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Old August 26th, 2008, 06:44 PM   #1
hkskyline
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HONG KONG | Kowloon Bay Redevelopments

Introduction
Formerly an industrial area, Kowloon Bay is emerging as a secondary financial district. Located in the eastern part of Kowloon, there have been numerous redevelopments and new skyscrapers have popped up in recent years. This thread will keep track of projects happening in this exciting part of town.

Location :



Examples of Redevelopments :















Stock of the Bay
12 December 2005
Hong Kong Standard

Defying the laws of physics, if not of real estate, Hong Kong is a city with more than one "core." Every few years, it gives birth to a new one, and the honor, in this first decade of the 21st century, belongs to Kowloon Bay.

Forget Central. Forget Causeway Bay, Quarry Bay and Taikoo Shing. A district that was once mostly factories and warehouses abutting the old Kai Tak airport is where the commercial real estate industry is currently pursuing its holy grail, "Grade A" office space.

In Kowloon East as a whole, the amount of office space is expected to grow 70 percent between now and 2010, making it a match, accommodation-wise, for Tsim Sha Tsui East. By that time, Kowloon Bay alone will be home to 5.7 million square feet of Grade A premises, said Simon Smith, senior director of research at property consultant Savills.

It will be several years before established core areas produce any significant quantities of new office supply. This is being fully reflected in prices. At Two IFC, Central's most prestigious address, for instance, rents have reached a prohibitive HK$100 per square foot per month.

"It's very difficult to find fresh sites in core areas these days," said Smith.

The concept of Grade A space is rather nebulous, referring to buildings with the basic modern conveniences such as elevators, air-conditioning and telecoms ducts, regardless of location.

Not all Grade A office space is created equal, however.

"We do not see top-tier financial institutions moving out of Central," Smith stressed, but there is strong demand for premises in Kowloon Bay from manufacturers, trading companies and back-offices of banks.

The analyst said Kowloon Bay faces no real threat from International Commerce Centre, a 2.5 million square foot monster now under construction in West Kowloon. It is wooing a different target group, composed of bigger multinationals, lawyers and accountants.

Strictly speaking, this is Kowloon Bay's second makeover. The first came at the start of the 1990s when a number of the featureless, low-rise factory bunkers the district was famous for yielded their places to dual-vocation buildings designed for tenants who needed both industrial and office premises.

Sino Land started the trend with its Metro Centre One in 1991, followed the next year by Kerry Properties with the first phase of Enterprise Square. The two developers remain the driving force in the district.

Despite the district's proximity to Kai Tak, developers appear unconcerned about what will become of the former airport lands. Whether Kai Tak, according to the various proposals now circulating, is given over to a cruise ship terminal, a mega-stadium, housing, green space, or all of the above, it will be years _ and many political controversies _ before any of it begins to affect Kowloon Bay.

The focal point of the current transformation is Kerry's Enterprise Square 3, opened last year. A silvery, cylindrical building of 41 stories, it's the architectural standout of the district, especially after dark when the anchor tenant _ the international garment chain Esprit _ switches on its huge red neon sign.

Right next door, Kerry is building Enterprise Square 5, incorporating a 1.1 million sqft retail complex called MegaBox and 500,000 sqft of office space, due for completion in 2007.

Across the street, private developer Glorious Sun has a 680,000 sqft office building under construction.

Behind it, preparation work is under way for a 710,000 sqft office tower for another private builder, Manhattan Realty. Part of the same cluster is Sino Land's new 600,000 sqft office and retail complex, where work is just beginning. Sino purchased the land at a hotly contested government auction in February, forking out a generous HK$1.82billion, nearly three times the government's minimum asking price. Sino chairman Robert Ng, who said the district could easily become as big and diversified as Tsim Sha Tsui East, revealed that the company might also locate a five-star hotel on the same site.

Several streets away, the six-story Sing Tao Building was sold in July to a private developer for HK$370 million. It will probably be demolished to make way for a 500,000 sqft commercial building.

Even if all of these projects are not enough to satisfy the hunger for new offices, there are two Kowloon Bay lots totaling 667,000 sqft on the government's current application list of land that may be sold to developers, said Kenny Suen, managing director of consultant Vigers Asia Pacific.

There's talk as well that a site earmarked for a hotel with gross floor area of 855,480 sqft may be added to next year's list.

It can only be a matter of time before more owners of buildings whose functions don't necessarily fit with the concept of an office district decide to cash in on the land boom.

Though its owner denies having any immediate plans, the Kowloon Motor Bus depot is considered a good candidate for redevelopment. Conveniently enough, the bus company is 33 percent owned by Sun Hung Kai Properties, one of Hong Kong's two largest developers.

The Oriental Daily News building has similar potential. The newspaper moved its main operations to a new plant in Tai Po earlier this year.

The Hong Kong International Trade and Exhibition Centre has long been a disappointment to its owner, Hopewell Holdings. The building, opened in 1996 to provide exhibition and meeting space as well as offices, had an occupancy rate of only 60 percent, according to its latest annual report. Hopewell now aims to turn it into an entertainment destination with total floor area of 600,000 sqft.

And Henderson Land, the No 3 developer in town, is in talks with the government about converting Big Star Centre, opposite the Sing Tao Building, into a 10-story hotel with 296 rooms.

To buy office space in Kowloon Bay now costs anywhere from HK$2,600 to HK$3,200 per square foot, up 40 percent since the start of the year, said Suen. Office rents in the district have climbed almost 16 percent to HK$12- $16 psf per month.

While industrial rents in the district are up 7.3 percent on average to HK$8- $11 psf per month, Midland Realty says the industrial buildings farthest from the Kowloon Bay MTR Station command only HK$5-$7 psf.

"Clearly, if I owned an industrial building in Kowloon Bay, after seeing those figures I would knock it down and put up a commercial building in its place," Suen said.

The population of the areas surrounding Kowloon Bay certainly seems sufficient to support big retail developments such as Kerry's MegaBox.

Suen said Kowloon Bay is a catchment area for nearly three million people. It's estimated there are 100,000 jobs in the district already, a figure that should rise to 120,000 by 2008 as new office buildings open.

"There's a demand for shopping centers for personal spending and office needs," he said.

One problem that could slow the pace of Kowloon Bay's development is inadequate public transportation.

The Kowloon Bay MTR Station is linked to the MTRC's own Telford Plaza commercial complex, but there are no subterranean walkways to connect it with other buildings. Bus stops are sparsely located, and some of the biggest office buildings in the district are at least a half-hour walk from the subway.

The Hong Kong Economic Times recently reported that five developers, including Sino, Kerry and Hopewell, would like to form a partnership with the MTRC to build an elevated light rail system to link their developments with Kowloon Bay Station.

Lam Chan, MTRC projects communications manager, said none of the developers had submitted any proposals yet. The transit operator carried out a preliminary study of the district, according to its 2003 annual report, but Lam said the report had been shelved. Any new transport initiatives will have to be coordinated with the overall planning for the area, he added.

Suen of Vigers believes the developers are still haggling over the proposed route of the light rail line and how to divide up the costs of the project.

The analyst said that, well before light rail becomes reality, there will be a network of footbridges, similar to what exists in Central, to connect Kerry's buildings, notably the MegaBox retail complex, with Telford Plaza and the MTR.

A transitional neighborhood such as Kowloon Bay is bound to produce some stark contrasts before the new finally overwhelms the old _ what Savills' Smith, in the jargon of the industry, calls "interface problems."

For example, both the sleek office towers being built by Glorious Sun and Manhattan Realty will initially stand cheek by jowl with the peeling paint and crumbling masonry of the Yip On Factory Estate, which was built by the Housing Authority in the 1970s.

Suen said the authority may return the land to the government to allow for redevelopment, or heed suggestions to put the buildings to other uses, as "creative arts villages," for example.
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Old October 20th, 2008, 07:04 PM   #2
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Rents expected to fall as crisis deepens overview
Analysts warn of downward pressure on market as the global financial meltdown forces firms to curtail expansion plans

10 October 2008
South China Morning Post

The deepening global financial crisis has turned the tide of Hong Kong's office leasing market, with increasing concerns that the pace of business expansion will slow and demand for offices will fall.

Office leasing continued to post strong performance in the first eight month of this year with impressive rental growth, but sentiment has turned more negative since the financial meltdown deepened over the past few weeks.

Property consultants expect to see a consolidation in the finance sector, particularly investment banks, while office rents will probably head south, and the amount of vacant space will increase in the coming year.

Simon Lo Wing-fai, director of research and advisory with Colliers International, said grade A office rents had rallied by 21 per cent between January and August this year. Central saw a 19 per cent rise in rents while Tsim Sha Tsui recorded a 25 per cent rise during the period.

He said the fallout of Lehman Brothers was a bearish sign and the dramatic changes of the global crisis in September had prompted office tenants to curtail their expansion plans. "Supply of space in the secondary market remains thin at present and there will be no major new developments in core areas at least in the next two years. However, a potential rise in vacancies in the secondary market will be the key uncertain factor," he said.

"The whole finance industry is headed for consolidation and companies will be lured to areas with inexpensive property alternatives. In general, rents are predicted to fall by 10 per cent in the next 12 months."

The shortage of new supply in Central will probably provide a cushion for the core business district to go through the market downturn. In decentralised locations, such as East Kowloon, where new supply is abundant, the situation will be much more challenging.

Gavin Morgan, regional director and head of Hong Kong markets at Jones Lang LaSalle, said the volume of office leasing activity had slowed in the past couple of months after a strong rally in the first half of this year,

While there had not been any dramatic change of company strategy on office leasing so far, the development of the global crisis would continue to be a key concern, he said. "The volume of leasing activity will be slower in the second half of this year and we expect transactions to continue to slow into next year," he said.

Mr Morgan expects overall office rents to stabilise in the remainder of this year and to record declines next year while vacancy rates will go up. East Kowloon is expected to face more downward pressure in particular because of the large supply of new buildings up for lease in the district.

It is estimated that more than 2million sqft of grade A office space is being added to East Kowloon this year. They include Sino Group's Exchange Tower in Kowloon Bay, Windsor Properties Landmark East in Kwun Tong and Manhattan Realty's Manhattan Place, also in Kowloon Bay. Landlords are willing to offer competitive rental packages to attract tenants to their new developments.

Gilbert Wan Pui-bun, associate director of research at CB Richard Ellis, said the worldwide business environment had become more difficult as the United States economic problems spread to other countries, such as Britain and Australia.

In light of the tough market conditions, some large banking institutions had already begun to restructure their use of office premises in Hong Kong and moved some operations to decentralised locations, he said.

"We expect a consolidation in the office leasing market, which will be followed by a decrease in rental next year. Given the nature of the leasing business, however, there will probably not be any drastic rental correction," he said.

"Rents will fall at a measured pace and vacancy rates will rise steadily. Across the board, office rents are expected to see a 10 per cent drop in 2009.

"East Kowloon's abundant supply has already become a battlefield for developers and landlords while rents in the district may slip by 10 per cent before the end of this year and by a further 15 per cent in 2009."

Mr Wan said it made sense to see a market consolidation after the strong rally over the past few years, and this would pave the way for the office leasing sector's healthy development in the longer term.

He also said the China factor would continue to benefit Hong Kong while multinational companies were eager to build their operations in the city to tap the growing opportunities in the region.

"Despite the global economic slowdown, China is able to achieve a relatively strong GDP growth. Also, Asia is still regarded by multinational companies as a key driving force for their business growth," he said.

Mr Morgan said the longer-term prospect remained positive for Hong Kong's office leasing market because of the city's role as a gateway to the mainland.

"International companies continue to see Hong Kong and Asia as their future business growth engine, and this part of the world is expected to recover faster from the economic slowdown," he said.
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Old October 21st, 2008, 05:28 PM   #3
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i have no words to say about this!!!
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Old October 22nd, 2008, 09:12 AM   #4
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南豐九龍灣工廈申改建商廈
10月22日

(industrial to commercial conversion - new skyscraper to be 136.45m tall with 30 storeys)

【明報專訊】南豐興建中的九龍灣啟興道海傍、太平洋貿易中心毗鄰的工廈項目(172.75米),向城規會申請放寬高度、地積比率及覆蓋率限制,以興建一幢136.45米(30層)的商廈、地積比9.66倍,高限較原規定的100米高出逾36%、地積比則與原規定的9.5倍相若。由於項目已屬在建中,屬於相當罕見的申請個案。

在建項目申改用途極罕見

該項目已在興建中,根據已批准的建築圖則,可建至172.75米 、地積比11.996倍及95.3%覆蓋率(就已建13米高的平台計算)。申請人指出,若全速興建,物業本年底便可以達到172.75米,不過因應規劃署的要求,工程已減慢。

若申請獲批,建至136.45米便會停工,並會向地政總署補回地價。

申請人指出現申請較原建的工廈,樓面減少16.4萬方呎或8層。城規會收取意見至11月11日。
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Old October 23rd, 2008, 07:27 AM   #5
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規劃署:會地九龍灣建住宅佈局擠迫
9月24日

【明報專訊】會德豐地產籌劃將正對啟德跑道的九龍貨倉,發展為「海景版」星河明居,向城規會申建5幢32層高住宅共1015伙,另於臨海興建14幢3層高洋房及附屬碼頭(登岸梯級)。

政府多個部門上月向發展商給予初部意見,規劃署初部意見認為,於對岸(港島)觀望,視覺通透感仍有進步空間,整體佈局稍為擠迫,其中一座貼近觀塘繞道,或造成環境及視覺影響。

規劃署城市設計組初步認為,以項目樓高100米,地積比只有6倍,而平台上的覆蓋率只有35%,不過從鰂魚涌公園觀望,通透感只較若地皮作商業發展時,有少許進步,可能是與項目擺位有意極大化海景景觀有關,另外由於地盤大部分位置都升高以設置停車場等,所以會對日後旁邊的海濱長廊,造成一幅2米高的「牆壁」。

暫定下月審理

發展商回應項目不用向城規會申請,可作商業發展,而作商業發展的體積會較住宅發展為差,並認為座與座之間,已有足夠空間以助通風。項目將於本周五截收意見,暫訂下月24日審理。

申請人於申請書指出,申請地皮(啟興道1至5號)曾於2001年起被劃為「綜合發展區(2)」(即容許興建住宅,但要城規會批准總綱發展藍圖),另外於為期多年的啟德規劃檢討概念圖,亦被劃為可建住宅。

及後,由於當局顧及申請地點的環境問題及為了加強此區的商業發展,以令與啟德發展更為協調,申請地點於去年被改劃為商業(2)用途。會德豐地產曾提出反對,惟城規會審理後未有接納。
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Old October 26th, 2008, 05:31 PM   #6
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10/25





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Old November 1st, 2008, 08:53 PM   #7
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By fatshe :











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Old November 1st, 2008, 10:05 PM   #8
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By 鄧麗欣之戀 from skyscrapers.cn :

[img]http://i38.************/15hha12.jpg[/img]

[img]http://i38.************/2133klv.jpg[/img]

[img]http://i35.************/33mo4tw.jpg[/img]

[img]http://i33.************/k9yk5c.jpg[/img]

[img]http://i33.************/2dkltoj.jpg[/img]

[img]http://i34.************/n6e1cn.jpg[/img]

[img]http://i38.************/287q5c2.jpg[/img]

[img]http://i35.************/15wl26s.png[/img]

[img]http://i33.************/wsn48i.jpg[/img]

[img]http://i36.************/bg1dmu.jpg[/img]

[img]http://i36.************/166k555.jpg[/img]

[img]http://i35.************/15i2n42.jpg[/img]
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Old November 2nd, 2008, 05:39 AM   #9
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星 島 大 廈 重 建 項 目 by 鄧麗欣之戀 from skyscrapers.cn :

[img]http://i33.************/epp1f5.jpg[/img]
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Old November 9th, 2008, 06:57 PM   #10
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星島大廈重建 by fatshe :



南豐九龍灣商廈

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Old November 10th, 2008, 04:52 PM   #11
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Notice the Kowloon Bay cluster on the bottom left by i-Lens from skyscrapers.cn :

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Old November 10th, 2008, 05:22 PM   #12
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I like the buildings in Kowloon Bay.

Have you got a larger resolution for that picture?
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Old November 11th, 2008, 05:18 AM   #13
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Quote:
Originally Posted by _00_deathscar View Post
I like the buildings in Kowloon Bay.

Have you got a larger resolution for that picture?
Unfortunately that is the biggest one I can find.
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Old November 22nd, 2008, 06:47 AM   #14
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南豐九龍灣商廈准增高
22/11/2008


南豐正興建的九龍灣祥業街及臨澤街交界商廈,昨獲城規會批准,放寬地積比率0.16倍,至9.66倍,建築物高度獲增36%至近140米(主水平基準.下同),成該地帶罕有可突破發展高限的項目;另該會昨否決掹地及新世界等,就粉嶺馬適路及烏鴉落陽一帶提交的申請,該批申請涉及單位量達約1.6萬伙。

九龍灣項目原建172.75米的工廈,現已建至136.45米(即30層)。城規會發言人稱,項目雖已突破現有地積比率9.5倍及100米的高限,但為免再增高,故通過作商廈發展並放寬限制。

粉嶺多項申請遭否決
而7項粉嶺的申請均遭該會否決,因正進行新界東北規劃檢討,當中包括掹地的馬適路項目,佔地達28公頃,擬提供1.4萬伙;另烏鴉落陽項目擬建1,300伙。另新世界的元朗練板村改劃濕地修復區的申請亦被拒。

太古地產的糂魚涌西灣臺、遠展的港島西山道酒店,以及關注團體申請將中區荷李活警察宿舍地,改作「政府、社區及機構」地帶,均不獲得接納。
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Old December 8th, 2008, 05:32 PM   #15
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會德豐地產(00049)九龍灣貨倉改建住宅,城規會押後審議
2 December 2008
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多個原定本周五(5日)在城規會討論的項目均押後審議,包括會德豐地產(00049)位於九龍灣的九龍貨倉重建項目,擬建住宅的申請,以及宋皇臺道好收成空運中心等用地,申請放寬高限等。

九龍貨倉位於九龍灣啟興道1至3號項目,屬新九龍內地段第5805號、第5806號及第5982號,現規劃為「商業(2)」用途佔地16﹒58萬平方呎,計劃以地積比6倍發展,可建總樓面99﹒49萬平方呎,建築物高度不逾100米(主水平基準以上)。
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Old December 10th, 2008, 09:30 AM   #16
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If I remember right, MTR Corporation has its Headquarters RIGHT BESIDE the Telford Plaza shopping mall...........but I'll check it again:

MTR Headquarters Building, Telford Plaza,
33 Wai Yip Street, Kowloon Bay



A short walking distance from Kowloon Bay Station "Exit A1".
The main Reception Lobby is Level 2 Podium

http://www.mtr.com.hk/eng/hotline/cust_contact_us.html

I went there last time (in 2007) to this gaming place called "Virtual Zone" up on the 6th floor..........because I wanted to play Beatmania IIDX haha

----

However, when I went there for the first time, I noticed one thing:
The train station there (Kowloon Bay Station)...........had no security barriers. I was kinda surprised that all the other train stations (TST, Central, Airport train, Tung Chung line, Disneyland, etc.) has the security barriers..........yet strangely, for this train station, there were NO SECURITY BARRIERS AT ALL. And yet, I read the press release stating that the installation of security barriers in all 51 stations were completed in year 2005. Yet when I went there in May 2006, that station had no protection at all.......

Strange and puzzling indeed.......considering that MTR Corporation headquarters is just right beside that train station (which made me think that they give priority to the train station closest to them or something). I hope though that this hasn't inspired or led anyone to commit suicide by jumping on the rail tracks. Jisatsu Saakuru (Suicide Circle) ~Hong Kong version~??? I hope not for everyone's sake.....

On the plus side though, the fare to Kowloon Bay is DAMN CHEAP (compared to other destinations).

HK$6 per person x 6.23 pesos = 36 pesos. While going to Admiralty costs slightly more than that (yet the distance is shorter). I guess that's probably why they didn't install any doors or protection yet (because they charge uber low prices for it)

Anyways, maybe by next year (2009), MTR Corp would install the security barriers/barricades over at their home train station in Kowloon Bay. It's just walking distance from the the HQ building to the station area itself so I guess it can be done before the decade ends.

That would be neat IMHO
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Old December 10th, 2008, 04:55 PM   #17
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Actually, a lot of stations along the Kwun Tong Line, especially the open-air ones, do not have PSDs yet.
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Old January 16th, 2009, 06:01 PM   #18
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信和商廈聘匡智會設天台花園
16 January 2009

【明報專訊】信和集團在旗下的商業大廈設立首個天台花園,面積逾100平方米,更以略高於市價的合約聘請匡智會的智障園藝學員設計及打理花園。花園會種植盆栽和有機蔬菜,農作物會作定期義賣。信和負責人表示,此計劃不但能推動環保、讓租戶享受更佳環境,亦能為智障人士帶來就業機會,計劃今年最少建設多10個天台花園。

信和在九龍灣宏天廣場的天台興建了旗下物業首個天台花園,除了佔地100平方米的花圃外,亦有數倍大的草坪。信和邀請了匡智會松嶺職業中心園藝組受訓的3名學員,在1名導師帶領下設計及興建天台花園。3名學員已於匡智會接受超過一年的園藝訓練,正為3幢大廈設計及打理天台花園。他們將在匡智會播種的盆栽、菜苗等種於天台花園上,天台花園工程完成後,他們每星期仍會到訪一天打理植物。

匡智會松嶺職業中心總經理黃紹基說,信和以稍高於市價的合約,將園藝工作交由匡智會負責。園藝訓練除了一般園藝知識和技術外,亦有教授禮儀、社交技巧等,希望學員接受兩年訓練後能在市場覓得工作。

因應節日栽種時花 定期義賣

信和集團執行董事楊光說,天台花園開幕後,租戶可跟定時到訪的智障學員交流園藝心得,亦會每月舉辦慈善農墟,售賣在天台花園種植的有機蔬菜及小盆栽,為匡智會籌務經費;他們更打算因應節日栽種時花售賣,如情人節種玫瑰花、聖誕節種聖誕花等。整個天台花園可同時栽種100棵盆栽、20斤蔬菜及30棵坐地植物。

楊光認為,天台花園計劃既有利環保,亦能為租戶提供優美綠化的休憩環境,更能為智障人士提供就業機會,締造多贏局面。他希望今年能在信和旗下的商、住、工、舖各類型物業建設最少10個天台花園,但實際進度需與匡智會研究,看各天台的環境適合栽種什麼植物,以及大廈業主委員會的支持。雖然合約價錢比市價略高,但他認為匡智會提供的不是一般的園藝服務,更包括跟租戶親切的接觸,相信租戶明白服務為非牟利,信和亦不會因此加租。
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Old January 30th, 2009, 06:48 PM   #19
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英皇重建東方新聞大廈 近40萬呎商廈 料年中獲覆補價
1月6日 星期二 05:05

【明報專訊】雖然金融海嘯或會影響發展商的售樓部署,但也給予發展商一個低價增加土儲的機會。英皇國際執行董事張炳強表示,集團持有的九龍灣宏泰道7號英皇國際廣場(前為東方新聞大廈),已向政府申請將該工廈重建為甲級寫字樓,地盤面積3萬方呎,料可重建近40萬方呎樓面,預計最快年中可獲回覆補地價金額。

張炳強表示,集團將把握地產調整期加快發展物業,以便減低成本。此外,集團持有的西貢約10萬方呎農地,亦正與政府商討換地條款,計劃興建14至15間低密度獨立屋,預計2012年落成。至於澳門方面,強稱集團旗下位於南環大馬路與殷皇子大馬路交界的項目,將申請重建為商業物業,地盤面積5500方呎,料可重建約8萬方呎樓面,估計2012年才重建完成。

荃灣英皇娛樂廣場 翻新後加租

他指出,面對經濟調整,集團將繼續增加出租率,及確保租金收入,現時集團的投資物業出租率達98.2%,至去年12底仍未見到欠租情况。他又稱,灣仔英皇集團中心及荃灣英皇娛樂廣場分別耗資約4000萬元進行翻新,其中英皇娛樂廣場翻新後可加租約5%至10%。

張炳強指出,集團明年才步入售樓收成期,其中因不受預售樓花限制的筲箕灣成安街項目,估計最快明年推售,涉及4萬方呎樓面。至於內地項目,他指廈門英皇•湖畔豪庭今年下半年落成,暫售出約220多伙,佔單位總數約八成,套現約3億元。受三通概念刺激,餘下的60伙有機會加價3%至5%。
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Old March 6th, 2009, 07:17 AM   #20
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By fatshe from skyscrapers.cn :













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