard
Tuesday, December 09, 2008

Hong Kong's limited space is the reason the government is adopting comprehensive development to increase public space.

Secretary for Development Carrie Lam Cheng Yuet-ngor yesterday told legislators the government will remain committed to this policy despite the recent Metro Harbour View case. The strategy, she said, should not be abandoned because of one or two isolated cases.

The Development Bureau said the Tai Kok Tsui development should be given exceptional consideration because its 9,000 square meters of public space is fully integrated with tower blocks and private clubhouse facilities.

"[This practice] has worked over the years and this policy is working but implementation may have problems," she said.

In response to the Metro Harbour View planning fiasco, the Town Planning Board will no longer receive recommendations to accept public open space in private developments or with adjacent government land unless there is a lack of existing or planned open space in the district.

Lam, who said her bureau would focus on public open space on podiums, added: "We have to consider privacy, security and accessibility and that the cost to small owners on management, fencing and maintenance is not the only point of concern."
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Old December 9th, 2008, 11:16 AM   #522
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I think the re-painting of the outside of Kwun Lung Lau is quite well done!
Thanks for the nice pictures and updates, hkskyline.
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Old December 9th, 2008, 04:39 PM   #523
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I think the re-painting of the outside of Kwun Lung Lau is quite well done!
Thanks for the nice pictures and updates, hkskyline.
I actually thought they were going to demolish and redevelop the site. The renovation looks pretty good, but given how close it is to the hillsides, I wasn't surprised people living in the lower levels would be scared when the heavy rains come.

I think a fresh coat of paint makes a huge difference. If only they can do that to the older buildings throughout Kowloon.
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Old December 9th, 2008, 07:41 PM   #524
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5大發展商 09推盤鬥一番
5 December 2008
香港經濟日報

明年雖然有76個住宅項目可供推出市場,但大多數項目均掌握在5大發展商手中。其中新地(00016)明年就有14個項目可以推出市場,涉及單位達9,279伙,佔全港新供應的34%,成為明年最多新盤供應的發展商,第二位則是長實。

新地擁14項目 涉9279伙

新地明年可推售項目包括有屯門站上蓋、YOHO Town2期、新蒲崗譽.港灣及將軍澳56區等項目。而長實集團(00001)則有7個項目共涉6,491伙單位可供推出,當中大型項目包括有大圍車廠站項目及日出康城2期等。

另外,信置(00083)明年亦有5項目可供推出,提供3,286個單位,成為新地及長實後,供應最多的發展商。當中與港鐵(00066)合作馬鞍山的銀湖.天峰,就是該發展商明年重頭項目,項目提供2,169個單位。

至於新世界(00017)及恆地(00012)方面,雖然兩個發展商都分別有6個及9個住宅項目可於明年推出,然而,由於當中大多數是中、低密度豪宅或單幢式項目,故預計兩個發展商只可分別提供1,618及1,031個單位,數量與上述3個發展商仍有一段距離。

不過,由於市況波動,加上市場上不同買家亦有不同的置業需要。故此,相信明年一手市場仍有相當大競爭,預期五大發展商明年又有一番龍爭虎鬥。
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Old December 10th, 2008, 03:53 AM   #525
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Flats near new rail projects best bet
Analysts say once rebound begins housing in these areas will see greater upside

10 December 2008
South China Morning Post

Luxury and mass residential properties located near new railway projects will enjoy a higher upside potential than other properties once the market recovers, property analysts project.

Research by Knight Frank shows that prices of mass residential units have so far dropped 23 per cent from their peak levels earlier this year, while luxury residential prices have fallen 33 per cent since the onset of the global financial crisis.

The retreat in luxury prices included such blue-chip housing estates as Taikoo Shing, which was previously relatively immune to big property price declines. But research by DTZ shows the average property price of Taikoo Shing has dropped 29.2 per cent to HK$5,450 per square foot this month from the peak in May.

At Dynasty Court, one of the luxury housing estates in Mid-Levels, prices had so far fallen 34.4 per cent to HK$11,800 per square foot from their peak in May, the DTZ research showed. That took prices back to early 2007 levels.

However, property analysts said the outlook for blue-chip housing estates was bright in the long term.

Alva To Yu-hung, North Asia head of the consultancy department at DTZ, expected the mass residential sector on Hong Kong Island to come back more strongly than markets in outlying areas once the property market recovered.

"People should look for housing estates with limited free supply in the area and highly accessible to transport links, like Taikoo Shing," he said.

Kowloon Station projects also had a higher upside potential as the secondary market had overreacted to the global financial crisis, he said.

DTZ data showed that the average property price at the Arch in Kowloon Station had dropped to HK$8,000 per square foot from HK$13,000 per square foot at the market peak. He believed such a massive fall in prices would offer a powerful attraction once buyers returned to the market.

Xavier Wong Kit-hung, a director and head of research at Knight Frank, agreed that housing estates at Kowloon Station were likely to outperform once the market recovered. The construction of new railway lines in the next few years would further enhance the value of some developments near the new stations.

"The area to benefit most will likely be West Kowloon from the Kowloon Southern Link," he said. The housing estate will also benefit from the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

Kowloon Southern Link is scheduled for completion next year. It is an extension of the West Rail Line from Nam Cheong Station to East Tsim Sha Tsui Station. Mr Wong expects residential developments near the new railway projects will have greater potential for long-term capital appreciation than those near existing railway projects.

Among the winners, he predicted, would be projects in West Kowloon, Sai Ying Pun, Hong Kong University, Kennedy Town, South Horizon, Ho Man Tin and Whampoa. He was bullish about the outlook for luxury residential prices over the long term, particularly in Island South and The Peak. "Only 3.7 per cent or about 80,000 of the total number of residential units have floor areas larger than 100 square metres. Luxury residential properties are even scarcer."

He expected luxury properties to outperform other types of properties when the market recovered.

Alvin Yip Kwok-ping, head of the investment department at DTZ in South China, shared that view. Luxury residential units in traditional prime locations had recovered quickly after previous downturns, he said. This was likely to happen again, though the strongest recovery was likely to be in prices of units on The Peak or in Island South.

However, analysts remain divided over the timing of the overall recovery in the property market.

Mr Wong expected luxury residential prices would drop 40 to 50 per cent next year, while mass residential prices would retreat a further 30 to 40 per cent.

"Property prices could hit the bottom next year. But it doesn't follow that prices will then immediately rebound. That will depend on the state of the global economy."

Mr To said he expected transaction volumes to increase in the first half of next year, but prices would likely remain flat.

However, the market in the second half will be hit when the negative impact of the global financial crisis has been seen.
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Old December 10th, 2008, 08:57 AM   #526
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Urban renewal stakes mulled for flat owners
Hong Kong Standard
Wednesday, December 10, 2008

The government is studying the urban renewal strategies of several countries, including one that will allow residents to have a stake in the redevelopment of their homes.

According to sources, the government has commissioned Hong Kong University to study various overseas models.

The HKU team, headed by former legislator and associate professor of social work and social administration Law Chi-kwong, has since July examined the urban renewal experience of several "comparable cities," including Singapore, Taipei, Guangzhou and Shanghai and those in Japan and Korea.

According to the sources, Korea allows residents to have a share in any redevelopment to ensure their participation.

"We are open-minded to all possibilities and do not have a set agenda," a Development Bureau spokesman said.

Academics and officials from several cities have been invited to Hong Kong to share their experiences in a seminar on Monday organized by the Urban Renewal Authority, which aims to drum up public discussion before the Legislative Council's development panel discusses the review of the strategy on December 19.

Among the guest speakers are academics from Tongji University in Shanghai and Seoul National University, two urban redevelopment officials from Taipei and Guangzhou, Law and his HKU colleague Ernest Chui Wing-tak.

Law said his study will be completed by the end of the month. He is not sure when the government will make his full consultancy report public.

According to sources, the steering committee on Review of the Urban Renewal Strategy chaired by Secretary for Development Carrie Lam Cheng Yuet- ngor plans to visit several cities early next year.

But Sze Lai-shan of the Society for Community Organization described the issue of ownership of old buildings in Hong Kong as complicated and said that it will be difficult to copy from overseas models.

"Most owners do not live in those districts but rent their flats out to a number of tenants who share each unit. So I really wonder how many owners and tenants would bother to participate in urban redevelopment. It seems their priority is more about the amount of compensation they will receive," Sze said.
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Old December 10th, 2008, 10:23 AM   #527
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長實(00001)促屯門放寬高限,惟不獲規劃署接納
9 December 2008
經濟通新聞

政府早前就屯門東一帶加入高度限制,其中持有雅文閣重建項目的長實(00001)提出反對,要求放寬高限,惟不獲規劃署接納,結果仍有待本周五(12日)城規會審議。

規劃署認為考慮到屯門東的物業發展,高度由海旁往大欖郊野公園山麓遞增,有助營造梯級狀的高度輪廓,故區內高度由低至高發展,並指長實早前獲屋宇署批出建築圖則,發展商亦可按圖則興建,是次加入高限將不影響其發展潛力,故不接納長實提出的反對意見。
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Old December 10th, 2008, 06:54 PM   #528
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TWO FIVE SIX

By 鄧麗欣之戀 from skyscrapers.cn :





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Old December 11th, 2008, 03:56 AM   #529
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新盤7000伙排隊登場 掀推售潮; ○慧擬春節前應市 銀湖積極部署
11 December 2008
香港經濟日報

金融海嘯爆發後,發展商紛以貼市價推售新盤,銷情比爆發海嘯前更理想,故多個發展商摩拳擦掌部署短期內推盤,當中包括天水圍○慧豪廷及馬鞍山銀湖.天峰等大型項目。市場估計,至明年首季,一手市場可有逾7,000伙新盤單位供推售。

業界人士認為,現時整體外圍氣氛仍欠理想,發展商推盤只有以務實態度定價,才能維持理想銷情。

銀湖示範單位已竣工

據悉現時部署最成熟的大型新盤,相信是信和置業(00083)旗下馬鞍山銀湖.天峰,因該項目早已取得預售樓花同意書,其設於尖沙咀中心的示範單位(4個)早已竣工,即一切準備就緒,可按市場部署,隨時推出發售。

有消息指,信置見沙田壹號雲頂銷情報捷,有意緊接其後推盤,故近日曾低調接見地產代理,收集市場最新動向,為推盤作好部署。據稱,有地產代理日前已經帶客到信置總部洽購銀湖•天峰的特色單位。銀湖.天峰共提供2,274個單位,標準單位面積700餘至1,500餘平方呎,特色單位最大約3,500平方呎,頂層單位連私家泳池。

○慧意向價參考同區

另外,長實(00001)地產投資董事劉啟文指出,旗下天水圍○慧豪廷正密鑼緊鼓部署農曆新年前推出市場,意向呎價會參考同區當時市價,但強調由於○慧豪廷用料比第1期貴50%以上,故售價會相對進取。

業界人士指出,由於大批新盤列隊登場,預期一手樓會搶走不少二手市場客源。事實上,豪宅供應有九龍站天璽,上車盤有天水圍○慧豪廷,相信換樓客、上車一族及投資者均密切留意數個新盤的推售,暫緩參觀二手樓。

過去,當樓市處於上升階段,每有大型新盤推售,均會有投資者偷步在同區二手市場入貨,令一、二手齊旺。可是,現在樓市以用家作主導,用家往往要看新盤定價及銷情,才作入市決定。中原地產住宅董事總經理陳永傑指出,一手新盤要完全搶走二手市場成為焦點,發展商開價一定要貼近市價,才能繼續吸引買家入市。
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Old December 11th, 2008, 06:42 PM   #530
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Old December 12th, 2008, 09:57 AM   #531
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市值九億元 可建樓面逾20萬呎 西環長發工廈97%業權標售
9 December 2008
星島日報

西環山道七至九號的長發工廈逾九成七業權標售,佔地約一萬三千四百一十八方呎,具重建價值,若以商業或酒店用途計算,可建樓面逾二十萬一千方呎,地積比最高十五倍,該物業市值九億元。

第一太平戴維斯投資部董事兼聯合出售組主管鄭漢華表示,西環山道七至九號長發大廈,佔地約一萬三千四百一十八方呎,屬甲類地盤,現址為一座十六層高工廈,連地鋪及地庫停車場,總樓面約十五萬八千萬方呎,地積比率約十一點八倍,現集逾九成業權標售。

地積比最高15倍

他表示,該地皮若作商業或酒店用途計算,地積比率高達十五倍,可建樓面約二十萬一千二百七十方呎,由於項目地盤面積大,料可重建成一座提供六百間客房的酒店,高層可望維港海景,地皮亦可作純住宅用途,地積比率為八倍,可建樓面約十萬零七千三百四十四方呎,截標日期為明年一月十六日。

市場消息指,該廈不乏大業主,尖東置業羅守輝或有關人士持有逾三成業權,現時已齊集的分數近九成八,若以重建酒店用途計,每方呎樓面地價約四千四百七十元。

鄭漢華又表示,隨着近年中區發展近飽和,新發展及重建項目均流向西區,而且西區交通便捷,經四號幹綫往中環及西九龍只需五至十分鐘,鄰近港澳碼頭,來往機場亦方便,加上港鐵西港島綫預計於五年後落成,令區內物業重建潛力大大提高,並預計物業重建落成的時間,與西港島綫落成通車的時間相近,屆時物業距離港島西鐵「大學站」僅約兩分鐘步程,料可吸引不少投資者垂青。

區內酒店項目有潛力

他補充說,近年新酒店項目於西區相繼落成,於旅遊旺季入住率平均高達九成,區內酒店包括仁民飯店(前稱世紀海景酒店)、香港華美達酒店、港島太平洋酒店、萬怡酒店及中環麗栢酒店,共提供約一千三百多間客房,由現時至二○一一年,預計將有六個酒店落成,僅提供逾八百五十間客房,在龐大需求下,區內酒店項目仍有發展潛力。
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Old December 13th, 2008, 05:12 AM   #532
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華置肇輝臺重建再提放寬高限
13 December 2008
信報

華置(127)東半山肇輝臺新輝大廈重建項目,早前申請放寬高限遭城規會拒絕後,發展商修訂發展模式後再提申請,包括減建一層平台和降低建築物高度百分之九,以建一幢十五層(包括三層平台)的住宅項目。

新輝大廈項目佔地約一萬二千方呎,發展商申請放寬高限兩層,以地積比率三點七倍發展,樓高一百一十五米(主水平基準上),共提供二十四伙。

發展商表示,已考慮原方案十月份遭城規會拒絕的原因等,修訂平台為三層,提供停車場和附屬設施的地庫■
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Old December 13th, 2008, 07:17 AM   #533
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Quote:
Originally Posted by hkskyline View Post
(TWO-FIVE-SIX)
From the elevation I have estimated the height of the tower as around 148m.
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Old December 16th, 2008, 08:00 AM   #534
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名門租轉售底價4500萬首都估足價 70%建築期業主搶先上會
16 December 2008
太陽報

【太陽報專訊】明年將有多個新盤排隊入伙,部分業主擔心收樓時才向銀行申請樓按,有機會「捱貴息」,紛紛提前上會,其中長實本年初賣個滿堂紅的將軍澳日出康城1期首都,有70%採用建築期付款辦法的業主,已向銀行申請樓按貸款,以鎖定優惠按息利率;而信置的沙田御龍山,代理消息指出,有逾40個選用建築期付款的業主提前上會。另外,長實以「價高者得」的競價方式出售大坑名門山景複式戶,底價為4,500萬元。長實地產投資董事黃思聰表示,首都預計明年三至五月入伙,而項目有約一半買家選用建築期付款辦法,當中70%已向銀行申請樓宇按揭,並獲估足價,個別銀行更向優質客戶提供低至最優惠利率減2.25厘的按息。

另外,市場錄首都摸貨成交,利嘉閣區志輝表示,首都5座高層右翼A室,以410萬元「摸出」,原業主於今年三月以509萬元入市,持有單位九個月帳面蝕讓99萬元。另首都3座右翼兩個中層戶將於今天透過公開拍賣放售,面積分別684方呎及901方呎,開價300萬及380萬元。地產代理透露,信置的沙田御龍山,近月已有逾40個原來以建築期入市的買家落實提前上會,目的是要鎖定現時銀行提供的優惠按息,以免息口持續上升要「捱貴息」。據悉,發展商近月夥拍多家大型銀行合作,為該盤推出提前上會樓按計劃,實際按息約3.5厘,發展商並按個別情況提供二按,市場反應相當理想,目前仍有不少買家查詢及希望提前上會。

羅便臣道呎價近萬六

至於長實旗下大坑名門,黃思聰續表示,該盤3座57及58樓C室山景複式戶,面積2,477方呎,耗資逾500萬元裝修,發展商決定「轉租為售」,短期透過本地及國際物業代理行以價高者得出讓,截止出價日期為本月底,若以該單位的底價計算,呎價18,167元,惟預期單位市值呎價應超過2萬元。另外,資料顯示,今年三月發展商曾透露該類山景複式戶意向呎價由2.8萬元,上調至3萬元。另方面,九龍建業主席助理廖碧玉稱,旗下西半山羅便臣道31號上周合共售出5個行政樓層單位,其中39樓B室山景戶,面積約2,319方呎,成交價3,680萬元,呎價15,868元。
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Old December 16th, 2008, 06:18 PM   #535
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荃灣工業地可申請建住宅
13 December 2008
星島日報

城規會昨天公布,荃灣分區計畫大綱草圖獲核准,當中位於沙嘴道約佔四點二公頃的工業土地,鼓勵可通過城規會申請,改作住宅用途,令該區住宅土地大幅增加至一百公頃。有業界認為,在近年勾地減少,加上政府表明不會賤賣土地,故此,認為此舉可令區內發展商加快轉型,令荃灣區加快改為住宅區。

城規會鼓勵業主申請

城市規劃委員會剛公布的荃灣分區計畫大綱草圖,其中位於沙嘴道約佔四點二公頃的土地,包括榮亞工業大廈及沿國瑞路的大部分工業樓宇,劃作「住宅(戊類)」地帶,以鼓勵通過向城規會申請,進行重建或改建計畫以逐步淘汰現有的工業用途,並改作住宅用途。

荃灣分區計畫大綱草圖獲准後,約四點二公頃的工業用地可轉作住宅用途,令整體可作住宅發展的土地達逾一百公頃,配合該區未來的發展。

業界人士認為,是次政府修訂荃灣區大綱圖,為區內的住宅用地提供新供應。事實上,政府早前已表明不會賤賣土地,加上近年來發展商勾地意欲較低,即使有發展商出價勾地,但多番試勾下仍然未能成功,本年度至今僅錄一幅地可以成功拍賣,故此,令不少發展商難以補充土儲。

美聯物業營業董事歐沚軒表示,荃灣區已發展為重要的中港交通樞紐,今次開闢更多住宅用地,反映對住宅需求增加,而未來舊區重建活動亦將增多,令社區發展更臻完善。荃灣區近年發展迅速,在兩鐵及基建的連接下,已成為重要的中港交通樞紐,是連接內地及中環的中心點,加上楊屋道一帶經完善規劃的項目相繼落成,令附近地段煥然一新,樓價具升值潛力;而該區新盤需求殷切,相信舊區重建活動亦將會增加。

涉地約4.2公頃

歐沚軒續稱,荃灣是不少中港商人的集中地,新近如心廣場的落成令區內商業活動增加,為區內未來的租務市場帶來承接力,料優質新盤將尤其受惠。未來數年將有國瑞路項目及荃灣西站七區(TW7)發展項目等新盤推出,對前景看高一綫。
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Old December 19th, 2008, 11:30 AM   #536
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Ocean Park urged to cut height of hotel
Planning Department suggests further changes

19 December 2008
South China Morning Post

Ocean Park has been urged to further reduce the height of its proposed Ocean Hotel, one of three new hotels that form part of its massive expansion project.

Plans for the hotel have been criticised by planners and architects, who say it will damage the surrounding natural environment.

The theme park will seek Town Planning Board approval tomorrow for its proposal to build three hotels - Fisherman's Wharf Hotel, the Spa Hotel and Ocean Hotel - with the first two sitting on the headland and the last one at the park's entrance.

The park said last month that it would cut the height of the Ocean Hotel from 17 storeys to eight to address public concerns over its impact on the surrounding area. But the Planning Department said there was still scope to reduce the overall building height and minimise the visual impact without reducing the gross floor area.

"In terms of storeys, the reduction is about 50 per cent, but the actual reduction in absolute building height (measured from the ground floor), from about 60 metres to 40 metres, is only about 33 per cent," the Planning Department says in a paper submitted to the board.

Sandwiched between Shouson Hill and Brick Hill, also called Nam Long Shan, the Ocean Hotel site is surrounded by medium-rise developments mixed with green and open spaces. The Hong Kong Country Club to its south is no higher than 27 metres and the residential development on Shouson Hill is low density.

The Architectural Services Department said the hotels should be visually compatible with their surroundings, while the Planning Department said the proposed Ocean Hotel was solid, formalistic and monolithic. Efforts should be made to soften its hard lines so that it could blend in better.

The Planning Department said it would not object to the proposal but it should be approved with conditions, including revision of the Ocean Hotel's height, submission of the revised visual impact assessment and a tree preservation scheme.

Carolyn Fong Wai-lyn, the co-chairman of the Southern District Sustainable Development Group, challenged the park's mitigation measures, including planting rows of trees to minimise the visual impact.

"I don't believe the graphic released by Ocean Park," she said. "I don't think the trees will be eight storeys high. I doubt such trees can be found in Hong Kong."

The pressure group said the hotels were against the park's principles of conservation and education, and urged the park to move them to urban areas in Wong Chuk Hang.

Ms Fong said the park had already removed trees on the headland to carry out its expansion plans.

A park spokeswoman said work on the headland was for a new project comprising the Thrill Mountain, Rainforest and Polar Adventure attractions. "It is just a transitional period; trees will be replanted when construction is completed," she said.
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Old December 19th, 2008, 06:14 PM   #537
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Crisis chance to rethink urban goals
17 December 2008
Hong Kong Standard

The city should take advantage of the economic downturn and do much needed soul-searching about urban renewal, a sustainable development leader said yesterday.

Hong Kong Polytechnic University China Business Center head Thomas Chan Man-hung called for a change in the philosophy and approach to urban development and regeneration.

"Not everything is about money. These projects should be about the communities, the ecology and the local culture," he said. "We need to offer sustainable alternatives."

Chan held up the current redevelopment plans in Kwun Tong as an example. "The goal of turning the area into a commercial center is commendable, but destroying the central shopping area and replacing it with a mall and expensive towers does not help local people's lives at all," he said.

"And when you take away the center of a community like this, the rest falls apart."

He called the new development projects "enclaves" of gentrification that do not provide jobs and dilute the community.

Chan said compared with America and Europe, the city's urban planning was distorted. Hong Kong remains stuck on the development of mega-malls, he added.

"We don't even allow our small businesses to grow. Instead, we run them out."

He put forward the idea of retaining open spaces in communities and bringing farmers' markets to a larger part of the city.

Designing Hong Kong founding member Paul Zimmerman agreed, saying other measures such as adding pedestrian-only streets and well- maintained markets could help districts. But for real change, the city would need a "mayor."

"The chief executive's primary role is to maintain the relationship with Beijing, and that takes a lot of attention, so he is less aware of what is happening on the streets," he said.
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Old December 20th, 2008, 05:57 AM   #538
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Cheung Kong on track to top sales rankings
20 December 2008
South China Morning Post

Cheung Kong (Holdings) is believed to be Hong Kong's top developer in terms of sales this year with about HK$24 billion in revenue, 84 per cent higher than forecasts for Sun Hung Kai Properties, according to analysts and property agents.

SHKP, which suffered from a family feud beginning in March, sold just HK$13 billion in properties this year, CLSA said.

The developer did not begin pre-sales of two wholly owned developments until last month. This was six months after Kwong Siu-hing, the 80-year-old matriarch of the Kwok family, replaced her eldest son, Walter Kwok Ping-sheung, as the chairman of SHKP.

Sino Land expected to fetch HK$11 billion from property sales - largely from the Palazzo in Fo Tan, a joint venture with MTR Corp, CLSA said.

New World Development generated sales of HK$4 billion and Henderson Land Development made about HK$3.4 billion. Most of Henderson's revenue came from the sale of the luxury project Beverly Hill in Tai Po this year, said Susanna Leung, an analyst at CLSA.

"Cheung Kong has been ranked No1 in property sales for the past several years because of its quick sale strategy," Ms Leung said.

The developer sold almost all units at two of its large-scale projects in the first half, before Hong Kong's economy was hit by the global financial crisis in September.

Cheung Kong has sold 2,835 units, a five-year low, according to a survey monitored by Centaline Property Agency.

Wong Leung-sing, an associate director in the research department of Centaline Property Agency, said the units sold included 2,000 flats at Capitol, a joint venture with MTR Corp, in Tseung Kwan O, and a luxury residential project, Celestial Heights in Ho Man Tin.

He noted Cheung Kong would not earn much from the sale of Capitol, as MTR Corp would get a large portion of the development profit.

"It will not be a surprise to see MTR Corp generate strong property sales, as it has a stake in Capitol and the Palazzo," he said.

It has been reported that the railway operator would receive at least 60 per cent of profits from the sale of the completed project.

But there were no details about the profit-sharing arrangement between MTR Corp and Sino Land for the development of the Palazzo.

Ms Leung said HK$6 billion of SHKP's HK$13 billion revenue would come from the sale of Peak One in Sha Tin and La Grove in Yuen Long and HK$3.5 billion from Harbour Place in Hung Hom, a 50-50 joint venture with New World.

"The new supply of units is declining because developers have been slow in replenishing land banks through government land auctions," she said.

However, SHKP had enjoyed about a 30 per cent development margin for Peak One, Ms Leung said.

The developer managed to achieve an average selling price of HK$6,500 per square foot against its HK$4,400 per square foot total development cost, she said.

"Land cost determines a project's profit margin as construction costs remain stable," she said.
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Old December 20th, 2008, 09:02 AM   #539
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Ocean Park told to lower hotels
20 December 2008
South China Morning Post

Ocean Park's hotel plans have been approved by the Town Planning Board, but it has been told to further lower the height of two of the three hotels.

The board decided yesterday that not only the eight-storey Ocean Hotel near the park's entrance, but also the 14-storey Fisherman's Wharf Hotel at the headland, would have to lower their building heights. The former would need to be lower to blend in with the low-rise environment at Shouson Hill, while the latter would have to blend in with nearby shrub land.

Board members also required that the designs of the two buildings, and the smaller Spa Hotel, should be revised to make them less monolithic.

The park's chairman, Allan Zeman, said in a statement that the park would make sure the plans complied with the board's recommendations.

He said the designs were not yet final, and only those that were in line with the park's mandate of education and conservation would be selected.

Meanwhile, the board rejected the Conservancy Association's rezoning proposal for the site of Hopewell Centre II, formerly known as the Mega Tower.

The green group had proposed to rezone the tree-covered government land within the site as green belt, so that the developer would leave the hundreds of trees intact while building the conference hotel on its own share of land, which occupied half the site area.

The board members contended that rezoning would not alter the fact that the hotel plan had gained planning approval in 1994, the board's spokeswoman said.

But members also urged the government to take more initiatives in preserving the trees, such as listing clear requirements in the upcoming land exchange applications with the developer.
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Old December 20th, 2008, 12:51 PM   #540
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256 is the thing I was talking about in Wan Chai. Seems its done already...
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