HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive


 

 
Thread Tools Display Modes
     
     
  #1  
Old Posted Jun 24, 2010, 2:56 PM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
HONG KONG | Luk Hoi Tong Building Redevelopment | 27 fl | U/C

Luk Hoi Tong faces wrecker's ball
Owner of 46-year-old Central building plans grade A commercial project on the site

28 March 2007
South China Morning Post

The 46-year-old Luk Hoi Tong Building on Queen's Road Central will be demolished by the end of this year and redeveloped into a 27-storey grade A commercial property in about three years.

The redevelopment comes as several hotel and commercial properties are being rebuilt or marked for redevelopment as new grade A office supply in Central will fall to zero in the next few years amid growing demand from foreign companies.

Other properties to be rebuilt include Dragon Seed Building at the junction of Queen's Road Central and Li Yuen Street East, while potential redevelopment candidates include Ritz Carlton Hotel, Ananda Tower, and towers one and two of Crocodile House.

Jeffrey Chan, an executive director of Luk Hoi Tong, said in view of the optimistic outlook for the office market, the redevelopment aimed to upgrade the property, which was built in early 1960s. The redevelopment is also prompted by the underutilisation of the property.

The plot ratio has not been fully utilised and redevelopment can maximise the value of the site, according to Mr Chan.

With a site area of about 10,000 square feet, the building, to be completed in three years, would provide 150,000 to 160,000 square feet of gross floor area, he said.

"It will have retail space from the basement to the third floor," he said.

The building is designed by Rocco Design, the architect of One Peking Road in Tsim Sha Tsui. It will be a modern edifice emphasising lighting and transparency with the use of glass panels.

Mr Chan said the company hoped to improve the building's tenant mix, from small local tenants to international companies that can take up whole floors of space.

The company also hopes to lure big retail brands by providing them two-floor duplex shops.

Existing rents at Luk Hoi Tong's office properties range from HK$20 to HK$30 per square foot but property consultants expect the company to see these jump as much as fivefold.

Alan Lok, senior director of office services at CB Richard Ellis, expects office rents in the redevelopment project to reach HK$100 a square foot in terms of net area, as York House, the only new office supply in Central, fetched HK$120 a square foot.

Alnwick Chan Chi-hing, executive director of Knight Frank, said redeveloping the building was justifiable as its office space was inefficient and the retail space not well-developed.

"The building has a long frontage on Theatre Lane, which could attract international brands to open retail shops," he said.

Mr Alnwick Chan believes many landlords redevelop and renovate their office buildings in Central because there was no new office supply.

Colliers International research and consultancy director Simon Lo said: "It will be the first time over the last 20 years that there will be no new office supply in Central in two years. You can imagine how tight office supply is in Central."

Citigroup Property Investors acquired Ananda Tower and towers one and two of Crocodile House in Central for about HK$1.52 billion last month.

The offices, at Connaught Road Central near Hang Seng Bank Building and One International Financial Centre, have a site area of about 12,000 square feet.

Property agents expect Citigroup to be studying the possibility to redevelop the three buildings into a grade A office property with a total gross floor area of 18,000 sq ft.

Lai Sun Development also wants to redevelop the Ritz-Carlton hotel into an office building for greater returns.

New World Development has demolished Dragon Seed Building and six old buildings nearby. The site will be developed into a 28-storey office building with a gross floor area of 132,200 sq ft. The office block is scheduled for completion in 2009.

Meanwhile, a joint venture among Morgan Stanley, Global Gateway and Pamfleet (HK) has planned to invest up to HK$200 million on the renovation of the Hang Seng Building. The work is scheduled for completion in the middle of next year.

3/26/2010

__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
  #2  
Old Posted Jun 28, 2010, 2:02 PM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
Gammon wins Luk Hoi Tong Building Redevelopment contract
Press Release
http://www.gammonconstruction.com/hk...ss_index1.html

Hong Kong, 3 September 2009 - Gammon Construction Limited has been awarded a HK$333 million contract to redevelop the Luk Hoi Tong Building in Central. The construction works will commence by the end of 2009 and be completed in mid 2011. A work force of nearly 300 will be engaged at the peak construction period.

Located at 31 Queen’s Road Central, the site was originally occupied by the old Queen’s Theatre in 1925 and was later developed into an office cum cinema building in 1961.

The new development will comprise a 28-storey mixed office and retail tower with a gross floor area of 21,000 square metres, spreading over 21 floors of office, two levels of mechanical floor, a three-level podium retails, a basement floor and two dining floors.

Commenting on the award of the contract, Thomas Ho, Chief Executive of Gammon said, “We are particularly delighted that our technical competence and excellent quality have enabled us to win this prestigious contract. We are fully committed to the challenges ahead and are confident that we will deliver a development of the highest quality, while maintaining vigorous safety standards, “ adding that the development will also aim to meet the most stringent requirements of Hong Kong’s Building Environmental Assessment Method (BEAM).

Gammon has been contributing to the development of the Central Business District and has completed more than 15 prestigious buildings in Central over the years.

- End -

For further information please contact:

Candy Chan Tel: + 852 2516 8733
__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
  #3  
Old Posted Jun 28, 2010, 6:16 PM
chex's Avatar
chex chex is offline
Registered User
 
Join Date: Aug 2006
Location: gdl/ldn/ny
Posts: 2,232
any render?
     
     
  #4  
Old Posted Aug 1, 2010, 5:24 PM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
Posted by fatshe on SSC :

__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
  #5  
Old Posted Oct 31, 2010, 2:10 AM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
10/24



__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
  #6  
Old Posted Feb 17, 2011, 3:06 PM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
12/23



















__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
  #7  
Old Posted Feb 17, 2011, 5:12 PM
Pavlov's Avatar
Pavlov Pavlov is offline
Khan
 
Join Date: Sep 2004
Location: Kingston, Ontario
Posts: 4,915
And the rich just keep getting richer... Turned out great.
__________________
Confucius says:
With coarse rice to eat, with water to drink, and my bended arm for a pillow - I have still joy in the midst of these things. Riches and honors acquired by unrighteousness are to me as a floating cloud.
     
     
  #8  
Old Posted Sep 13, 2011, 5:07 PM
hkskyline's Avatar
hkskyline hkskyline is offline
Hong Kong
 
Join Date: Jan 2002
Posts: 8,516
Apple not put off store plan by rising rents
25 February 2011
South China Morning Post

Hong Kong's soaring rents have not deterred Apple, the maker of the best selling iPhone and iPad, from plans to open two large stores in the city's priciest locations at an estimated cost of at least US$40 million.

The world's number-one technology company will open its first 15,000sq ft Apple Store at IFC Mall, in Central, by the end of this year, people familiar with the plan said. In the third quarter of next year Apple plans to open a 20,000 sq ft store at Hysan Place, which is under construction.

Hysan Place, the former Hennessy Centre, is owned by Hysan Development, the largest landlord in Causeway Bay.

After negotiating for more than a year, Apple signed a 10-year lease with the landlord of upmarket IFC Mall, which has achieved an average rental of HK$250 to HK$300 per sq ft per month.

IFC Mall was jointly built by Sun Hung Kai Properties, Hong Kong's largest developer by market value, and Henderson Land Development.

"Such a long lease is on non-negotiable terms by Apple as it will spend at least US$20 million in decorating its first store in Hong Kong. It needs time to recoup the investment," people familiar with the plan said.

Apple's investment in the second store would probably be higher because it was bigger, they said.

An Apple spokeswoman confirmed its first Hong Kong store would open later this year, but declined to identify the location.

"The first Apple Store in Hong Kong will be similar to those in London, Paris and Shanghai," she said, declining to comment on whether the company planned a second store in the city.

Hysan and International Finance Centre Management, which handles the management and leasing of the IFC Mall, said they did not comment on individual cases.

Livian Har, director of retail services at Knight Frank, said there was no shortage of international brands coming to Hong Kong undeterred by rising rents. "A rebound in retail sales has lured more global brands to expand in the city and driven up demand and rental," she said.

One example was Gap, the American fashion retailer, which paid HK$5 million to lease 15,000 sq ft at Luk Hoi Tong Building, on Queen's Road Central, last year.

In China, Apple's spokeswoman said the company would open its fifth store in Nanjing Road, Shanghai's busiest shopping location, this year. Apple has two stores in Beijing and two in Shanghai.

China has Apple's highest-grossing stores worldwide less than three years after the company opened its first one in Beijing.

The company said early last year that it planned to open as many as 25 stores up to the end of 2012 in the world's most populous nation - a market that Tim Cook, the chief operating officer, called a "top priority".

Apple had 323 stores worldwide at the end of the first quarter - 87 of them outside the United States.
__________________
World Photo Gallery recent updates - | Chicago | Havana | Los Angeles | Toronto | London | Buffalo | Yellowknife
More galleries - | Hong Kong | Pyongyang | Istanbul | Dubai | Mumbai | Queenstown, NZ | Angkor Wat
     
     
End
 
 
 

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 6:45 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.