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Old December 8th, 2008, 05:53 PM   #1
hkskyline
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HONG KONG | Hysan Place | 204m | 670ft | 36 fl | Com

Hysan to redevelop Causeway Bay centre
17 January 2006
South China Morning Post



Hysan Development plans to spend $1.2 billion redeveloping its 25-year-old Hennessy Centre in Causeway Bay to cash in on the strong demand for prime retail space in one of the world's most expensive districts for shop rentals.

The 45-storey office and retail complex on Hennessy Road will be torn down in the fourth quarter and redeveloped with a heavy retail exposure in late 2009.

Hysan, the biggest landlord in Causeway Bay, said the new building would offer a gross floor area of more than 700,000 square feet, about the same as now.

However, the retail space would "substantially increase", compared with the under-utilised design of 150,000 sqft lettable space at present. No projected revenue growth from the redevelopment was available.

"It is a very prime location," BOC International analyst Ken Yeung Hoi-chuen said. "The redevelopment will enhance Hysan's net asset value, although the company will have to sacrifice some rental revenue in the next three years."

Hysan's earnings are expected to see 38.66 per cent growth to $844.81 million for last year but drop 11.4 per cent to $748.54 million this year, according to Thomson Financial's mean estimate of 12 brokers.

Some analysts estimated the company's rental revenue would fall about $200 million a year from 2007 to 2009 because of the redevelopment project.

Hysan's management believed the project would boost the quality of its four million sqft investment property portfolio and change Causeway Bay's skyline.

"The project will further rejuvenate the surrounding areas and the Causeway Bay district, thereby continuing to reinforce its position as a shoppers' paradise and prime commercial district in Hong Kong," managing director Michael Lee Tze-hau said.

Retail rents in Causeway Bay, ranked the second most expensive in the world by Cushman & Wakefield, jumped 25 per cent to $352 per square foot last year, according to Colliers International.

Built in 1981, Hennessy Centre has a gross floor area of 719,642 sqft. The building, which has seven levels of retail space, houses Japanese department store Mitsukoshi. The store will be closed in September when its lease expires.

Hysan, which originally opted for renovating the building, would not comment on how the redevelopment would affect the government's proposals to improve the shopping area of Causeway Bay, saying it was still in talks with the administration.

In 2004, the government asked Hysan to consider converting the five-level 263-space parking lot in Hennessy Centre into retail space to support its proposals to fully pedestrianise Kai Chiu Road, which runs behind the building.

Hysan was concerned that the move might entail expensive structural changes to the building.

The administration also proposed a 50-metre underground passage below Hennessy Road linking Hennessy Centre to the Sogo department store opposite.

Shares of Hysan closed down 0.25 per cent at $19.50 yesterday.
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Last edited by hkskyline; December 8th, 2008 at 06:25 PM.
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Old December 8th, 2008, 06:16 PM   #2
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How tall?
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Old December 8th, 2008, 06:24 PM   #3
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Hard to find in the English press, so had to search the Chinese side :

興利中心重建35層商廈
25 September 2008

【明報專訊】希慎(0014)銅鑼灣興利中心重建項目,06年時獲批建一幢41層商業大廈,並附設4層地庫,獲批出新的建築圖則,興建1幢35層高商廈,另加4層地庫,樓面維持約71.56萬方呎。

另早前太古(0019)曾向城規會申請拆卸和域大廈、康和大廈及常盛大廈,重建兩幢分別54層(主水平基準以上246.6米)及59層高(主水平基準以上270.25米)商廈,但兩度遭否決。太古剛獲批准於鰂魚涌太古坊,重建1幢37層商廈(另加2層地庫),總樓面55.9萬方呎,根據樓面資料,與城規會曾批准的2B座極接近,該位置現時為和域大廈。本報曾向太古查詢,截稿前未獲回覆。

將軍澳56區項目 6伙面積逾2000呎

另外,長實(0001)06年6月以10億元向澳洲的基金購入的中半山堅尼地道豪景閣,亦獲批重建1幢32層高住宅,樓面8.76萬方呎。同時,Hankia房地產旗下的南區舂磡角道44號等,亦獲重建6幢3層高洋房。

另新地(0016)與港鐵(0066)合作的將軍澳站上蓋(56區)住宅及酒店項目獲發施工同意書,該1016個住宅單位,若以建築面積計算,有6伙面積為2000餘方呎,是將軍澳歷來最大分層單位。
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Old December 9th, 2008, 04:04 AM   #4
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《外資精點》美林:明年港寫字樓租金跌35%,零售租金跌10%
29 October 2008

《經濟通通訊社29日專訊》美林證券發表研究報告,估計明年底前本港寫字樓租金將下跌35%,並於2010年進一步下跌20%,零售物業租金則料會於明年底前下降10%,故大幅調低相關企業股份目標價27%至60%。

其中,希慎興業(00014)評級「遜於大市」,目標價削46%至12元;美林指,其每股資產淨值增幅,很可能受到限制,因旗下主要項目銅鑼灣「興利中心」重建計劃需延後至2011年才完成。
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Old December 9th, 2008, 04:07 AM   #5
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This was the development where the crane collapsed and killed a couple of workers, right?
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Old December 9th, 2008, 04:31 AM   #6
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Yes and from the Chinese article it seems like they're reducing the floor count form 41 to 35.
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Old December 10th, 2008, 06:49 PM   #7
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West replaces East in shopping trends
20 February 2008
International Herald Tribune

There is yet another reminder that the sun has clearly set on Causeway Bay's claim to being Hong Kong's epicenter of Tokyo-style shopping.

Once a district boasting several giant Japanese department stores, only one - Sogo - remains. Across the street, the building that housed what was the landmark 120,000-square-foot Mitsukoshi is one of the most-closely watched construction sites in town.

Benedict Ma, associate director of the property consultants Knight Frank Newmark, says: ''The death of the Japanese department stores in Causeway Bay is due to long, drawn-out demise of the Japanese economy and changing retail trends and tastes.''

When the new Hennessy Center is completed in 2009 at a cost of 1.2 billion Hong Kong dollars, or $156 million, it is expected to offer 18,600 square meters, or 200,000 square feet, of boutique shopping, fine-tuned to the desires of big-spending mainland visitors that have long replaced the Japanese as Hong Kong main tourist market.

Hennessy's owner, Hysan Development, is also known for creating the Lee Gardens, a few blocks down the street, into a first-class retail mall now featuring Chanel and Louis Vuitton mega-stores, among other high-end names.
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Old December 13th, 2008, 05:58 AM   #8
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Demolition by Kai_Fong from a Hong Kong photography forum :

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Old December 13th, 2008, 07:13 AM   #9
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From the website of DLN:

image hosted on flickr
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Old December 13th, 2008, 12:41 PM   #10
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Whoa - is that a suggested cladding too? Interesting design.
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Old December 13th, 2008, 01:45 PM   #11
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ohh! This is a very nice surprise!
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Old December 13th, 2008, 07:47 PM   #12
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Looks so plain ...
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Old December 13th, 2008, 08:02 PM   #13
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Wow not bad!!!
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Old December 14th, 2008, 12:11 AM   #14
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Excellent! It looks very tall. Slowly but surely Hong Kong standards are rising.
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Old December 14th, 2008, 01:31 AM   #15
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It's plain but definitely a lot better than what we've come to expect from these kinda projects.
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Old December 14th, 2008, 02:52 PM   #16
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Really cool design for this district.
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Old December 14th, 2008, 09:13 PM   #17
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They are a month old, but still better than nothing more updated.

That's probably still the former building underground levels and foundation.
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Old December 16th, 2008, 11:09 PM   #18
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ong big copycat. it looks like london's bishopsgate tower?!

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Old December 17th, 2008, 04:56 PM   #19
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Tong Lo Wan is rising!
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Old December 18th, 2008, 06:12 AM   #20
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"Tong Lo Wan" is gonna rise, but not too much. Most new projects will come from redevelopment of old apartment blocks, but height restrictions are dampening excitement.
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