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Old February 4th, 2010, 04:49 AM   #1041
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Hmm... I should start watching Caprica
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Old February 14th, 2010, 05:43 AM   #1042
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Old February 15th, 2010, 06:00 PM   #1043
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First posted in http://www.skyscrapercity.com/showthread.php?t=1064519 by hellospank25 :



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Old February 15th, 2010, 11:09 PM   #1044
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looking good!
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Old February 22nd, 2010, 07:10 PM   #1045
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Chinese New Year Decorations - from U Magazine :

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Old February 22nd, 2010, 07:42 PM   #1046
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That's crazy.
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Old February 25th, 2010, 09:53 AM   #1047
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How The Masterpiece came to feature in a changing landscape
17 February 2010
SCMP

When The Masterpiece made headlines in September for the record-setting sale of the smallest flat in the project - an 816 square foot, one-bedroom unit that fetched HK$24.5 million - the project was a far cry from the original concept floated by the Land Development Corporation (LDC) in 1997.

At the time the body - now defunct - announced that it planned to turn the rundown neighbourhood into a commercial block with public open space and underground parking.

Fast forward to March 2004, when the master plan was approved by the Town Planning Board.

By then a joint venture between New World and the Urban Renewal Authority, which took over from the LDC in 2001, the development - dubbed K11 - had become a mix of hotel, shops and serviced apartments, with the latter taking up the lion's share of the space.

The 67-storey tower is the second-highest residential building in Hong Kong, behind The Cullinan in West Kowloon, which is one storey higher.

Even more remarkable is the fact that the development, with its 345 flats, sits in an area zoned for purely commercial purposes - not incompatible with the original concept for the 7,600 square metre site of offices and a mall, but at odds with its present incarnation.

The master plan for hotel, shops and serviced apartments was approved by the Town Planning Board in March 2004, the Development Bureau said. New World and the URA made two minor amendments to the scheme in June that year and in June 2005 - both approved by the board. New World and the URA had earlier abandoned a harbour-friendly design by US architectural firm Leo A. Daly.

Veteran architect Patrick Lau Sau-shing, a member of the board from 1998 to 2006 and a former vice-chairman, said he could not specifically recall the planning application for K11. But he believed the project had gained extra floor space because the application was made for a purely commercial development.

Lau said he would file a question to the Legislative Council, asking the Planning Department to explain why the site was now zoned as commercial. "There are residential flats. The current zoning cannot reflect the genuine nature of the development. They should correct their mistake by making it a commercial and residential neighbourhood," he said.

While the project was awarded a plot ratio of more than 12, Lau said such a development in Kowloon should not be given a ratio of more than 10. Plot ratio defines the total floor area of buildings permitted to be erected on a site. It is calculated by dividing the net floor area of all buildings on the site by the net site area.

Kim Chan Kim-on, vice-president of the Hong Kong Institute of Planners, said: "Developers should get a maximum plot ratio of nine for composite buildings in Kowloon."

Ada Wong Ying-kay, a member of the Development Bureau's committee reviewing the city's redevelopment strategy, said the case showed how social mission had been sacrificed for profit in urban renewal. She believed the URA's involvement had made it easier for the project to gain planning permission because it commanded high respect from planners and officials.

"Instead of serving the public by regenerating their living environment, the URA becomes a developer and creates gentrification," she said.

Redevelopment of K11 was launched in 1997. That year, the LDC sought Town Planning Board approval to pull down 20 ageing blocks on the 7,600 square metre site around Hanoi Road to build offices and a mall. In a plan gazetted on June 6, 1997, the site was designated for commercial development. The outline zoning plan for Tsim Sha Tsui, dated June 1997, stated that it was planned to develop the site for commercial use with public open space and underground parking for buses. A year after the two statutory plans were unveiled to the public, the LDC invoked the Lands Resumption Ordinance to evict unco-operative property owners.

The project was also the first and only public-sponsored redevelopment that allowed property owners' participation. By November 1998, it was clear that most of the properties were owned by New World. Instead of issuing a tender to seek joint-venture partners, the LDC formed a joint venture with New World.

New World first announced the plan to build serviced apartments in September, 1999. The previous plan for an office block of 980,000 sq ft was revised to include 490,882 sq ft of serviced apartments. The rest was to be used for shops and offices.

Shortly before New World unveiled the serviced apartments plan, the Lands Department removed restrictions on sales of serviced apartments after lobbying by the Real Estate Developers Association. The department's move allowed developers to sell such apartments. The serviced apartment plan was approved by the Town Planning Board two months later.

Planning arrangements in force at the time treated serviced apartments "akin to hotels rather than residential flats in terms of building design and operational characteristics". They were allowed to be built to densities usually reserved for commercial towers rather than the lower density adopted for residential projects.

The Lands Department decision to legitimise selling of serviced apartments came as the Town Planning Board issued guidelines in September 1999. These stated: "For sites subject to adverse environmental constraints, such as areas exposed to industrial/residential or road/residential interface problems, serviced apartment development will play the role of an environmental buffer between the pollution source and other sensitive issues, such as residential. These sites are usually not suitable for residential development but subject to the provision of appropriate mitigation measures - for example installation of central air-conditioning systems, doubled-glazed windows and central management, serviced apartment development could be considered acceptable."

The board's previous guidelines, issued in December 1990, on serviced apartments took a tougher stance. They specified that these apartments were "establishments providing residential accommodation for leasing purposes". The term "serviced apartment" was scrapped from the guidelines in 2000, several months after New World's project was approved.

At least one other major development - Hutchison Whampoa's Rambler Crest in Tsing Yi - includes serviced apartment projects sold as though it was a residential development. Hutchison applied for Town Planning Board approval to build a hotel and serviced apartment development in July 1999. Approval was given in November that year and the flats were sold in the summer of 2003.

Nicholas Brooke, a veteran surveyor and former Town Planning Board member, said he remembered there was a great deal of concern at the time among board members and officials about developers submitting schemes branded as serviced apartments, which "looked to all intents and purposes" like residential apartments, and securing a commercial plot ratio with no guarantee that they would be maintained as serviced apartments.

He said the government no longer formally recognised the term "serviced apartment" in leases and other documents because of potential confusion as to what, exactly, it meant.

Mary Muvlihill, a long-time resident of Tsim Sha Tsui, asked how the government could allow developers to sell serviced apartments, adding that there must be a way to stop this.
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Old March 5th, 2010, 05:21 PM   #1048
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URA considers monitoring sales practices of project partners
26 February 2010
South China Morning Post

The Urban Renewal Authority says it will consider closer monitoring of the sales practices of its partner developers after a lawmaker warned of possible market manipulation with regard to the sale of flats at a luxury residential project.

The authority responded after a newspaper reported relatives of Henry Cheng Kar-shun, managing director of New World Development, bought flats in The Masterpiece, a luxurious project jointly developed by the authority and the company.

The paper said Cheng's son, cousin and uncle bought at least seven flats in the name of several companies, including offshore ones, rather than use their personal identities.

The flats were bought in August last year, each selling for between HK$16 million and HK$49 million, a few days after the project went on sale, the report said.

A spokeswoman for New World Development declined to comment, but its executive director, Stewart Leung Chi-kin, said at a public event yesterday the purchases did not violate any stock market listing rules, as the prices were under the limit beyond which a listed company must disclose transactions involving people connected with the company.

"If it's not a Cheng family member but friends, we will sell [the flats] all the same," Leung said.

Financial Secretary John Tsang Chun-wah said the government noted the report and would study the issue.

The Democratic Party's spokesman on housing, Lee Wing-tat, said the records made him suspect someone was trying to "manipulate the market". He cited the price list for the first batch of Masterpiece flats, issued on August 29, giving a price of HK$28,000 per square foot for a flat of about 600 square feet. Two weeks later, after the purported purchases, the developer put a flat of that size but a floor higher on sale at HK$33,000 a square foot, a 17 per cent increase.

"It seems the purchases helped create an impression that the property was very much sought-after, boosting prices," Lee said.

He urged the authority to monitor partners to check whether their staff or relatives bought flats in a joint project, as the authority had to give approval to its own staff if they wanted to buy a flat it built.

An authority spokesman said rules did not allow the authority to monitor its partner to see if its staff or family bought the flats on the open market, but "we will leave the board to discuss Lee's suggestion".
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Old March 9th, 2010, 07:48 PM   #1049
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URA endorsed flat prices, developer says
9 March 2010
South China Morning Post

Tycoon Henry Cheng Kar-shun says the high prices for flats in the Masterpiece development were endorsed by the Urban Renewal Authority.

The managing director of New World Development was responding to accusations that he had manipulated sales. His comments followed a report in a Chinese-language newspaper yesterday, which quoted him as saying the URA had insisted on higher prices than those proposed by the company.

Earlier this month Democratic Party lawmaker Lee Wing-tat accused New World of manipulating sales of the Masterpiece, a Tsim Sha Tsui project co-developed by Cheng's company and the authority, by selling at least seven of the first 30 flats released in August to Cheng's relatives. It was reported that Cheng's son, cousin and uncle had bought seven flats in the name of several firms, including offshore ones, with each valued at between HK$16 million and HK$49 million.

Cheng said yesterday that the price was fixed according to the market situation after negotiations with the URA.

He said his company did hold a different view from the authority regarded price-setting but refused to say whether the authority proposed a higher price. He said different surveyors would come up with different prices, adding the authority should trust developers who monitored the market every day.

A URA spokesman said it appointed an independent surveyor to recommend a market price after the authority and New World formed different views. "The price was approved by the authority, but it was a market price. We have to ensure the selling price is aligned with the market to avoid speculation on flats."

The authority as a public body should avoid deploying strategies to fuel the market, he said.

It is a common strategy for developers to sell flats in small batches. A lower price is usually set for for the first batch, with prices rising when further flats are released.

Lee said Cheng's response was not convincing. "The issue lies in the potential benefits gained by Cheng and his relatives, which he did not directly respond to."

New World could have benefited from selling to Cheng's relatives as it stoked the market, he said, urging the government to review sale practices.
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Old March 12th, 2010, 03:50 AM   #1050
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LCQ6: Redevelopment project at Hanoi Road in Tsim Sha Tsui
Wednesday, March 10, 2010
Government Press Release

Following is a question by the Hon Wong Sing-chi and a reply by the Secretary for Development, Mrs Carrie Lam, in the Legislative Council today (March 10):

Question:

The redevelopment and planning processes of the redevelopment project at Hanoi Road in Tsim Sha Tsui, which was jointly undertaken by the Urban Renewal Authority (URA) and a private developer, as well as the circumstances surrounding the sales of its flats, have recently aroused public concern. In this connection, will the Government inform this Council, given that it has been reported that:

(a) the Town Planning Board (TPB) has approved a change of land use of the redevelopment site from commercial use to commercial/residential use, and permitted a high plot ratio of 12.366 for the project, which is higher than the plot ratio of 10 or 9 generally granted to sites for commercial/residential use, whether it knows TPB's justifications for making such decisions, why the sale of serviced apartments under the project was permitted, whether the permission for the sale of such apartments has violated any requirement or guideline, and whether this is at variance with the general procedure for approval;

(b) the aforesaid developer has entered into a partnership with URA's predecessor, the Land Development Corporation (LDC), to implement the project in its capacity as an owner affected by the redevelopment, and that among the urban redevelopment projects undertaken by LDC or URA, this is so far the only project in which participation by an affected owner is allowed, whether it knows why the owner is permitted to participate in the project, why the project partner was not determined through public tender, and whether the relevant principles or reasons will be applicable to future redevelopment projects; and

(c) some companies which are connected with the major shareholder of the developer have purchased several residential units under the project during the initial sale in the open market, but the transaction details have never been disclosed, whether the authorities will check all information concerning the property transactions under the project to find out if there are other similar purchases, and investigate the incident to ascertain if the developer has made use of the above purchase to produce confusing market information so as to attract buyers to purchase other residential units under the project?

Reply:

President,

The redevelopment project at Hanoi Road was announced for implementation by the former Land Development Corporation (LDC) in 1997. This uncompleted project was taken over by the Urban Renewal Authority (URA) when it was established in May 2001.

My reply to the three-part question is as follows:

(a) The Town Planning Board (TPB) gazetted the Development Scheme Plan of the LDC Hanoi Road Project in Tsim Sha Tsui as early as May 1995. The area was designated "Comprehensive Development Area" (CDA). According to the Notes of the relevant Development Scheme Plan, the maximum development plot ratio was 12. The Notes did not impose any restriction on the ratio between the domestic plot ratio and the non-domestic plot ratio within the development plot ratio of 12. The Development Scheme Plan was approved by the TPB in accordance with the prevailing procedures. In October 2003, the TPB rezoned this CDA site and the adjacent site originally zoned "Commercial" to be "Comprehensive Development Area (1)" (CDA(1)). Apart from maintaining a similar maximum gross floor area (GFA) under the aforementioned plot ratio, the Notes of the plan also stated that bonus floor area could be granted under the circumstances specified in Section 22(1) or (2) of the Building (Planning) Regulations.

At present, the plot ratio of the completed redevelopment project is 12.366, which includes the GFA of the CDA(1) zone, as well as a bonus GFA equivalent to a plot ratio of 0.366 (about 3,000 square metures) granted under Section 22(1) of the Building (Planning) Regulations that I mentioned just now in return for the dedication of the street frontage along Mody Road, Hanoi Road and Carnarvon Road as a public passage. The bonus GFA is to compensate the building set-back for the provision of a widened pavement for use as a public passage.

The lease conditions of the development project were made with reference to the Master Layout Plan approved by the TPB. The land use of the project as approved by the TPB includes hotel, retail facilities and service apartment. Generally speaking, except for special purposes such as hotel, hospital, social welfare and petro-filling station, there is generally no alienation restriction on properties in land leases, or sales on an individual unit basis. In drawing up the lease conditions for the development project at Hanoi Road, the Lands Department imposed alienation restriction on the part of the hotel in line with the prevailing practice. In other words, no alienation restriction was imposed on the service apartment of the project.

According to the financial arrangement between the Government and the URA, it has to pay full land premium at market value to the Lands Department in respect of development projects commenced by the former LDC. The URA has paid full land premium for the GFA allowed in the land lease, including the bonus GFA granted under section 22(1) of the Building (Planning) Regulations.

In other words, the plot ratio of the above project and the sale of service apartment under the project have not violated any applicable requirements or guidelines at the time. The project was also approved in accordance with normal procedures.

Based on the explanation above, it can be seen from the planning history of this project that it has not involved any rezoning of the area from "Commercial" to "Commercial/Residential". But in line with the prevailing practice of the TPB, when a project located in a CDA zone is completed, the relevant area will be rezoned for the most compatible use under the relevant Outline Zoning Plan. According to this principle, the TPB rezoned the area from CDA(1) to "Commercial (10)" on March 20, 2009.

(b) Prior to the redevelopment project at Hanoi Road, the former LDC has also proposed the introduction of an Owner Participation Scheme for more than 180 owners at the acquisition stage of the H1 project at Queen Street, Sheung Wan (now known as Queen's Terrace). However, in view of the lukewarm response to the proposal from the owners, the former LDC decided to abandon the Owner Participation Scheme in favour of a public tender to identify a joint venture partner. It can therefore be seen that the Hanoi Road Redevelopment Project was not the only project for which the LDC had considered implementing an Owner Participation Scheme.

According to information obtained from the URA, when the LDC launched the Hanoi Road project, all the affected owners were invited to participate in the Owner Participation Scheme. Among the 143 property interest owners affected by the project, 70 participated in the Owner Participation Scheme; 64 accepted cash compensation; while the remaining nine rejected both the Owner Participation Scheme and the cash compensation. Eventually, the LDC applied to the Government to invoke the Lands Resumption Ordinance to resume the remaining interests in November 1998.

The 70 property interest owners who participated in the Owner Participation Scheme were related to ten companies, including the present developer of the project. Through transfer of company shares, the related companies of the developer successfully gained control of all the ten companies within a short period of time. At the end, only the related companies of the developer and the LDC were left to jointly implement the Owner Participation Scheme. In terms of the value of properties held, the developer’s share of the project accounted for 80%, while the LDC only 20%.

We have enquired with the URA on whether there was not a public tender to determine the project partner at that time and learned that the arrangement was determined by the LDC prior to the establishment of the URA. The Board of the LDC had subsequently discussed the matter and considered that as the related companies of the developer in this project held 80% of the value of the properties, the project should be developed by the developer.

We are conducting a review on the urban renewal strategy. The feasibility and justifications of owner participation is one of the many topics under review.

(c) As with other redevelopment projects of the URA, the pricing of all the residential units of the redevelopment project "The Masterpiece" at Hanoi Road in Tsim Sha Tsui must be approved by one of the partners in the development project, that is, the URA. The URA has also engaged two independent international valuers to conduct the valuation to ensure that the pricing of the units is in line with the market price. The developer must put up the units for sale at prices approved by the URA. No one will be offered any concession or discount when purchasing these units. The developer has also followed the prevailing practice agreed between the Government and the Real Estate Developers Association of Hong Kong to publish the price list of units before sale.

It is not specified in the Owner Participation Agreement signed by the URA and the developer that at the stage of public sale of the flats under the project, buyers must disclose their identities to the URA or seek approval from the URA beforehand. However, in view of the concerns expressed by the community and some LegCo members, the URA will discuss with its Board to see if the existing regulatory measures applicable to the URA staff in the purchase of flats under URA projects (that is, in case any staff member who wishes to buy flats under the URA projects, he has to seek written consent from the Managing Director) should be extended to its joint venture partners, and in particular, the members of the board of directors, the senior management and staff involved in the sale of the subject flats of its joint venture partner.
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Old March 13th, 2010, 06:41 AM   #1051
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Quote:
Originally Posted by Skybean View Post
May 9, 2006
impresionante...pero se esta quedandol en relacion con otras ciudades arabes y asiaticas.................aunque sigue siendo un paraiso esta bellisima ciudad
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Old March 13th, 2010, 06:47 PM   #1052
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Old March 15th, 2010, 05:58 PM   #1053
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Source : http://www.flickr.com/photos/clement...7617860385963/

image hosted on flickr
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Old March 15th, 2010, 05:59 PM   #1054
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superb shot, great addition to the skyline.
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Old March 16th, 2010, 03:27 PM   #1055
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By tkc from a Hong Kong photography forum :

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