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New drive to develop space over car parks

A SHORTAGE of commercial development sites available in the near future is pushing investors to seek under-utilised properties such as government car parks.

Transport and service-related firm Mack & Co Car Park Management has submitted a redevelopment scheme for the government-owned Rumsey Street Car Park.

The proposal involves building a 16-storey office tower above the car park, without interrupting existing operations.

Mack & Co Car Park Management chairman Frank Pong said: 'Hong Kong developers, working within guidelines set by the Town Planning Board, have created convenient and comfortable commercial and housing developments over Mass Transit Railway Corp and Kowloon Canton Railway Corp podiums.

'This same theme could be extended to multi-storey car parks where their locations and good traffic connections readily lend them to commercial and hotel developments.' The offices would have about 245,419 square feet of gross floor area.

David C Lee Property Consultants has been appointed adviser.

Managing director David Lee said his client hoped the Government would invite private companies to bid for development rights.

The scheme was presented to government officials early last month, with representatives of the lands, transport and planning departments and the Government Property Agency in attendance.

David C Lee director Arthur Watson said the proposal 'gives Government the opportunity to improve the site utilisation and generate substantial revenue'.

Mr Watson estimated the office portion alone at Rumsey Street could raise about $1.5 billion for the government.

'The concept could be used for other government car parks, especially those in high value commercial locations at Murray Road [opposite Hutchison House] and Middle Road [next to the Sheraton Hotel],' he said.

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