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Signs of rebound as rents surge 20pc at mega tower

Rents at Two IFC, Hong Kong's premier Grade-A office tower, rose by up to 20 per cent in the third quarter, real estate agents said.
More than half of the 88-storey mega tower is now leased, with 100,000 square feet being let since the signing of the Closer Economic Partnership Arrangement (Cepa).


Sun Hung Kai Real Estate Agency executive director Victor Lui said rents had rebounded by 15 to 20 per cent, or HK$25 to HK$35 psf, in August and September.
Lui said the developers had also slashed rent-free period offers from up to six months to three months as the market strengthened.
Property consultant FPDSavills said investment bank UBS Warburg had agreed to lease six floors from the 47th to 52nd floors, an area of 146,000 sq ft, for 10 years.
On the overall grade-A office market, average rents fell 4 per cent in the third quarter, the smallest fall since the second quarter of 2001, senior director (research) Simon Smith said. ``Modest declines were noted across all business districts and reflect gradually improving sentiment which is helping to stabilise rents.''
Jones Lang LaSalle's head of research for Greater China, Nelson Wong, said grade-A office rents in Central had stabilised at HK$15 to HK$18 psf.
"The fall in grade-A office rents has narrowed to less than 10 per cent, from the average drop of over 10 per cent each quarter in recent years,'' Wong said. About 3 million square feet of Grade-A office space in Central is vacant, he said.

Wong expected rents would stabilise next year while FPDSavills' Smith predicted a pick-up in the second half of next year.
"With rents having fallen more aggressively than expected, we believe better economic conditions and the recent announcement of Cepa will stabilise rents in 2004,'' Chris Marriott, FPDSavills' deputy managing director said.
 
Discussion starter · #130 ·
Finally some updates taken at Sunday, 12th october 03
by Mongchacha:

start with 4 Seasons (more will follow)


4 Seasons Hotel & Suites

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^ seen from China HK City's Ferry Pier

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^standing at Man Ka Street , looking southeast.

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^ standing at Man Kat Street , looking northeast.

i put this 2 pics togeter with PhotoEditor:
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^ standing at Man Kat Street , looking north-northwest.

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^ standing at Man Cheung Street, looking north.
 
Discussion starter · #132 · (Edited)
hehe, i like that Add... hope there will be a permanent neon sign soon...

here some more updates...

Pacific Forum (Three Pacific Place), Police HQ Extension (May House)
and Bowen Court


The former Prince of Wales Bldg still looks ugly , even after renovation :D
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^ v seen from a Star Ferry, looking southeast
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^ v seen from a Star Ferry, looking southeast
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^ note the big tubes in foreground, they are laying at the
site wich was kinda promenade before...
i guess they beginning with the land reclamation soon.



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^ v seen from a Star Ferry, looking southeast
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Bowen Court is halfway at the hill , right of Pacific Forum (three Pacific Place)


BTW: Three Pacific Place seems to b topped out... i thought it will be taller :(
 
Finally!!!!...Thank you sooooooooooooooo much!!!....I would love to see those UN Square too....lol...:D
 
Discussion starter · #135 ·
OK Chad, here u have :D

US Phase3 Project

here some pic i forgot to post in August
:angel1:

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^ seen from Wui Cheung Road , looking southwest.

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^ v standing at corner Wui Cheung Road / Lin Cheung Road, looking south-southeast.
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^ v at corner Austin Rd West / Lin Cheung Road, looking northwest.
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^ standing at Nga Cheung Road, looking east.


and here r the updates from 12th Oct 03 :

seems they are quite slow now... only 3 or 4 levels in 6 weeks?

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^ v standing at China HK City's ferry pier, looking northwest.
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Discussion starter · #136 ·
Langham Place (Mongkok Redevelopment)

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^ v standing at China HK City's ferry pier , looking north-northwest.
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8 Waterloo Road Project in Yau Ma Tei
some1 got more infos or some pics?
they seems to reach 20/F now, if u look at previous pic

the rendering:
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location:
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Langham Place looks tall but I'm still has some dulb about it's little dome on the top.
 
Discussion starter · #139 ·

Police HQ Extension (May House)

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^ At corner Lockhart Rd / Arsenal St , looking west. 21st Oct 2003

_________________________________________________________________________________________


and here a Puplic Housing:
Shek Pai Wan Estate (Redevelopment Project) in Aberdeen Center

location:
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^ seen from Bus Station at Aberdeen Praya Rd, looking northeast.
25th Oct 2003
 
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