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Old July 9th, 2009, 07:14 PM   #1
hkskyline
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HONG KONG | 24-32 Ming Yuen Western Street | ~40 fl | Com

$15.7m buy ends long wait for site
7 June 2006
The Standard

By bextra from skyscrapers.cn :



Kowloon Development has completed a 13-year quest to purchase a North Point site for a HK$500 million housing project.

The developer targeted five addresses but the fifth only came under the hammer Tuesday when its owners could not be traced.

The listed developer, whose shares have surged 47 percent this year, purchased the remainder of 28 Ming Yuen Western Street at the reserve price of HK$15.79 million at a compulsory public auction ordered by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance.

The ordinance allows compulsory auctions to be triggered by owners or developers who hold a 90 percent interest in a building and want to buy the remainder.

A Kowloon Development representative, who declined to be identified, said a residential project will be built on the site, without disclosing details.

With a plot ratio of eight to one, the project will generate a gross floor area of 60,800 square feet, analysts said .

Kowloon Development, which began targeting the 7,600 square-foot site at 24, 26, 28, 30 and 32 Ming Yuen Western Street in 1993, acquired more than 90 per cent ownership _ the level at which a sale can be forced _ after the remaining owners at number 28 could not be traced. The sale was handled by Jones Lang LaSalle.

Kowloon Development, whose shares closed Tuesday unchanged at HK$12.30, is controlled by Macau- based Polytec Holdings International, which in turn is owned by the family trust of Macau tycoon Johnny Or Wai- sheun.

Real estate developers have been keen to buy sites in North Point amid a strong demand for residential developments on Hong Kong Island.

Sun Hung Kai Properties paid HK$380 million for a residential lot on Ming Yuen Western Street last year.

Meanwhile, Hopewell Holdings has applied to the Lands Tribunal for a compulsory public auction to buy a car park space on Broadwood Road in Happy Valley, clearing the way for the development of a luxury residential project with a gross floor area of 110,000 sq ft.

In recent years, several developers have used the land ordinance. Swire Properties last year brought to an end a decade of land purchasing for a Mid- Levels residential project by acquiring the site's remaining interests at auction.

It was the second time Swire had used the ordinance, after the purchase of the remaining interests in Melbourne Industrial Building in Westlands Road in Quarry Bay in May 2002.



北角設高限 官地私地齊貶值; 北角村項目最高100米 繼園里120米
9 June 2007
香港經濟日報

政府全面收緊北角區地皮的建築物高度限制,除油街地王、北角村及丹拿山村等多幅政府用地外,多幅私人用地亦受波及。

其中繼園里、置地的麗星樓,新地(0016)及九建(0034)分別持有的明園西街項目,勢將面臨貶值。

城規會昨天宣布修訂「北角分區計劃大綱核准圖」,全面就區內的用地加入建築物高度限制,包括房委會及房協將交還予政府,並會列入勾地表內的兩幅用地,分別為北角村地王及丹拿山村地皮。

油街地價料貶值20%

其中北角村超級地王,可算是港島區最大型的可發展用地,由於地皮臨海,故設定高度限制為100米(主水平基準以上,下同),佔地約27.7萬平方呎,若按地積比率7倍計算,可建樓面近200萬平方呎,測量師估計每平方呎樓面地價達9,000元,即地價達180億元。

至於丹拿山村重建項目,高度限制為140米,佔地約9.18萬平方呎,按地積比率9倍計算,樓面面積約82.62萬平方呎,估計每平方呎樓面地價6,000元,即地價約50億元。

除上述兩地外,油街政府物料供應處同樣受高度限制影響,將令價值最高的高層單位景觀受到影響,估計地價將貶值約20%,預計3地市值因此下降,或令庫房收入減少達百億元。

麗星樓重建亦受波及

除3幅北角區的政府地王外,區內多個私人發展的重建項目,亦受到波及,其中北角繼園里住宅項目,限制建築物高度為120米,即重建限在約37層高;而置地收購逾年終成功統一業權的麗星樓重建項目,則限制高度為213米,與發展商擬以312米作重建,差距頗遠。

至於明園西街內的兩個重建項目,包括新地的明園西街38號明德苑重建項目,以及九建的明園西街24至32號重建項目,均規劃為」住宅(甲類)4」用途,限制樓高不逾140米,重建樓高約40層。
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Last edited by Ni3lS; November 28th, 2009 at 11:30 PM.
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Old July 11th, 2009, 09:01 AM   #2
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That Proposed development has 36 Floors (not included any "4" and 13/F floors.
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Old December 14th, 2009, 05:45 PM   #3
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Kowloon Development acquires two projects
17 August 2009
SCMP



Kowloon Development said yesterday it had acquired two property development projects from its parent for HK$857 million.

The company said in a statement the properties were located in Ming Yuen Western Street at North Point and Hun Nan Xin district in Shenyang, northeastern China.

Kowloon Development will pay HK$90 million in cash upon completion of the deal, and the balance will be settled in full within a year.

The consideration for the property project in North Point represents a purchase price of HK$41,319 per square metre, a 20.1 per cent discount from its market value.

The project located in Shenyang, Liaoning province, had a purchase price of HK$1,073 per square metre, a 37.2 per cent discount from its market value.

"Given the gradual economic recovery in Hong Kong and the mainland, [as well as] the outstanding pre-sale results of new residential properties, the demand for premier new units remains," said chairman Or Wai Sheun.

The property located in North Point will be developed into a composite residential building. Construction of the project is expected to be finished before June 2011.

The project in Shenyang will have a combination of residential and commercial use. The foundation work for the first phase has already commenced.

Analysts said the company's management has rededicated its energies to the core business of developing and monetising its mainland land bank.

"The next potential major catalyst for further upgrades is progress in obtaining government planning approval for the Macau land bank held by [the company's] subsidiary Polytec Asset," said analyst John Chan at Cazenove Asia.

"We remain cautiously optimistic that this could happen before end-2009."
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Old January 18th, 2010, 05:25 PM   #4
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1/9





















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Old February 4th, 2010, 10:21 AM   #5
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Some local history of the area. From my prior construction update you can probably tell the area is quite steep.

A risky business brought to book
11 November 2009
The Standard

A book has just been published about the history of our insurance industry _ Insurance History of Hong Kong 1841-2008 by Nyaw and Feng. Produced by Joint Publishing, there's an English edition on the way.

I am probably biased because I have strong ties to the industry, but it is an interesting book.

Insurance has been a part of Hong Kong ever since the city began as a trading center: ships and cargoes had to be insured, and later on there were buildings, factories, vehicles, and of course people, who needed protection against risk.

Although it may not have a reputation as an exciting business, insurance is about unexpected events, like fires, accidents and even disasters. This is one of the reasons why this book is worth a look.

It has lots of pictures of shipwrecks, riots, typhoon damage and floods from Hong Kong's past. One photo from 1966 shows some 40 or 50 cars blocking the bottom of the steep Ming Yuen Western Street in North Point after being swept downhill by heavy rain.

There are also photographs of old factories, street scenes and even insurance policies, which in the 19th and early 20th centuries were very grand looking documents.

People with very long memories might also find some of the lists of old insurance companies interesting. Some of the biggest insurers, household names at one time, have disappeared, often because of mergers over the years.

All in all, the book is a history of Hong Kong as seen through the eyes of one industry _ and it's an action-packed ride.

Bernard Charnwut Chan, chairman of the Antiquities Advisory Board, sees culture from all perspectives.
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Old May 24th, 2010, 06:46 PM   #6
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By 鄧麗欣之戀 from skyscrapers.cn :

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Old June 24th, 2010, 06:51 AM   #7
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6/20






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Old July 17th, 2010, 04:58 PM   #8
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Old July 18th, 2010, 04:59 PM   #9
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Are there 2 towers? There's another section going up to the left.
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Old July 19th, 2010, 07:57 AM   #10
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Quote:
Originally Posted by hkskyline View Post
Are there 2 towers? There's another section going up to the left.
This is Lime Habitat
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Old August 3rd, 2010, 04:59 PM   #11
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8/2

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Old October 16th, 2011, 11:54 PM   #12
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Is this completed now?
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