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Old June 6th, 2009, 11:46 AM   #1
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HONG KONG | Kam Kwok Building Redevelopment | 43 fl | Com

灣仔多個商住項目興建中 發展商收舊樓增區內動力
17 October 2008
星島日報

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近年發展商加快在灣仔區收購重建步伐,加上市建局項目連環推出,令區內在未來數年,有近十個住宅及商住等項目落成推出,其中包括近期招收意向的利東街項目、華置尚翹峰二期、麗新活道項目等不同規模,大部分將於二○一一年及其後落成。

灣仔區舊樓林立,又屬傳統貴重市區地段,自然成為發展商爭相進駐的目標,韋堅信測量師行商業及投資部董事許偉國表示,其中不少發展商如太古、合和等,近期積極收購星街、石水渠街等舊樓。

金國大廈擬改建商住

中原測量師行董事黎堅輝亦表示,灣仔區新盤與舊樓呎價相差大,以華置新盤YORK PLACE為例,呎價達一萬三千至一萬四千元,但舊樓呎價僅二千至三千元,早前樓市旺,發展商收購難,但現時市況逆轉,業主心態變軟,有助發展商收購,預期區內收購活動將繼續活躍。

近期區內最受矚目的重建項目,為市建局上月推出招標的利東街項目,吸引多達十五個發展商遞交意向。據悉項目可建四座住宅,樓高由二十二至四十三層,共一千三百一十三伙,約二○一一年落成。

而剛於八月底完成強制拍賣的金國及國民大廈,大業主恒基初步計畫,將兩廈發展為酒店及商住物業,其中金國大廈將重建作商住大廈,樓高四十三層,樓面約十二萬方呎,發展年期三年。


麗新等申強拍活道

另外,資深投資者黎永滔看好灣仔區前景,打算將區內兩幢舊樓發展為服務式住宅,包括告士打道二一七號全幢及皇后大道東一○二號舊樓,其中告士打道項目正在興建中,涉及樓面三萬六千方呎,提供約五十個單位,十樓以下會作「樓上鋪」,住宅意向呎租四十五元;至於皇后大道東項目,則提供十八個面積五百方呎單位。

而麗新與AIG合作發展的灣仔活道十六至三十四號一籃子舊樓,市場消息指,近期已向土地審裁處申請強制拍賣,拍賣十八號餘下一伙,據悉,項目打算建五十層以上住宅,地皮估值達十億元。

南豐灣仔項目明年推

華置與市建局合作發展的灣仔尚翹峰二期,灣仔街市的保育問題終達共識,並於六月份通過城規會,將於街市上蓋興建一幢四十六層高住宅,提供二百五十二伙,約二○一二年落成。

南豐旗下的灣仔皇后大道東二百三十五至二百四十五號項目,佔地四千方呎,可建樓面約四萬方呎,預計可提供約一百伙的單幢式住宅,可望明年推出。

另外,合和灣仔服務式住宅項目GardenEast,樓高二十八層,提供二百一十六伙,亦將在明年第一季推出;而系內合和中心二期,發展商表明願意降低樓層或縮減發展規模,以換取支持。
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Old June 6th, 2009, 11:48 AM   #2
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Henderson wins right to force sales in Wan Chai
24 June 2008
Hong Kong Standard

The Lands Tribunal has given Henderson Land Development (0012) approval to force owners of 25 units in two buildings in Wan Chai to sell in order to gain redevelopment rights on the land.

In 2006, Intelligent House Co, a Henderson subsidiary headed by Martin Lee Ka-shing, younger son of tycoon Lee Shau-kee, paid HK$825 million for 92 percent property rights in National Building on Jaffe Road and Kam Kwok Building on Gloucester Road.

The right represents ownership of more than 300 units in the two buildings, which were built 46 years ago.

The Lands Tribunal said it is convinced Intelligent House has done its best to make a reasonable offer to buy the units of the rest of the owners.

Intelligent House is required to redevelop the buildings within six years of obtaining the full property rights.
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Old June 6th, 2009, 11:56 AM   #3
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Henderson sole bidder at auction
29 August 2008
Hong Kong Standard

Henderson Land Development (0012) acquired two Wan Chai buildings yesterday for a total of HK$1.42 billion, the opening bid price, at a public auction.

The Kam Kwok Building and National Building, both 19 stories high, were completed in 1961.

They have a total site area of about 15,955 square feet, and were sold as a single property at the auction.

Henderson general manager for property development Augustine Wong Ho-ming said the company expects to redevelop the buildings in three years at a cost of about HK$1.2 billion, including land and construction cost.

The developer plans to redevelop Kam Kwok Building as a commercial-residential project, providing a gross floor area of 110,000 sq ft, while National Building will be developed for hotel use, providing a GFA of nearly 60,000 sq ft.

``Due to the scarcity of land supply, it is not easy for developers to acquire sites through government land auction, making acquisition of older buildings a desirable method to increase their landbank,'' said Charles Chan, managing director of valuation and professional services at Savills, the property consultant which handled the auction.

Henderson was was the only party registered to make bids at the auction yesterday.
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Old June 6th, 2009, 05:38 PM   #4
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Wan Chai's new fašade will lift prices
The redevelopment of one of Hong Kong Island's oldest districts will boost investment and hope in the area

26 November 2008
South China Morning Post

The transformation of the pre-war shophouses at 60-66 Johnston Road and 18 Ship Street is having a positive impact on property prices in Wan Chai, according to estate agents.

In addition to the five tenement buildings, the Urban Renewal Authority's (URA) six-year redevelopment project includes a new 40-floor building J-Residence which has 381 studios, one-bedroom and two-bedroom flats, and penthouses.

The lack of available land for new housing means that overall property prices have stayed at a high level in the area. Before the market correction this year, the average price per square foot last year was HK$8,000 to HK$10,000 for Johnston Road's J-Residence and Wan Chai Road's the Zenith, another 40-floor joint development with the URA.

"Taking away the new developments, most buildings for residential use in Wan Chai are old," said Centaline property's assistant regional director Lily Cheng. "These buildings are at least 30 to 40 years old."

According to Tom Ming, executive secretary at the Antiquities and Monuments Office, the density of old buildings is relatively high in the old Wan Chai area given the area's size. But, he said, in comparison there was plenty more historical architecture clustered in Central and Sheung Wan.

While the tenement house at 18 Ship Street is listed as a Grade II building, the antiquities body has yet to release the grading for Wo Cheong Pawn Shop at 66 Johnston Road.

"It belongs to the pool of about 1,000 buildings that the Antiquities Advisory Board is reviewing," Mr Ming said, adding that the URA was informed that the tenement houses were under review before the redevelopment.

The old Wan Chai area includes the area south of Johnston Road, north of Kennedy Road and along both sides of Queen's Road East. And with only 32 hectares, there are 10 conservation projects and 29 graded historical projects, the other option to introduce new properties is by collective sales.

But participants such as Centaline and Savills said that it had been difficult to buy out existing properties in the area for redevelopment. Collective sales rules require the majority owner to have no less than 90 per cent of the shares in a lot before making an application to the Lands Tribunal for compulsory sales of the lot. The redevelopment of the lot is justified based on age and state of repair of the building, so the majority owner has to show it has taken reasonable steps to acquire the shares.

But there have been few successes in Wan Chai in collective sales. Most of the owners of the properties are elderly people and are unwilling to sell. Some owners may have left Hong Kong permanently.

The 43-year-old Kam Kwok and National Buildings on Gloucester Road were sold to Henderson Land for HK$825 million in August, after three years of negotiation and winning an appeal by minority owners.

And, according to Gabriel Cheng Hon-wah, head of collective sales at Savills, not all older properties offer good potential for redevelopment. "I think there are other areas that are good for potential collective sales, for example, in Kowloon, and we have had success with a development in Prince Edward Road West," Mr Cheng said.

The types of older properties in Wan Chai are mainly small to medium-size, ranging from 300 to 600 sqft and the price per sqft is HK$3,000 to HK$4,000. Buyers tend to refurbish the properties before renting them out.

Ms Cheng estimated general property prices in Wan Chai had gone up 20 to 30 per cent in the past few years. This included older properties.

"The new developments that were initiated by the URA are particularly appealing to investors. And the whole restructuring of the Wan Chai district has also had a positive impact on the older properties in the area," Ms Cheng said.

As these preserved tenements become landmarks of Wan Chai, and with the area's proximity to Admiralty and Central, Ms Cheng believes the transformation of the district will be advantageous in the long term.

"Wan Chai has always been very cosmopolitan. It appeals to buyers and tenants - they can be from anywhere," Ms Cheng said.

However, turning the area into a commercial district with some tourist attractions may reduce its appeal to investors who are looking for family homes. K.Wah's J-Residence, for example, was marketed to mostly business executives and couples.

Further similar projects led by the URA include the Wan Chai Market Building. The site will be turned into a luxury residential-commercial complex.
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Old June 7th, 2009, 05:21 AM   #5
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What's that pencil tower being unwrapped close by it?
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Old June 7th, 2009, 07:33 AM   #6
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Rendering from DLN

The project consists of a residential tower (42/F+3/F Podium) and a hotel (32/F+3/F Podium).

image hosted on flickr


image hosted on flickr


Residential Tower

image hosted on flickr


image hosted on flickr


Hotel

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Old June 7th, 2009, 07:42 AM   #7
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If the final thing ends up anywhere CLOSE to the renders, well done everyone! That is superb.

What's the height...150m-ish? Decent impact on that area of the skyline.
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Old June 7th, 2009, 07:43 AM   #8
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The Hotel part is stated to be 131.35m tall.
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Old June 7th, 2009, 07:45 AM   #9
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Wow. Very nice design. I am pleasantly surprised by the render.
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Old June 7th, 2009, 07:46 AM   #10
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This is what freaking better than the Ritz CArlton R/D
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Old June 9th, 2009, 05:32 PM   #11
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舊樓有價 小業主爭取最大利益
6 September 2008
香港經濟日報

上周恆基以申請強制拍賣的方式,成功購入灣仔金國大廈及國民大廈的業權。此一案例影響深遠,尤其在現時發展商難透過勾地制度吸納土地的情況下,案例或會刺激發展商加緊收購市區舊樓的步伐。

不計5月透過勾地制度拍賣的西貢白沙灣蚊型地皮,對上一次透過勾地制度拍賣地皮是去年10月的香港仔惠福道及大嶼山長沙地皮。當然,政府仍然認為勾地制度行之有效,但對一眾發展商而言,難以透過勾地制度吸納地皮卻是實實在在的問題。勾地難,恆地成功購入金國大廈及國民大廈全部業權,可望刺激其他發展商仿效,日後收購舊樓拍賣,料會成為港鐵項目及市建局項目外另一主要土地來源。

發展商只要收購一個地段的九成業權,便可根據現行的《土地(為重新發展而強制售賣)條例》(以下簡稱《條例》),向土地審裁處申請將整個地段拍賣,有關條例於1999年頒令通過,目的乃促進私人參與土地重新發展。

根據發展局資料顯示,條例自1999年生效至去年年底期間,土地審裁處一共接獲47份強制拍賣的申請,其中10宗已獲批,1宗否決,17宗正處理,餘下19宗則因各種理由暫停處理或撤銷。

每次出現類似強制拍賣,都會有小業主不滿發展商出價,筆者無意涉及誰是誰非的討論。但相信金國大廈的收購過程,對其他舊區業主會有一定啟示。

把握時機 可創天價成交

筆者翻查金國大廈的成交紀錄,發現在05年前,800多呎單位成交價多在$100萬以下。對於逾40年樓齡物業而言,此類成交價算是正常,值得留意的是,買家涉及多家名義不同的公司,相信大部分是恆基的子公司。06年初,金國大廈出現數宗$700萬至$1,500萬的成交,相信是發展商收購業權一事已曝光,業主提高叫價。而發展商眼看臨近集齊九成業權,亦提高出價,以免夜長夢多,此類成交集中於是年3月份。有趣的是,5月之後,金國大廈再出現一宗成交,成交價急降至$160萬水平,之後便再沒有成交紀錄(據金國大廈業主所言,原因是恆地成功向一個「大業主」購入足夠業權),相信是發展商已集齊九成以上業權,足夠申請拍賣,出價便大為降低。

以上例子其實是搏奕論(Game Theory)的好例子,舊樓的市值低,但如成功重建,卻可以高價賣出。發展商開始收購舊樓時,往往會低調進行,初期以不同的公司名義收購,由於不動聲色,此類成交多數會以市價進行。到了消息外流(往往是市場發現某一舊樓成交突然增加),未出售單位的業主發現發展商收購,「市價」便會逐步提高。

集齊九成業權 出價即下滑

到了發展商臨近集齊九成業權時,如果多個業主的立場均強硬,發展商可能會將收購價逐步提高至遠超市價的地步。但到了集齊九成業權後,發展商便完全沒有動機再以相對高價購入單位(反正已可申請拍賣)。

舊樓小業主或許難以在發展商收購初階段發現發展商收集業權,此時將單位出售,只會以一般舊樓市值成交。但如果已明確知道發展商進行收購,小業主的最佳策略,便是爭取成為發展商取得九成業權前的最後幾個賣家,以便取得最大利益。但另一方面,小業主亦不可死牛一面頸的「吊高來賣」,否則一待發展商集齊九成以上業權,小業主便會喪失大部分議價能力。
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Old July 5th, 2009, 09:09 PM   #12
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By bextra from skyscrapers.cn :

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Old July 5th, 2009, 10:34 PM   #13
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Very impressive.
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Old July 7th, 2009, 12:57 PM   #14
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金國大廈成功強拍2011完成重建
29 August 2008
信報

位於灣仔的金國大廈和國民大廈,經過兩年多時間,昨天由恆地(012)以十四億二千一百一十二萬四千元成功統一業權。項目暫擬發展一幢商住物業和一幢酒店,總樓面面積合共約十七萬方呎,預料最快二○一一年完成重建。

項目屬於援引《土地(為重新發展而強制拍賣)條例》統一業權的第十二個案例,昨晨的拍賣會除本來已持有整個項目逾九成二業權的恆地外,未有其他發展商參與競投,故恆地發展部總經理黃浩明承第一口價後,迅即成功取得項目全數業權。

初步考慮發展酒店及商住

告士打道二一○至二一六號的金國大廈,以及馬師道十二至二十號的國民大廈,位於謝斐道的兩旁,各為樓高十九層的商住大廈,共享同一張公契,總地盤面積約一萬六千方呎。

黃浩明表示,初步考慮發展酒店和商住物業,將來亦不排除隨市況發展寫字樓項目。因為牽涉交吉和拆卸工程等,發展料需要三年時間,其中國民大廈可望交吉後即時開始拆卸工程,以興建一幢樓面約六萬方呎的酒店,金國大廈則待明年初方開始,可興建樓面約十一萬方呎的商住大廈。

恆地稱樂意與小業主對談

由於恆地早前已收購項目大部分業權,故是次逾十四億元的成交價,只有小量須支付予小業主作購入餘下業權。恆地指出,項目實際總土地成本約為九億元,加上建築成本約二億至三億元,預計未計入利息因素前的投資額約十一億至十二億元。

縱使項目已成功拍賣,惟早前有一小業主向法庭申請已獲批的強制拍賣令提出上訴,已排期至明年中審議。此外,有部分受影響的金國大廈小業主昨天亦親到拍賣現場,部分稱獲得的收購價只有市值的一半,認為收購價不合理,並質疑有關條例只保護發展商,忽略小業主的權益。

黃浩明對於小業主的不滿表示理解和同情其感受,但強調收購程序依照法律的要求,並獲得法庭確認,其出價已按照獨立估價師意見,應已參考附近的成交價,而有關金額亦已獲土地審裁處研究。

據悉,是次涉及的小業主所獲的金額,以實用面積計算,平均呎價逾五千元。

發展商表示,樂意和小業主對談,如小業主遇到特別困難,集團將個別考慮,希望在合理範圍內兼顧法理和人情。

黃浩明指出,項目涉及的訴訟結果,動輒影響發展商如何看待涉及強制拍賣的個案。集團歡迎是次上訴庭迅速作出裁決,相信判決對私人參與的重建有正面作用。他指出,市區重建難以只倚賴政府的參與,私人市場的力量去促成市區重建有其貢獻,今次案例冀可加強發展商對市區重建的參與。

第一太平戴維斯估值及專業顧問董事總經理陳超國認為,雖然該項目遇到小業主上訴,相信不會影響發展商繼續併購舊樓的意欲,下半年估計再有二至三個項目可再推出進行強制拍賣■
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Old July 8th, 2009, 09:39 AM   #15
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Henderson wins $1b Wan Chai tender
3 August 2006
The Standard

Henderson Land Development has won the tender for the coveted Kam Kwok Building in Wan Chai with a bid of nearly HK$1 billion.

A source familiar with the transaction confirmed the sale late Wednesday to Sing Tao Daily, sister newspaper of The Standard.

Last week, six bidders vied for the 45-year-old building at 210-216 Gloucester Road.

The 45-year-old National Building behind it at 388-390 Jaffe Road is also included in the tender.

Besides Henderson, Hong Kong's third largest developer by stock market value, the potential buyers included Cheung Kong (Holdings), the second largest developer, controlled by tycoon Li Ka-shing, and private developer Nan Fung Development.

Henderson company officials were unavailable for comment Wednesday night.

The property consultant, Savills (Hong Kong), which handled the tender, declined to comment, citing confidentiality.

The tender for the sale got the go- ahead after 92.31 percent of the various owners applied to the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance to sell off the building.

Under the ordinance, more than 90 percent of owners of a building must agree to sell before they can apply for an order from the Lands Tribunal to force a sale. The two sites have redevelopment potential as a hotel and office- retail project.

The combined site area is 15,955 square feet, and using a plot ratio of 15, would yield a maximum gross floor area of 239,325 sqft of commercial space.

Daniel Wong Hon-shing, a Midland Realty sales director, said the site was especially attractive to developers.

``On Hong Kong Island, there aren't many sites along the harbor. For such a big site, there is definitely a value in it,'' he said.
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Old August 18th, 2009, 10:07 AM   #16
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Old August 18th, 2009, 10:22 AM   #17
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Old November 9th, 2009, 05:13 PM   #18
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28 August 2008
Sold Under Land Ordinance Through Savills By Public Auction Kam Kwok Building and National Building Acquired By Majority Owner At Reserved Price of HK$1.421 Billion


The majority owner of Kam Kwok Building and National Building successfully acquired the property under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills by public auction today at the reserved price of HK$1.421 billion.

The property auctioned includes Kam Kwok Building, located at Nos. 210-216 Gloucester Road, and National Building, located at Nos. 12-20 Marsh Road and Nos. 388-390 Jaffe Road.

The total site area of the two separate sites is about 1,482.3 sq.m. (15,955 sq.ft). Currently standing on each site is a 19-storey composite commercial / residential building, completed in 1961.

The majority owner, Henderson Land Development, was the only party registered to make bids at the auction.

Charles Chan, Managing Director of Savills Valuation and Professional Services, said due to the scarcity of land supply, it is not easy for developers to acquire sites through government land auction, making acquisition of older buildings a desirable method to increase their land bank.

Although a minority owner appealed to the courts regarding the auction of the aforementioned property, Mr Chan believes that this will not deter developers from this type of acquisitions because the developers have already factored in these risk factors.

As the number of applications for compulsory sale increases, Charles Chan expects there will be several more properties to be sold through public auction this year.
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Old April 12th, 2010, 08:41 AM   #19
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New development law 'must safeguard owners'
18 February 2010
South China Morning Post

A law to make it easier for developers to acquire old buildings for redevelopment should not be passed in haste without adequate protection of individual property owners and planning safeguards, concern groups say.

The original law, introduced in 1999, enables developers to force the sale of remaining properties in an old block once they have acquired 90 per cent. The proposal is to lower the threshold to 80 per cent.

Other arrangements will remain the same - the Lands Tribunal sets the reserve price of the compulsory auction after considering both the flat owners' and the developers' assessments of the price. The law will cover all buildings more than 50 years old where at least 80 per cent of the flats have been bought.

The legal amendment, tabled in the legislature last month, will be passed without a vote on April 1 if the majority of lawmakers do not object to it. A study of the 20 cases that went to the tribunal under the original law found that not all owners were happy with the price at which they sold their flats, an alliance comprising urban planning concern groups and individual owners said.

For example, Wong Chi-sum, who owned a 1,200 square foot flat in the Kam Kwok Building in Wan Chai, said he was only offered HK$4.5 million after he lost a case in court in 2008.

"My flat has a full harbour view. At any rate it is worth more than that. My surveyor evaluated it at HK$8.5 million, almost double," he said. The building was acquired by Henderson Land and has been demolished.

Wong said he could not buy a flat of the same size in this area and he had no more resources to seek an appeal.


Icarus Wong Ho-yin, a member of People Planning in Action, said none of the buildings in the 20 cases that went to the tribunal were located in Tai Kok Tsui and To Kwa Wan where buildings are most dilapidated.

"Rather, they are located in Wan Chai, Causeway Bay, Mid-Levels, North Point and Prince Edward. These are more profitable places in the eyes of the developers," he said. He urged the government to introduce more protection measures in the new law, such as requiring developers to assess the social impact of their redevelopment projects and to offer more compensation options to affected residents, such as an alternative shop or flat.

Separately, the Buildings Department said it would need another week to assess the structural condition of 45G Ma Tau Wai Road before deciding whether it had to be knocked down. Block J collapsed last month, killing four people, and Block H had to be knocked down after it suffered structural damage.

The department told Legco yesterday that it had removed more than 379,000 unauthorised building works in over 11,000 buildings between 2001 and 2009. It launched operations to remove illegal rooftop structures in 5,339 single-staircase buildings in the same period.
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Old February 22nd, 2011, 03:34 PM   #20
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