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

By bextra from :

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











141,451 Posts
Discussion Starter · #3 ·
Kowloon Development acquires two projects
17 August 2009

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."

141,451 Posts
Discussion Starter · #5 ·
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.

17,156 Posts
Is this completed now?
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