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Old July 16th, 2007, 06:18 AM   #1241
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great pics AboveDay...just how did you get them from so high?...cant wait till the glass around the bottom of IFC is complete...its looking Marvolus
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Old July 16th, 2007, 10:46 AM   #1242
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This building is very well done, it's a little "boxy" at first glance, but I really like how they managed to give it distinct curvature's.
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Old July 16th, 2007, 11:24 AM   #1243
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hong kong looks better after the hangover!
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Old July 16th, 2007, 12:18 PM   #1244
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was HK drunk?
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Old July 16th, 2007, 12:19 PM   #1245
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was HK drunk?


For a few sluggish years from 99-2003, it seemed like it!

Do you think rents in ICC will top those in IFC?
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Old July 16th, 2007, 01:00 PM   #1246
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Originally Posted by _00_deathscar View Post


For a few sluggish years from 99-2003, it seemed like it!

Do you think rents in ICC will top those in IFC?
State-of-the-art tower offers tempting rents
The ICC building is expected to be a magnet for multinationals seeking to expand and upgrade their offices and looking for easy access to China
27 September 2006
South China Morning Post

THE 118-STOREY International Commerce Centre (ICC), set in Union Square, West Kowloon, will be as tall as Victoria Peak across the harbour.

Standing 60 metres above Hong Kong's current tallest building, Two IFC, the ICC will become the city's new landmark and a hub for multinational headquarters when completed by 2010.

The commercial tower will be completed in three phases, covering five office zones.

The first phase will include two zones spread across 900,000 sqft of office space. It will be ready for occupation at the end of next year or early 2008. The second phase, one zone consisting of 600,000 sqft of office space, is scheduled for completion in mid-2009. The third phase, two zones, will include the Ritz-Carlton Hotel, which will occupy the top floors.

There will be an observation deck open to the public and restaurants between levels 99 and 101.

Phase three will open in February 2010.

The building will have a gross area of 2½ million sqft, equivalent to twice the floor area in Two IFC.

ICC developer Sun Hung Kai Properties expected the new premium address in Kowloon peninsula to be attractive to multinationals. Because of the Union Square's transport links to the mainland, the development is also expected to appeal to manufacturing and trading companies with business in China.

"The demand is there," said Sun Hung Kai Real Estate Agency deputy general manager - leasing, K.W. Lo. "An increasing number of mainland firms are setting up offices in Hong Kong. ICC, with its transport network, should attract mainland companies."

The developer has set the lease rate at HK$35 per sqft, with preferential offers of about HK$28 for tenants seeking large areas. This compared favourably with the average office leasing rate of HK$30 in Tsim Sha Tsui.

Savills, one of the firms appointed to market ICC, believed the new address would be a draw to tenants in Central with expansion plans and companies in Tsim Sha Tsui looking to upgrade their offices.

According to Maggie Chu, Savills senior director for Kowloon commercial leasing, office vacancies in Central have dropped by 3 per cent.

"Companies in Central have nowhere to expand," she said. "They have to look elsewhere. Union Square is just five minutes away by MTR or five minutes from IFC via the Western Harbour crossing."

Ms Chu also expected ICC to catch the eye of business tenants in Tsim Sha Tsui East who faced upgrading limitations because the buildings they occupied were owned largely by individual landlords.

"Tenants paying HK$25 per sqft would be tempted to pay a little more for a premium address, and with such design features as raised floors, high ceilings and spectacular sea views," Ms Chu said. "And it will be convenient for companies with business in the mainland. Their clients can travel easily here, and there are upmarket hotels here for them."

She said marketing ICC should pose no problem. "ICC doesn't need selling. IFC and Two IFC are the reference points. Having the Ritz-Carlton on the top 15 floors and a W Hotel next door would help set the tone," she said.

"The only difference is that ICC is on the Kowloon peninsula, and there might be some resistance from companies in Central to the idea of moving across the harbour, which is why the rents will be a third of what they are in Central," she said.

She expected ready buyers for the 2½ million sqft as they came on market in stages. "It's not a big volume to digest over three years. The economic climate is healthy and conducive to company expansion," Ms Chu said.

CB Richard Ellis has also been appointed to market ICC.

Nigel Smith, CB Richard Ellis executive director, office services, said the staggered supply of ICC space would "soften any blows" on the market.

"There will be just 900,000 sqft of supply in the first phase, so we do not expect the impact on rent levels some people expect. In fact, some market observers who have looked at the total supply predict a sharp decline. We expect a smoother curve over a three-year period, a U-shaped curve rather than a V-shaped curve."

While cost was a key consideration, location was the next most important point that prospective tenants would consider before moving to ICC.

Mr Smith said tenants changed district when rents rose. He said escalating rents in Central had prompted tenants to consider decentralising and moving to other commercial centres, such as Quarry Bay, Kwun Tong and West Kowloon.

"Tenants decentralise for different reasons, such as infrastructure, floor plate size, delivery by developers [whether it is on time or to the quality stated] and cost," he said. "ICC offers a 30,000 sqft floor plate. It commands just a third of the rents of Two IFC, or half the average prime rent. It will be attractive as long as rents are half of what they are in Central and at least HK$15 per sqft less than what tenants are paying."

Mr Smith believed the ICC tenant mix would be 50 per cent in trading and commerce and the balance in the finance industries.

The Ritz-Carlton hotel at the top of ICC will have 300 rooms and convention and conference facilities. It will be the highest elevated hotel in the world, surpassing the one in Jin Mao Tower, in Shanghai.
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Old July 16th, 2007, 01:28 PM   #1247
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Quote:
Originally Posted by FastFerrari View Post
great pics AboveDay...just how did you get them from so high?...cant wait till the glass around the bottom of IFC is complete...its looking Marvolus

Those pics are not taken by me, there are credits under each of them.
I think they are taken from the Peak or apartment at mid-level.
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Old July 16th, 2007, 09:12 PM   #1248
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interesting article, thx for posting hkskyline
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Old July 17th, 2007, 03:58 AM   #1249
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Out of the mist, a new one rises...

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Old July 18th, 2007, 07:39 PM   #1250
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Don't know how old this shot is, but judging by the height, seems fairly recent.

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Old July 18th, 2007, 07:43 PM   #1251
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Wonderful picture. Is nice angle of the city and it look awsome. I also like the colors of everything.
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Old July 18th, 2007, 07:46 PM   #1252
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Indeed!

Looking at that picture again, you see the end of West Kowloon sticking out.

Oh why oh why didn't they build Norman Foster's canopy? It would look so ******* sweet in that picture...
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Old July 18th, 2007, 08:44 PM   #1253
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The stonecutters bridge is visible. man it's gonna look really nice
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Old July 19th, 2007, 12:07 AM   #1254
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Quote:
Originally Posted by _00_deathscar View Post
Oh why oh why didn't they build Norman Foster's canopy? It would look so ******* sweet in that picture...
Indeed it's an awesome piece of architecture. But because the government original plan was going to grant the entire Western Kowloon Cultural Complex development right to a single developer under BOT (Build-Operate-Transfer) for a piece of land that is bigger than TST. The starting investment cost is estimated at $300 bln in 2004. It's a lot of money. It's just going to make a extreme monopoly in the real estate market for many many decades; and HKers in general was against that idea.

If the canopy is BO by the government, it may not raise as much controversy. But it also needs to get the budget approval from the LegCo in order to spend tax and reserve money for any infrastructure development as this kind of price tag.
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Old July 19th, 2007, 04:27 AM   #1255
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Man, Union Station really is just about the most gorgeous block of buildings on Earth, US6 is my least favorite of all the buildings, but I like it too. Can some HKer remind me why this land has just opened up for development? New fill?
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Old July 19th, 2007, 04:32 AM   #1256
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Its so cool to see how fast Kowloon is getting 'taller'. Its going to be very Manhattan-ish with all that redevelopment that's going on.
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Old July 19th, 2007, 04:47 AM   #1257
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Man, Union Station really is just about the most gorgeous block of buildings on Earth, US6 is my least favorite of all the buildings, but I like it too. Can some HKer remind me why this land has just opened up for development? New fill?
The land was reclaimed from the sea back in 1994. It takes a long time to construct such a massive development. It was built in stages.
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Old July 19th, 2007, 05:35 AM   #1258
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Man, Union Station really is just about the most gorgeous block of buildings on Earth, US6 is my least favorite of all the buildings, but I like it too. Can some HKer remind me why this land has just opened up for development? New fill?
The new reclaimed land was part of the new airport project in the 90s and extra to meet the future land demand. Most part of the land was used to construct the new highway and railway connecting Lantau and Central directly. Residential complexes was constructed at and near the rail stations. Staging construction is to slowly provide more offices and apartments as the demand grows over the years so the real estate market is not negatively impacted with too much supply.
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Old July 19th, 2007, 09:08 AM   #1259
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The Union Square development comprises a very small part of the reclaimed land from the new airport project. Much of the new land is used for highways and the rail links to Tung Chung and the airport. Developments are concentrated along the new subway stations along the route, with Union Square sitting on top of Kowloon Station.
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Old July 19th, 2007, 11:42 AM   #1260
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Morgan Stanley Mulls Moving to Hong Kong's Kowloon

July 19 (Bloomberg) -- Morgan Stanley is in talks to move some operations from Hong Kong Island's Central business district to Kowloon on the other side of Victoria Harbor, two people with knowledge of the matter said.

The bank, a Central tenant since 1987, signed a letter of intent to lease space in the 118-story International Commerce Centre, which will be the city's tallest building when completed in 2010, said the people, who declined to be identified as the talks are private.

Investment banks including Morgan Stanley and Goldman Sachs Group Inc. are running out of space in Central, where vacancies have plunged to a 17-year low. Hong Kong's four-year economic expansion has made prime offices in the area the world's second- most expensive, prompting companies to seek cheaper accommodation.

``Landlords in Central are now well placed to take a harder line in lease negotiations,'' Brian Brenner, Hong Kong-based director of global corporate services at property adviser DTZ, said in an interview. ``The financial services sector is chasing very limited stock in the area.''

No binding contract has been signed, the people said. The lease for Morgan Stanley's current office at Exchange Square expires next year, they said. The bank has an option to rent as many as 18 floors of ICC over the course of the lease, they said.

A move would underscore the growing popularity of Kowloon, a densely populated residential and commercial district, and the New Territories, which are home to 5.6 million of Hong Kong's 6.9 million people.

World's Third-Tallest

ICC, which is being built by Sun Hung Kai Properties Ltd., will face Hong Kong Island's Two International Financial Centre, currently the city's tallest tower at 420 meters. The planned building was designed by architects Kohn Pedersen Fox Associates, the firm that is also working on the $2 billion tower JPMorgan Chase & Co. plans for the World Trade Center site in New York.

The ICC skyscraper will be 490 meters (1,608 feet) high, making it the third-tallest in the world when completed, according to Sun Hung Kai's Web site.

Po-ling Cheung, a Hong Kong-based spokeswoman at Morgan Stanley, declined to comment. Jo Soo, a spokeswoman for the ICC project, declined to comment, as did John Siu, the Hong Kong- based general manager at Cushman & Wakefield, which is advising Morgan Stanley, according to the people familiar with the negotiations.

Falling Vacancy Rates

Rents in Kowloon are less than a third of those in Central, where vacancy rates fell to 3 percent in June, the lowest since 1990, according to DTZ. Vacancies will probably keep falling and may drive Central office rents, already up 14 percent in the first half, another 10 percent higher by the end of the year, DTZ's Brenner said.

Average monthly rents in Central rose to HK$91.04 ($11.64) per square foot in May, up 35 percent from a year earlier, according to property consultant Colliers International Ltd. That's more than triple what tenants pay in Quarry Bay, three kilometers (1.8 miles) to the east on Hong Kong Island.

The most expensive rates in Central may rise to as high as HK$176 per square foot, from HK$160, DTZ's Brenner said. London has the highest office rents in the world, Colliers International estimates.

``The extremely low availability in these prime buildings means landlords can raise rents with impunity,'' Simon Smith, head of research and consultancy at Savills (Hong Kong) Ltd., said last week. ``There's plenty of demand out there and demand levels are still rising.''

Sun Hung Kai's shares rose 0.6 percent to HK$98.2 at 10:56 a.m. in Hong Kong. The stock has gained 9.7 percent this year.

Support Staff

Between now and the end of 2009, more than 70 percent of planned new office space in Hong Kong will be in the East Kowloon district, DTZ estimates.

Morgan Stanley's investment bankers and traders may be able to continue enjoying the short commute between work in Central and their homes in the upmarket Mid-Levels and Peak districts.

``It'll most likely be the non-frontline staff that'll be moved,'' said Simon Lo, director of research and consultancy at Colliers International. ``If that's the case then it should be acceptable, though there's always some impact when you split up the operations of a company.''
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