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Old November 3rd, 2019, 08:00 AM   #761
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Kai Tak Water Sports Centre targets mid-2020 opening, with government set to approve five-year land lease
Oct 22, 2019
South China Morning Post Excerpt

A proposed water sports centre at the old Kai Tak runway could be in operation by the middle of 2020, with the government expressing support for an application by the relevant sports bodies to lease and develop the site.

In a project that was first launched in 2007, a 4,000-square-metre site at the old fire station near the former airport is finally set to be handed over to the Hong Kong Water Sports Council (HKWSC) – a body made up of members from Hong Kong’s major water sports governing associations – on a five-year short-term tenancy (STT).

Joey Yu, senior information officer for the Home Affairs Bureau, said the government was keen to back projects that were in line with its sports policy objectives.

“We maintain our support for the application, the processing of which is expected to be completed shortly.”

Mike Tanner, the HKWSC’s vice-chairman representing rowing, said they would need about HK$15 million to develop the site into a centre that could cater fully to the needs of rowing, canoeing, dragon boat and life-saving.

More : https://www.scmp.com/sport/hong-kong...government-set
“The Hong Kong Water Sports Council is applying for the use of a vacant site on the former Kai Tak Runway (i.e. the ex-Kai Tak Airport Fire Station) by way of an STT for the setting up of a water sports centre,” Yu said.
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Old November 8th, 2019, 02:45 PM   #762
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Kai Tak runway parcel tender receives muted response even after valuation is cut by 15 per cent
South China Morning Post Excerpt
Nov 8, 2019


Image posted on Ming Pao

The tender for a sea-facing parcel on the runway of Hong Kong's former airport received only four bids even after its valuation was cut by 15 per cent to reflect the worsening state of the city's economy after five months of social unrest, US-China trade war and looming vacancy tax.

Sun Hung Kai Properties, CK Asset, Sino Land and a consortium of China Overseas Land & Investment, Henderson Land Development, The Wharf (Holdings) and K Wah International put in bids for the residential parcel, Area 4A Site 2, in Kai Tak, which can yield a gross floor area of 1.2 million square feet, or 18.66 soccer fields.

"It is at the bottom of our expectation … as the environment is not very good. Before, there would be six or seven bids,” said Alex Leung, senior director at CHFT Advisory And Appraisal, who was expecting four to six bids.

He added that since the plot area was large only larger developers could participate.

Thomas Lam, executive director at Knight Frank, cut their valuation for the plot by 15 per cent to HK$19.8 billion (US$2.53 billion), or HK$15,500 to 16,500 per sq ft.

Lam said flats, most likely to range from 450 sq ft to 750 sq ft, could sell for more than HK$30,000 per sq ft, with the total development cost estimated at between HK$23 billion and HK$25 billion.
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Old November 18th, 2019, 03:04 PM   #763
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Kai Tak runway area site price takes off
The Standard Excerpt
Nov 14, 2019

Ultra Keen - a consortium formed by China Overseas Land and Investment, Henderson Land, K Wah International and Wharf Development - won the tender for a non-industrial seaside site for HK$15.95 billion.

It was nearly 20 percent lower than the top end of the expected price range but it was still a record high in the former runway area.

The tender for the 50-year land grant of Kai Tak Area 4A Site 2 landed on the low end of the expected price range of HK$15.67 billion to HK$19.88 billion, after the maximum price was cut by 8.35 percent from HK$21.69 billion last week, amid the trade war and social unrest.

The market expected the average price per square foot of gross floor area to be between HK$13,000 to HK$16,500. It ended up slightly higher than the bottom and amounted to HK$13,283 per sq ft based on the maximum gross floor area.

Eight residential sites in Kai Tak have been granted to developers since November, and the highest average price per sq ft was Area 4C Site 2, which went for HK$19,636 per sq ft, tendered in May before the unrest.

More : http://www.thestandard.com.hk/sectio...0191114&sid=11
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