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Old November 26th, 2009, 04:36 PM   #21
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Old December 17th, 2009, 06:36 PM   #22
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Tsuen Wan West rail terminus would serve all of Hong Kong
16 November 2009
SCMP

The proposed location of the high-speed train terminus at West Kowloon is not an optimal choice for Hong Kong. Although apparently central, it is not really the most accessible location.

On the other hand, the Professional Commons' proposal for making Kam Sheung Road the terminus is also not optimal ("Is express link on the wrong track?", November 1).

Although the group proposes to build an express train line linking Kam Sheung Road to Tsing Yi, the short length of the Futian-Kam Sheung Road link raises doubts about the high-speed train. Sceptics of the Professional Commons plan could legitimately ask why a traditional link from Futian to Tsing Yi, with Kam Sheung Road as a stop, could not be built.

I propose Tsuen Wan West as the alternative location for the terminus.

Tsuen Wan West is a uniquely accessible location from different parts of Hong Kong.

A Light Rail Transit link could be constructed from Tsuen Wan to Tsuen Wan West and then to Tsing Yi.

This would not only greatly enhance the synergy between the Tung Chung Line and the Tsuen Wan Line, but would also provide passengers from Hong Kong International Airport with the convenience of easy access to both the high-speed train and the Tsuen Wan Line.

With the savings achieved from a shorter high-speed route, we could construct an extra traditional rail link between Tai Wai and Tsuen Wan West, with Tai Wo Hau as an intermediate stop.

In this way, the express service would have even more passengers, while the potential synergy between East Rail and West Rail could be achieved.

Moreover, the Airport Express could get more passengers from Sha Tin and Ma On Shan.

The proposed Kowloon West terminus will prevent many people from using the high-speed train. Tsuen Wan, Sha Tin and Tuen Mun all have large populations.

Since the high-speed train is a mass transit system, its clientele must not be limited to a small fraction of the Hong Kong population.

Given the huge cost of the project, it is important that the best plan is implemented.

I would encourage the Hong Kong government to consider this alternative proposal.

Ho Lok-sang, director, Centre for Public Policy Studies, Lingnan University
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Old January 18th, 2010, 05:57 PM   #23
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Opinion : Tsuen Wan West terminus not practical
20 November 2009
SCMP

I refer to the letter from Ho Lok-sang, of the centre for public policy studies, Lingnan University ("Tsuen Wan West Rail terminus would serve all of Hong Kong", November 16).

I can only assume Professor Ho rarely uses public transport.

His argument for building the high speed train terminus in Tsuen Wan West is not valid.

Living in Yuen Long and working in Tai Po, I commute by West Rail and East Rail quite often.

I think the proposed Kowloon West terminus is not only centrally located but also highly accessible.

Those people living in New Territories West, can simply take the West Rail to Austin station, which takes only 20 minutes from Yuen Long.

Those who live along the East Rail Line can also take the train to Hung Hom interchange and then take the West Rail Line to Austin, which is equally convenient.

There is, in fact, no need, as Professor Ho suggested, to construct a sub-line from Tai Wai to Tsuen Wan West.

Nor is there a need to build a Light Rail transit link between Tsuen Wan and Tsuen Wan West. After all, the two stations are within walking distance and linked by a regular minibus service that takes only five minutes.

Yuen Hau-lung, Tin Shui Wai
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Old May 30th, 2010, 07:25 AM   #24
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10,000 flats fall behind schedule
6 May 2010
SCMP

More than 10,000 flats that were supposed to be on the market by 2013 are behind schedule, thanks to slow tendering by the MTR Corporation.

The flats, originally scheduled to have been completed from 2009, would have helped to alleviate pressure on the market by supplying it with more small and medium-sized homes.

An academic and lawmakers want explanations for the delay and have urged the government, as the biggest shareholder in the MTRC, to speed up implementation of the West Rail projects.

All 12 projects were transferred from the Kowloon-Canton Railway Corporation to the MTR Corp after the merger of their rail operations in December 2007. The MTR Corp does not own the sites but only acts as a government agent to implement the projects.

While the corporation shares lucrative profits with developers in other projects in core urban areas, such as Lohas Park at Tseung Kwan O station, Lake Silver at Wu Kai Sha and the newly tendered project at Austin station, it will get only 10 per cent of net profits accrued to West Rail subsidiaries after projects are awarded.

The corporation's records show only two of the 12 West Rail projects - Tsuen Wan West and Nam Cheong - have been tendered by the corporation since the merger, providing about 5,000 flats by 2013 and 2015. The Tuen Mun project was tendered by the KCRC in 2006. Schedules of other projects are under review, the corporation's annual report said.

But according to the original tendering and completion programme drawn up before the merger and obtained by the South China Morning Post, at least six projects - Tin Shui Wai, Long Ping South, Yuen Long, Kwai Fong and two other sites in Tsuen Wan West - were expected to be completed by 2013.

Given that an average of four years is required from tendering a project to its completion, the six projects, providing a total of 10,422 flats, will not be able to meet the original schedule even if they are tendered this year.

And even if the government tenders all the projects now, it will stifle the appetite of developers as such large projects, involving more than 1,500 flats, come with substantial land premiums.

Three projects - Long Ping North, Kam Sheung Road and Pat Heung Maintenance Centre - were expected to be completed by 2014 to 2016, under the original programme. They can still meet that target if the corporation tenders the projects shortly.

With the government under growing public pressure to supply cheaper flats and to reduce the risk of a property bubble, housing minister Eva Cheng said last month that 55,000 flats would be made available on the private market over the next three to four years.

That projection, having taken into account the two tendered West Rail projects Tuen Mun station and Tsuen Wan West station, means an annual supply of about 14,000 flats - way below the average annual demand of 20,000.

The West Rail projects will supply more than 29,000 flats but over 21,000 are still awaiting tenders.

Apart from easing the strain on the property market, flats along the West Rail are a big source of passengers for the railway, which has been suffering from a lack of patronage.

There was an average of 200,000 daily passenger trips on West Rail in 2006 and 2007. The KCRC had estimated a figure in excess of 800,000 by 2011. A West Rail spokesman refused to disclose figures since the merger.

An MTR Corp spokesman declined to explain why the projects had been delayed. He said the corporation was an agent of the government and the West Rail companies would work on the tendering.

Although Cheng is a board member of the MTR Corp, her spokeswoman said she only looked at transport issues in that capacity. The bureau said the secretary for financial services and the treasury, Professor Chan Ka-keung, also a board member, decides on the direction of property projects.

The Financial Services and the Treasury Bureau and the Development Bureau, which controls land supply, failed to reply to inquiries by the Post.

A professor of real estate at the University of Hong Kong, Chau Kwong-wing, said the early release of the West Rail projects, mostly in suburban areas, would provide more small to medium-sized flats and slow down the rise in property prices.

"It's a trade-off. The government wants the MTRC to take over the projects to enhance efficiency. But now the corporation is a listed company, it cannot be forced to solely fulfil social needs," Chau said.

He said the corporation had little incentive to implement the West Rail projects as it only received small profits as an agent. "It has to consider the interests of small shareholders."

Lawmaker Lee Wing-tat of the Democratic Party said the government should explain the delay and speed up the projects.

"The government lacks a long-term housing strategy," he said. "The bureaus are evading their responsibilities. The Transport and Housing Bureau said the Development Bureau controls the land supply, while the Development Bureau said it is not given a clear housing target."

Chan Kam-lam of the Democratic Alliance for the Betterment and Progress of Hong Kong urged the government to release the projects as early as possible.
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Old July 11th, 2010, 06:08 PM   #25
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Old July 19th, 2010, 04:56 PM   #26
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LCQ2: Air Ventilation Assessments of new developments in Tsuen Wan
Wednesday, July 7, 2010
Government Press Release

Following is a question by the Hon Tam Yiu-chung and a reply by the Secretary for Development, Mrs Carrie Lam, in the Legislative Council today (July 7):

Question:

Some residents of Tsuen Wan District consider that the development intensities of the four development projects at the TW5, TW6 and TW7 sites of the West Rail Tsuen Wan West Station, as well as Tsuen Wan Town Lot Number (TWTL No.) 393 are too high, and the wall effect created by these developments upon their completion will have impact on the air ventilation in the urban area of Tsuen Wan. It has been learnt that last year, the Tsuen Wan District Council (TWDC) commissioned an independent academic institution to conduct a detailed study on the overall impact of such four new development projects on the air ventilation in Tsuen Wan town centre. In this connection, will the Government inform this Council:

(a) whether the authorities know the specific details of the aforesaid study; whether they have assessed if the methodology adopted in the study, when compared with the Government's separate air ventilation assessments conducted for individual development projects, can reflect more accurately and comprehensively the impact of such development projects on the air ventilation in the Tsuen Wan District;

(b) whether the authorities will make reference to the outcome and recommendations of the aforesaid study, and implement improvement measures to reduce the adverse impact of such development projects on the air ventilation in the Tsuen Wan District, as well as correspondingly impose restrictions on the development projects which have not been put to tender; and

(c) given that in her speech on the motion "Reviewing afresh the use of land at the Kowloon waterfront" at the meeting of this Council on December 9 last year, the Secretary for Development indicated that the Government had removed TWTL No. 393 from the Application List, giving the Bureau more opportunities to consider with TWDC the overall accumulated effect brought by the sites of the above four projects so as to decide afresh the use of TWTL No. 393 which had originally been designated for hotel development purpose, of the latest progress in this regard?

Reply:

President,

The Government issued the Technical Circular on Air Ventilation Assessments (AVAs) in 2006. It requires Government departments and Bureaux to conduct AVAs according to the Technical Circular when commencing major Government projects, planning for new development areas and comprehensive redevelopment areas, and preparing new town plans and revising major town plans. The Government will also take into account their individual conditions and conduct AVA on the sites available for land sale to assess the impacts of the development project on the pedestrian wind environment, and to include appropriate provisions in the Conditions of Sale to ensure that the air ventilation condition in the area is maintained at an acceptable level.

Since 2006, when reviewing and revising outline zoning plans, the Government will also request, as appropriate, developers of sites zoned as "Comprehensive Development Area" (CDA) to submit AVA reports as part of the "Master Layout Plan" (MLP) submission for approval by the Town Planning Board (TPB). For other sites where planning permission is required, AVA may be required by TPB as an approval condition.

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

(a) The Government is aware that the Community Building, Planning and Development Committee of the Tsuen Wan District Council (TWDC) has commissioned the Hong Kong University of Science and Technology to conduct an AVA study for TW5, TW6, TW7 and Tsuen Wan Town Lot Number (TWTL No.) 393. The Planning Department (PlanD) was also invited to be a member of the steering group of the study. According to PlanD, the study has been carried out in accordance with the Technical Circular promulgated by the Government in 2006 and is still in its final stage. According to the Technical Circular, AVA can be conducted in respect of an individual development project, several development projects or for an entire district. There is no question of which one is better than the other.

(b) The three railway property developments of the West Rail Tsuen Wan West Station, i.e. the development projects at the TW5, TW6 and TW7 sites are located at sites zoned as CDA. The MLPs of these development projects were submitted by the applicant, the former Kowloon-Canton Railway Corporation (KCRC), and planning approval was granted by the TPB between 2000 and 2001. Since the three aforesaid development projects were approved by the TPB before the promulgation of the Technical Circular on AVA, the applicant was not required to submit AVA reports.

Of the three development projects, the construction works of TW7 has already commenced. Regarding TW5, its MLP was approved by the TPB in 2000. Subsequently, the KCRC had taken the initiative to revise the approved MLP. The revisions include deleting a residential block at the waterfront site, constructing hotels at the non-waterfront area instead, adjusting the disposition of the buildings, and widening the breezeway and view corridor to improve air ventilation and visual permeability. The revised MLP was approved by the TPB in 2005, and the building plan was also approved by the Buildings Department in 2009. Similarly, the MLP and building plan for TW6 were approved in 2000 and 2009 respectively. While the two projects at TW5 and TW6 can now proceed in accordance with the respective planning schemes, every effort will be made to achieve the best design in the detailed design stage.

The site TWTL No. 393 at Yeung Uk Road was included as a "hotel-only" site in the 2008-09 Application List (AL). As required by the Technical Circular, the PlanD commissioned an AVA between 2007 and 2008 for the lot. Based on the findings of the study, the PlanD revised the development parameters of the site by lowering the plot ratio, site coverage, etc. Compared with the original scheme, the revised scheme put forward by PlanD would improve air ventilation significantly. Nevertheless, we noted the subsequent concerns of TWDC on the development intensity of the site and considered the overall demand and supply condition of the hotel sites, thus decided to temporarily remove this hotel site from the AL so as to examine in more details the impact of this site towards the development of the local community.

President, after preparation of the main reply, I realised that my reply may not have accurately answered the second part of the question. So I would like to give a brief supplement. Taking into account the detailed explanation in the second part of my reply, even though the tender process of the two sites of TW5 and TW6, which have already got approved planning schemes, has yet to begin, there is no room to further revise or restrict the planning parameters. On the other hand, for the "hotel-only" site TWTL No. 393 in Yeung Uk Road, whilst PlanD has lowered the development plot ratio based on the findings of the AVA completed earlier, I would be pleased to listen to the views of the TWDC. This will lead to my reply to part three of the Hon Tam's question.

(c) In view of the above, currently, the Government has no plan to include TWTL No. 393 in the AL again. We will review the use of this lot and determine appropriate development parameters with regard to its use.
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Old November 16th, 2011, 05:54 PM   #27
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荃灣西站雙地登場
2011年11月16日(三)


Key Points : Area 5 of Tsuen Wan West station will be tendered in Q4. The site will provide 3326 units, with a requirement that about half need to have a usable size of at most 538 sq ft. The tender deadline is 23 Nov. Surveyors have pegged the site value at HKD 13.7 billion, or about 4000-4500/sq ft.





市場矚目的市區大型鐵路上蓋住宅項目西鐵荃灣西站第五區城畔及灣畔,如期於第四季「登場」,港鐵(00066)昨表示,兩項目一口氣於今日起接受發展商遞交意向書,共提供3,326伙,並同時有逾一半單位限制為實用面積不大於538方呎,於本月二十三日截止。有測量師估計,兩項目地價料共逾137億元,若由單一財團奪得,將為最大單宗土地成交。

港鐵發言人表示,西鐵荃灣西站第五區城畔及灣畔於今日邀請發展商或財團遞交發展意向書,截止日期為本月二十三日。財團可一口氣遞交兩項目或單一項目意向書,而項目亦會以入標價最高及高於政府的地皮底價為批出標準,但同時要向九鐵提供劃一5%分紅。

灣畔景觀佳規模大

據悉,其中灣畔總樓面約224萬方呎,提供9幢住宅共涉2,384伙,當中52%為實用面積不大於約538方呎單位,其中商用面積佔約44萬方呎;而城畔總樓面約83萬方呎,提供5幢住宅共涉942伙,當中62%為實用面積不大於約538方呎單位,其中非住宅樓面面積約12萬方呎。

第一太平戴維斯估價及專業顧問有限公司董事總經理陳超國認為,灣畔的景觀較佳,惟發展規模大,令投資額相對較高,估計市值逾100億元,影響發展商出價或會較保守,反而城畔雖然景觀相比下略為遜色,不過,由於投資金額較小,估計約值37億元,料可吸引多家中小型發展商參與,競投氣氛會較熱烈,故拉上補下料兩地皮樓面呎價會相若,估計同為每方呎4,500元。

估樓面地價4500元

韋堅信測量師行估價部董事林晉超估計,城畔及灣畔每方呎樓面地價介乎4,000至4,500元。他認為,雖然外圍經濟不穩,但政府仍無意減少住宅單位土地供應,地價將有下調壓力,但相信發展商出價不會太差導致流標。

據了解,發展局今年九月公布,政府今年第四季計劃將招標推出7幅土地及上述荃灣西站兩項目,合共提供約5,096伙住宅單位,當中西站上蓋已佔去65%。不過,該局局長林鄭月娥當時表示,由於西鐵項目尚有法定程序要處理,最終能否如期今年第四季登場,仍存在不明朗。不過,港鐵昨公布西鐵荃灣西站五區城畔及灣畔兩個項目本季推出,意味本季土地供應將可達標。另上月地政總署未有勾地被拒個案。
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Old November 25th, 2011, 07:49 AM   #28
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Developers fired up by MTR projects
The Standard
Thursday, November 24, 2011

MTR Corp (0066) has received 35 letters of intent for two property projects near the Tsuen Wan West MTR station, both carrying flat-size stipulations.

The mass transit rail operator said 17 letters of intent were received for the 460,000-square-foot Bayside project atop the station, and 18 for the 144,000-sq-ft Cityside project, set across it. Tenders will be invited within a year.

New World Development (0017), Cheung Kong (Holdings) (0001), Henderson Land (0012), Nan Fung Development, Kerry Properties (0683) and Chinachem Group have all expressed interest.

The two projects will provide 3,326 flats in all, 1,824 of them small and medium sized.

Market estimates suggest the projects will generate HK$10.3 billion to HK$13.4 billion, or HK$3,000 to HK$4,500 per buildable sq ft. "The developers' response is within market expectations," Centaline Surveyors director James Cheung King-tat said. "Under the current economic uncertainties, as well as lackluster property market, bids will likely be rather conservative."

The 2,384-unit Bayside project - with a gross floor area of 2.24 million sq ft - could fetch HK$7.8 billion to HK$10.1 billion.

Cityside, with 832,000 sq ft gfa, can offer 942 units and will likely fetch up to HK$3.3 billion.

Meanwhile, the government plans to sell a 722,770-sq-ft site at area 48, Castle Peak Road, So Kwun Wat, where at least 1,000 flats must be built.

The Tuen Mun site, with a gfa of 939,600 sq ft, may fetch up to HK$3.76 billion, or HK$4,000 per buildable sq ft. Tenders open next month.
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Old December 19th, 2011, 08:10 AM   #29
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Tenders called for flats near MTR
The Standard
Tuesday, December 13, 2011

MTR Corp (0066) is calling for tenders for two residential projects near Tsuen Wan West MTR station - Bayside and Cityside projects.

Tenders must be submitted separately before January 9. Last month, 35 developers expressed interest in the 460,000-square-foot Bayside project atop the station, which drew 17 submissions.

There were 18 for the 144,000-sq-ft Cityside project, located across the station.

Heavyweights such as New World Development (0017), Cheung Kong (Holdings) (0001), Henderson Land (0012), Nan Fung Development, Kerry Properties (0683) and Chinachem Group are among those that expressed interest.

Both projects carry flat size stipulations and will provide a combined 3,326 flats - 1,824 of them small and medium sized. Midland Surveyors director Alvin Lam Tsz-pun, said the land premium of the Bayside project could reach HK$9.9 billion, while that for Cityside should cost HK$3.33 billion.

"Although the property market is vulnerable to global economic uncertainties as well as local housing policies, the two sites should be popular among developers as they are close to MTR stations and some flats offer seaviews," Lam said.

Market sources estimate the two projects to cost between HK$10.3 and HK$13.4 billion, representing HK$3,000-HK$4,500 per buildable sq ft.

The 2,384-unit Bayside project - with a gross floor area of 2.24 million sq ft - could cost HK$7.8 billion-HK$10.1 billion, while Cityside, with 832,000 sq ft GFA, can offer 942 units and will likely fetch up to HK$3.3 billion.
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Old January 12th, 2012, 09:20 AM   #30
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Developers cool on Tsuen Wan plots
The Standard
Tuesday, January 10, 2012

Many developers who had previously shown interest in the Tsuen Wan West MTR station projects have backed off from bidding on the two plots, which could fetch the government about HK$13 billion.

The Cityside and Bayside projects near the station attracted only 12 tenders yesterday.

Eight were for the 144,000-square-foot Cityside project, while four were for the 460,000-sq-ft Bayside project.

Back in November, a total of 35 parties had expressed interest to the MTR Corp (0066) - 17 for the Bayside project atop the station, and 18 for the Cityside project across from it.

Henderson Land (0012), China Overseas (0688), Kerry Properties (0683), Chinachem, Sino Land (0083), K Wah International (0173), Cheung Kong (Holdings) (0001) and Sun Hung Kai Properties (0016) all made bids.

"We have only submitted a tender for the Cityside project as we see more new supply to the market this year," said Quinly Wan Tsz- mei, a K Wah Real Estate property manager.

Representatives of Henderson Land and Sino Land also said they have only tendered for the Cityside project.

Meanwhile, surveyors are revising their estimates on the two projects due to the foreseeable increase in land supply this year amid the current lackluster market sentiment.

"Developers will have more choices for new plots this year," said Kenneth Cheung Chor-yin, executive director at Citiland Surveyors.

"That means they are likely to be rather conservative on [what they are willing to pay]."

Cheung sees the Bayside project fetching about HK$9.39 billion, down 19 percent from his previous estimate.

He slashed his estimate on the Cityside project by 23 percent to HK$3.78 billion.
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Old January 28th, 2012, 04:02 AM   #31
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Market awaits 5,470 new flats
The Standard
Friday, January 27, 2012

As many as 5,470 new units from a dozen property projects will likely come on the market following next week's budget.

The 12 developments are in Tsuen Wan, Tuen Mun, Che Kung Temple, Ma On Shan, Fan Ling, Discovery Bay, Sai Wan, Hung Hom, Tai Hang Road, Ma Wan and Kowloon Shing.

The highest number of flats, 1,720, will come from the TW7 development near Tsuen Wan West MTR station, jointly developed by Cheung Kong (Holdings) (0001), Nan Fung Development, and MTR Corp (0066). These will be two-to-four bedroom units sized between 660 and 2,000 square feet.

Cheung Kong has hinted prices will be comparable to those at Festival City in Tai Wai - now costing between HK$7,900 and HK$8,300 psf.

Sun Hung Kai Properties (0016) and MTRC are also expected to release flats from the project atop Tuen Mun MTR station, providing 1,100 units. A market source expects the flats to be priced between HK$6,000 and HK$8,000 psf.

SHKP is also set to launch phase six of Park Island in Ma Wan soon, as presale consent has been received. It will provide 65 three-to-four bedroom units, sized between 1,200 and 2,200 sq ft.

New World Development (0017), Wheelock & Co (0020) and Sino Land (0083) will also launch new homes.

Meanwhile, Kerry Properties (0683) said it has pocketed HK$70.06 million by selling two flats at The Altitude in Happy Valley.

The buyers are Dragon Era Holdings and Soaring Dragon Holdings owned by brother and sister-in-law of Kerry Properties' chairman Kuok Khoon Chen.

Last month, the developer sold two flats and two parking spaces at The Altitude to its sister firm, Kerry Trading Co, for HK$94.83 million. Kerry shares rose 3.81 percent to HK$30 yesterday.
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Old March 12th, 2012, 08:26 PM   #32
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image hosted on flickr

DSC_1661 by Chun-Teh, on Flickr
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Old March 13th, 2012, 04:43 AM   #33
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Nice updates!
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Old August 9th, 2012, 05:04 AM   #34
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Top guns pile in for second MTR tender
The Standard
Thursday, August 09, 2012

The Bayside residential development atop Tsuen Wan West MTR station received six tenders yesterday with most major developers taking part.

Market estimates put the value of the site at between HK$7.3 billion and HK$9.5 billion, which is equal to an accommodation value of HK$3,300 to HK$4,250 per square foot.

The figures are 15 percent lower than the highest estimate of HK$10 billion made in January when the site first opened for tender. It was withdrawn by MTR Corp (0066) after all four bids received missed the reserve price.

Developers who submitted tenders yesterday include Cheung Kong Holdings (0001), Sun Hung Kai Properties (0016), Sino Land (0083), Henderson Land Development (0012) and Nan Fung Group.

Wheelock and Co Ltd (0020), New World Development (0017) and Chinachem formed a consortium that submitted the sixth tender.

Midland Surveyors director Alvin Lam Tsz-pun said the tender will succeed this time as developers will probably offer closer to market estimates.

The 460,700-square-foot site has a gross floor area of 2.24 million square feet.

The large lot area is meant for nine towers that may contain up to 2,384 flats.

Around 436,000 sq ft is for a shopping mall and commercial area.
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Old August 13th, 2012, 05:47 AM   #35
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Cheung Kong Pays Above Estimates for Hong Kong Station Site

Aug. 11 (Bloomberg) -- Cheung Kong (Holdings) Ltd., the developer controlled by billionaire Li Ka-shing, paid more than a third above estimates for its first land acquisition this year, flagging the developer’s confidence demand will stay strong even as the government is set to boost supply.

The HK$9.63 billion ($1.2 billion) paid by Hong Kong’s second-largest builder beat five bids for the site atop Tsuen Wan West railway station in the northwest. With 2.24 million square feet of buildable residential and commercial space, the project was expected to fetch HK$7 billion, according to the median estimate of five analysts surveyed by Bloomberg News.

Property prices in Hong Kong have risen 10 percent this year, defying a slowdown in the city’s economic growth. Chief Executive Leung Chun-ying pledged to boost supply to bridge a widening wealth gap and rein in home prices that have become increasingly unaffordable for the general public.

“It shows that, at least for Cheung Kong, there isn’t any worry about a major downturn in home prices in the near term,” said Vincent Cheung, director of valuation and advisory for greater China at Cushman & Wakefield Inc.

At the price paid by Cheung Kong, the average cost for the project will be around HK$9,100 a square foot, meaning the developer will have to sell apartments at HK$10,000 a square foot to make a “reasonable profit,” said Cheung. The average price of new apartments in Tsuen Wan is currently about HK$8,000 a square foot, he said.
Conflicting Signal

Cheung Kong will spend HK$20 billion to develop the site, including the land cost, Victor Li, the company’s vice chairman, told reporters yesterday.

Sun Hung Kai Properties Ltd. (16), the city’s biggest builder, last month bought a Hong Kong Island building site sold by the government for a less-than-estimated HK$6.91 billion, while a plot in Tsuen Wan was bought for HK$2.74 billion in February, almost 20 percent lower than estimated.

“The signal has been conflicting and it just reflects how developers’ sentiments respond to changes in the market,” Cushman & Wakefield’s Cheung said.

The Hong Kong government cut its estimate for full-year growth to 1 percent to 2 percent from a previous 1 percent to 3 percent yesterday after saying the economy contracted 0.1 percent in the second quarter from the first three months.

Cheung Kong shares fell 1.9 percent to close at HK$109 in Hong Kong. They have gained 18 percent this year, compared with a 9.2 percent increase in the benchmark Hang Seng Index.
Sales Resume

In January, the government, one of the city’s biggest suppliers of unoccupied land for housing, had to withdraw the same Tsuen Wan site sold yesterday after none of the tenders submitted met its requirement.

“The market has recovered quite a bit lately,” Alvin Lam, a surveyor at Midland Holdings Ltd. (1200), the city’s biggest publicly traded realtor, said before the tender result was announced. “It also helps that there won’t be another large-scale project coming up in the near future.”

Hong Kong developers are seeking to replenish precious land reserves as the government resumed regular sales last year after a seven-year hiatus. Sales had been sporadic since 2004, when the government stopped regular auctions after home prices plunged 70 percent from their 1997 peak amid the Asian financial crisis and the SARS epidemic.

Chief Executive Leung pledged to put more land on the market in a bid to rein in home prices that have jumped more than 80 percent since the start of 2009 and are now the world’s highest.

Prices have been underpinned by low interest rates and an influx of mainland Chinese buyers, who made up 36.8 percent of all new home sales by value in the first quarter, down from 37.9 percent in the previous three months, according to Midland Holdings Ltd. The number reached 53.9 percent in the third quarter last year, the realtor said.

Savills Plc (SVS) said Hong Kong is the world’s costliest place to buy an apartment, with prices about 85 percent higher than in London, where the property broker is based.
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Old September 4th, 2012, 05:52 PM   #36
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Tsuen Wan West Station TW7 U/C
By algg from a Hong Kong photography forum :

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Old September 5th, 2012, 03:16 AM   #37
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Any rendering or floor count HKskyline?
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Old September 5th, 2012, 05:38 AM   #38
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Quote:
Originally Posted by Munwon View Post
Any rendering or floor count HKskyline?
Renderings are usually very hard to come by in Hong Kong projects until late in the game. Here's more information about the development from the MTR : http://www.mtr.com.hk/eng/properties...l_tww_tw7.html

No. of Towers: 7
No. of Flats: 1,720
No. of Residential Storeys: 39 to 42
Expected Completion Date: 2013

The floor plans should be released closer to completion date when the sales brochure is published.
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Old September 6th, 2012, 05:40 AM   #39
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Thank you for answering my question.
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Old December 31st, 2012, 05:21 PM   #40
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Bids call on Tsuen Wan West plot
The Standard
Thursday, December 06, 2012

Developers have been invited to submit expressions of interest for a residential seaside plot worth nearly HK$3 billion close to Tsuen Wan West MTR station starting from today.

Firms can make their submissions until 2pm next Thursday. The 149,526- square-foot plot, which has a total gross floor area of about 675,021 sq ft, is expected to fetch between HK$2.64 billion and HK$2.90 billion.

Two blocks comprising a total of 894 units have to be built, with at least 58 percent sized under 538 sq ft.

The future owner of the Tsuen Wan West TW6 plot must also construct a 129,168 sq ft public sports center.

Midland surveyors Alvin Lam Tsz- pun expected the plot to fetch HK$3,900 per square foot, saying the building restrictions will hike construction costs.

He estimated units on the site will be sold at about HK$10,000 psf.

But Centaline's James Cheung King- tat said the plot could fetch up to HK$4,300 per square foot - the same as the TW5 Bayside plot acquired by Cheung Kong Holdings (0001) for HK$9.63 billion in August.

Justin Chiu Kwok-hung, executive director of Cheung Kong, yesterday said the group is keen to buy the TW6 plot.

The whole project is expected to be completed by 2018.

Separately, tender submissions will close for two sites tomorrow.

They are a 171,890 sq ft seaside plot in Tseung Kwan O - Area68A1 - for which estimates have been raised after a neighboring site was sold for HK$2.83 billion or HK$4,292 psf, and a 2,290 sq ft site on Kwun Chung Street in Jordan.

Cheung Kong Holdings (0001) sold nearly one-fifth of the 160 units it released last night at One West Kowloon project in Lai Chi Kok.

By 10pm, about 30 flats - mostly four-bedroom units - were sold at an average price of 11,000 psf, generating HK$300 million.

One West Kowloon is the first project to come on the market since housing curbs were imposed.
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