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Old June 3rd, 2009, 06:29 PM   #1
hkskyline
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HONG KONG | Luk Hoi Tong Building Redevelopment | 27 fl | Com

Luk Hoi Tong faces wrecker's ball
Owner of 46-year-old Central building plans grade A commercial project on the site

28 March 2007
South China Morning Post



The 46-year-old Luk Hoi Tong Building on Queen's Road Central will be demolished by the end of this year and redeveloped into a 27-storey grade A commercial property in about three years.

The redevelopment comes as several hotel and commercial properties are being rebuilt or marked for redevelopment as new grade A office supply in Central will fall to zero in the next few years amid growing demand from foreign companies.

Other properties to be rebuilt include Dragon Seed Building at the junction of Queen's Road Central and Li Yuen Street East, while potential redevelopment candidates include Ritz Carlton Hotel, Ananda Tower, and towers one and two of Crocodile House.

Jeffrey Chan, an executive director of Luk Hoi Tong, said in view of the optimistic outlook for the office market, the redevelopment aimed to upgrade the property, which was built in early 1960s. The redevelopment is also prompted by the underutilisation of the property.

The plot ratio has not been fully utilised and redevelopment can maximise the value of the site, according to Mr Chan.

With a site area of about 10,000 square feet, the building, to be completed in three years, would provide 150,000 to 160,000 square feet of gross floor area, he said.

"It will have retail space from the basement to the third floor," he said.

The building is designed by Rocco Design, the architect of One Peking Road in Tsim Sha Tsui. It will be a modern edifice emphasising lighting and transparency with the use of glass panels.

Mr Chan said the company hoped to improve the building's tenant mix, from small local tenants to international companies that can take up whole floors of space.

The company also hopes to lure big retail brands by providing them two-floor duplex shops.

Existing rents at Luk Hoi Tong's office properties range from HK$20 to HK$30 per square foot but property consultants expect the company to see these jump as much as fivefold.

Alan Lok, senior director of office services at CB Richard Ellis, expects office rents in the redevelopment project to reach HK$100 a square foot in terms of net area, as York House, the only new office supply in Central, fetched HK$120 a square foot.

Alnwick Chan Chi-hing, executive director of Knight Frank, said redeveloping the building was justifiable as its office space was inefficient and the retail space not well-developed.

"The building has a long frontage on Theatre Lane, which could attract international brands to open retail shops," he said.

Mr Alnwick Chan believes many landlords redevelop and renovate their office buildings in Central because there was no new office supply.

Colliers International research and consultancy director Simon Lo said: "It will be the first time over the last 20 years that there will be no new office supply in Central in two years. You can imagine how tight office supply is in Central."

Citigroup Property Investors acquired Ananda Tower and towers one and two of Crocodile House in Central for about HK$1.52 billion last month.

The offices, at Connaught Road Central near Hang Seng Bank Building and One International Financial Centre, have a site area of about 12,000 square feet.

Property agents expect Citigroup to be studying the possibility to redevelop the three buildings into a grade A office property with a total gross floor area of 18,000 sq ft.

Lai Sun Development also wants to redevelop the Ritz-Carlton hotel into an office building for greater returns.

New World Development has demolished Dragon Seed Building and six old buildings nearby. The site will be developed into a 28-storey office building with a gross floor area of 132,200 sq ft. The office block is scheduled for completion in 2009.

Meanwhile, a joint venture among Morgan Stanley, Global Gateway and Pamfleet (HK) has planned to invest up to HK$200 million on the renovation of the Hang Seng Building. The work is scheduled for completion in the middle of next year.

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Old September 3rd, 2009, 04:46 AM   #2
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Brush-off for shoeshiners in Theatre Lane revamp
Setback for polishers who won support of local councillors

13 August 2009
South China Morning Post

The developer of the demolished Queen's Theatre says it will not allow shoeshiners to operate within the new premises as it is private property.

It also warned against them being allowed outside its perimeter as they might block fire engines and ambulances in the event of an emergency.

Lau Chi-keung, project manager for the redevelopment, said the shoeshiners might occupy part of Theatre Lane intended for emergency vehicles and affect evacuation.

The Luk Hoi Tung Building which housed Queen's Theatre is being redeveloped into a 27-storey commercial building offering shops, offices and upmarket restaurants.

Five shoeshiners who have been making a meagre living in the lane for many years had faced eviction by the Food and Environmental Hygiene Department for operating without licences and obstructing public roads. Their plight drew wide compassion in the community, including Central and Western District Council, which ruled last month that they should be given proper licences to maintain their livelihoods.

But the developer, Luk Hoi Tong, issued a letter to the department through its solicitors, saying the shoeshiners should not be located outside its building.

Mr Lau explained that a formal letter was issued because the department had ignored an earlier plea from the company. It urged discretion in allocating a position to the shoeshiners because putting them next to an access area for emergency vehicles might contravene statutory requirements.

The developer maintained that it did not object to the presence of shoeshiners in the vicinity.

Cynthia Ching, administrative manager for Luk Hoi Tong, said: "Whether it might affect our property's image is not our concern."

Mr Lau said the redevelopment would leave a 1.6-metre wide pavement from Theatre Lane when it was completed in April 2011. But he said the area belonged to the developer and the government could not licence shoeshiners to operate there.

He also dismissed a suggestion that a small stall area be made available to them at a concessionary rent.

"Considering a stall in Central district, how low can the rent be? They still have to pay their licence fees."

A shoeshine licence includes a fixed operating space that measures 15cm by 22.5cm and costs HK$2,590 a year.

Lau Win-ming, one of the shoeshiners who has been operating in Theatre Lane for 15 years, said the developer was being inconsiderate.

"We are all only trying to make a living," he said.

Mr Lau said Theatre Lane used to be accessible to traffic, so it was wide enough for both their operations and vehicles. "We only carry a box, and we can leave immediately when there is an emergency."

He said it was necessary for them to remain in Theatre Lane because customers were used to seeing them there and they would lose business if they had to move elsewhere.

Lawmaker Audrey Eu Yuet-mee said the shoeshiners occupied a small area and would not become an obstruction. She said that shoeshiners had told her they were flexible as to the exact spot they were allowed to operate on as long as they could remain in Theatre Lane.

"It does not have to be a fixed pitch. And if it is a fixed pitch, Theatre Lane should be big enough to accommodate many passers-by and the shoeshiners."

But shoeshiners are only half of the developer's worries.

Mr Lau said that news-stands on the corner of the redevelopment site facing Queen's Road Central, and two more between the site and the adjacent Wing On Life Building, should be relocated or reduced in size as they might also block emergency access.

Lo Chun-sing, proprietor of one of the news-stands, rejected this claim, saying that in the event of an evacuation they would be able to remove their temporary structures and items very quickly without causing an obstruction.

A spokesman for the Food and Environmental Hygiene Department said relevant departments, including the Fire Services Department, did not object to the shoeshiners being in Theatre Lane outside the Luk Hoi Tung Building.

He said the department was in the process of issuing a fixed-location licence to the shoeshiners and would meet the developer to address its concerns.

There are three more shoeshiners in the district.
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Old September 22nd, 2009, 05:35 AM   #3
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Shoeshiners set to get licences next month
2 September 2009
South China Morning Post

Shoeshiners in Central have been told they will be given hawker licences next month if no objections are raised by the district council or affected parties in the area.

The Food and Environmental Hygiene Department announced the decision at a closed-door meeting with hawkers yesterday, a lawmaker who was at the meeting said.

Hawkers said they were pleased to be finally given a date for getting their licences, although doubts remained over the stance of a developer planning a 27-storey building on a vacant lot in Theatre Lane where many of the shoeshiners operated.

Democratic Party legislator Kam Nai-wai said he did not expect any objection from district councillors, who unanimously supported the plan in July. But he said: "We don't know yet whether the developers around Theatre Lane will take legal action against the proposal."

Developer Luk Hoi Tong, which is building the Theatre Lane tower, could not be reached for comment.

The shoeshiners, who have worked outside the law and have been a fixture of the lane for decades, will receive fixed-location licences that include an operating space of 15cm by 22.5cm for HK$2,590 a year.

The proposal will be discussed by the Central and Western District Council next week and then gazetted.

Luk Hoi Tong has written to the government expressing concern that the shoeshiners working in Theatre Lane could block access of emergency vehicles and affect evacuation.

Kam said officials believed the shoeshiners would not obstruct emergency vehicles and departments, including fire services, had agreed.

Yeung Siu-ying, 73, who has worked in the lane for 10 years, said he was delighted. "I was afraid that the government would be playing a delaying strategy with us. But now, finally, I know when I will be given a licence," he said.
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Old February 3rd, 2010, 07:09 PM   #4
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Gammon wins Luk Hoi Tong Building Redevelopment contract
Press Release
http://www.gammonconstruction.com/hk...ss_index1.html

Hong Kong, 3 September 2009 - Gammon Construction Limited has been awarded a HK$333 million contract to redevelop the Luk Hoi Tong Building in Central. The construction works will commence by the end of 2009 and be completed in mid 2011. A work force of nearly 300 will be engaged at the peak construction period.

Located at 31 Queen’s Road Central, the site was originally occupied by the old Queen’s Theatre in 1925 and was later developed into an office cum cinema building in 1961.

The new development will comprise a 28-storey mixed office and retail tower with a gross floor area of 21,000 square metres, spreading over 21 floors of office, two levels of mechanical floor, a three-level podium retails, a basement floor and two dining floors.

Commenting on the award of the contract, Thomas Ho, Chief Executive of Gammon said, “We are particularly delighted that our technical competence and excellent quality have enabled us to win this prestigious contract. We are fully committed to the challenges ahead and are confident that we will deliver a development of the highest quality, while maintaining vigorous safety standards, “ adding that the development will also aim to meet the most stringent requirements of Hong Kong’s Building Environmental Assessment Method (BEAM).

Gammon has been contributing to the development of the Central Business District and has completed more than 15 prestigious buildings in Central over the years.

- End -

For further information please contact:

Candy Chan Tel: + 852 2516 8733
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Old March 28th, 2010, 08:51 PM   #5
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3/26

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Old May 20th, 2010, 07:58 PM   #6
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By fatshe from skyscrapers.cn :





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Old June 5th, 2010, 06:34 AM   #7
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Old July 10th, 2010, 02:51 PM   #8
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7/10








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Old July 11th, 2010, 05:14 PM   #9
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Looks like a very simple box design .. not too inspiring!
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Old August 8th, 2010, 05:56 PM   #10
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8/8







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Old August 12th, 2010, 03:21 PM   #11
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simple, but I think it's nice
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Old August 23rd, 2010, 05:52 PM   #12
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8/23






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Old August 24th, 2010, 09:02 AM   #13
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Looks very narrow. I presume the elevators and lobby will face Theatre Lane instead?
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Old August 31st, 2010, 09:17 AM   #14
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Retail area leased to US clothing retailer GAP

From an email update from Savills in Hong Kong:

"According to market sources, GAP, an American fashion chain store, has pre-leased around 13,000 sq.ft. of space (B/F, G/F, 1/F and part of 2/F) in 31 Queen’s Road Central (the former Queen’s Theatre in Luk Hoi Tong Building), Central for HK$5.0 million per month (HK$385 per sq.ft.)."
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Old August 31st, 2010, 09:37 AM   #15
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GAP? They came to HK, left, and are coming back?
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Old September 1st, 2010, 07:20 AM   #16
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Nice, $5M per month. No big deal.
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Old October 2nd, 2010, 01:10 PM   #17
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中環甲級商廈租金難跌
24 September 2010
文匯報 (香港)

近年香港經濟向好,內地及跨國公司爭相借來港發展業務,以開拓大中華或海外市場。政府近日決定把中環政府合署西座改為商廈用途,興建1幢32層可提供約30.6萬呎寫字樓樓面的商廈,稍後會以拍賣或招標形式推出吸引發展商投資,對一向空置率極低、租金持續上升的中環甲級商廈市道帶來少許紓緩作用。不過,由於區內新供應少,租金及售價依然有上升勢頭。 

事實上,由於核心區寫字樓供應有限,金融機構及專業服務企業爭相租賃核心商業區的樓面,令中環的寫字樓租金及價格持續上升。萊坊研究部主管黃傑雄表示,港島區寫字樓的平均空置率由3個月前3.5%下降至上月3.1%。在缺乏新項目落成和金融機構需求殷切下,中環寫字樓供應尤其緊絀,現時區內有15 幢寫字樓的空置率已跌至接近零。黃傑雄指出,由於租賃需求較預期大,該行已調高今年甲級寫字樓租金升幅預測,由早前15%調升至25%。

供不應求造就長期升勢

萊坊最新發表的研究報告指出,由於金融機構對寫字樓需求強勁,令空置率處於低水平,推動租金持續向上。香港甲級寫字樓租金繼在7月上升3%後,上月再急升3.9%,是自2008年4月以來最大按月增幅。其中,中環一般甲級寫字樓的租金增長達7.7%,為各區之首;其次是銅鑼灣及九龍東,升幅分別為 6.3%及5.9%。

隨著龍子行大廈、陸海通大廈及鱷魚恤大廈重建項目將於明年落成,中環區新供應將增加53萬呎樓面,預料甲級寫字樓租金升幅在2011年將稍為放緩至約20%。不過,預料到2012年中,本港甲級寫字樓租金將會升破2008年5月的高位。

expected completion 2011
520k sq ft of extra office space will be provided from redevelopment projects in Central


置地和黃積極重建增值

中環甲級寫字樓前景看俏,為了增加物業組合的增值,近年區內大地主置地已計劃把交易廣場3層高零售物業富臨閣重建為1幢樓高5層的商用物業,並已於去年獲屋宇署批准圖則,總樓面增加7,000呎至49,438呎,重建後約80%至90%會作甲級寫字樓。

此外,和記黃埔於 08年亦申請把位於中環夏愨道10號的和記大廈,由現時的23層高改建為47層高,其圖則亦已獲屋宇署批出。雖然,總樓面由現時的504,000呎略減 2%至493,496呎,但和記大廈高度將增高1倍,以便增加全海景寫字樓層的數目。直至目前,和記大廈的重建時間,與富臨閣一樣尚未落實。
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Old October 3rd, 2010, 12:33 PM   #18
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I have to say, the cladding looks VERY good!

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Old October 21st, 2010, 05:54 AM   #19
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IMG_4059 by skyscraperspicytimothy, on Flickr

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IMG_4057 by skyscraperspicytimothy, on Flickr
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Old October 24th, 2010, 06:25 PM   #20
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Seems like you got around during your HK trip.
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