Latest: Living 60 storeys up, North Sydney bonanza for Macquarie trust, Melbourne buy, 1000-room Four Seasons double on HK Island.
2 June 2001
Hong Kong’s town planning board has approved Hopewell Holdings Ltd’s application to turn its 160,000mÂ² exhibition centre near the old Kai Tak,/B> airport into an entertainment centre, including cinema, food outlets, children’s entertainment, private clubs, and from the eighth to 13th floors, offices.
Kerry Properties Ltd has been refused permission by Hong Kong’s town planning board to convert two warehouses on the northern fringe of the Tung Tau industrial park in Yuen Long into a 736-unit residential project because of incompatible land uses.
Tourism Asset Holdings Ltd has bought the Grand Mercure hotel in Flinders St, Melbourne, for $A8 million, at a rate of $NZ171,527/suite for the boutique hotel’s 58 suites. Accor Asia Pacific will continue to manage it.
Surveys by Britain’s Nationwide Building Society show the country’s house price inflation has risen 7.7% in the year to May, compared to 6.6% in the year to April.
29 May 2001
Hong Kong’s Government is thinking of letting developers build 60-storey residential towers in two new towns, compared to the tallest buildings now around 40 levels. The government’s planning department would enable the height increase by increasing plot ratios to 6.5:1, compared to a ratio of 5:1 in the neighbouring areas, but expected only a couple of these towers would be built in Kwu Tung North and Hung Shui Kiu, towards Lok Ma Chau at the back of the New Territories. The proposal is a move away from block-like building clusters to a stepped concept to widen the visual corridor. The first of these towns is to house 145,000 people by 2009 and the other, with a mainland trades and high-tech focus, is to house 96,000 people by 2011.
Doesn’t this make you jealous? Macquarie Office Trust’s management company reported from Sydney on a rent review reflecting a 38% increase. Advertising agency Lowe Lintas renewed its lease on 2819mÂ² in two full and two part floors of the Denison, 65 Berry St, North Sydney, agreeing to a rise from $A300/mÂ² to $A415/mÂ², compared to a January valuation when the trust was buying the property, projecting market rent across the building at about $A350/mÂ², all figures net. The trust has three North Sydney properties and will collect an extra $A324,185/year from this one alone.
Perth company International Equities Corp Ltd has contracted to buy a 6505mÂ² site on Swanson St, Carlton, near Melbourne’s central business district, for $A12.1 million. The property has development approval for 298 serviced and residential apartments, retail outlets and 360 parking bays in four structures ranging from three to 12 storeys.
28 May 2001
Four Seasons Hotels & Resorts has won the contract to operate two six-star hotels above Hong Kong Station, opening early 2004 and part of the International Finance Centre in the Victoria Gateway development on the Central waterfront by a consortium of Sun Hung Kai Properties, Henderson Land, the Hong Kong & China Gas Co and Bank of China subsidiary the Sun Chung Estate Co. The 38-storey Four Seasons Hotel Hong Kong will have 400 rooms, a grand ballroom and junior ballrooms, banquet halls and conference rooms. The 48-storey Four Season Suites will have 600 rooms. An average room will be 50% up on everybody else’s average at 50mÂ². Other parts of the development include Hong Kong Island’s tallest tower at 88 storeys, the existing 38-storey One IFC, 75,000mÂ² of shopping, and a 13,000mÂ² landscaped garden. Four Seasons has just lost the Hong Kong Regent management contract across the water on the Kowloon waterfront, taken over in the hotel’s sale by New World Development to Bass Hotels & Resorts.
Sun Hung Kai Properties Ltd’s release