Shangri-La eyes 4-star hotel for Hung Hom site
Luxury hotel operator Shangri-La Asia says it will build a multi-use complex, including a Traders Hotel, on a recently acquired site in Hung Hom.
The 15-storey hotel, which will be its fourth in Hong Kong, will have 698 rooms with a minimum size of 344 sq ft, most offering unobstructed views of Victoria Harbour.
The complex will also include two podium floors for retail, lifestyle and entertainment facilities to support the surrounding office and residential buildings.
A transport interchange within the building would offer access to surrounding areas including the upcoming cruise terminal at Kai Tak, it said.
'The area around Hung Hom Bay is going through a redevelopment, and with the facilities offered at the new complex we will be able to offer valuable amenities to back the surrounding community,' it said.
On Thursday, the Lands Department announced the hotel site had been awarded to Shangri-La Hotel (Kowloon), a wholly owned subsidiary of Shangri-La Asia, for HK$2.33 billion.
The site has a potential gross floor area of 62,495 square metres, of which 17 per cent will be used for the transport interchange.
The group operates and owns two five-star hotels - the Kowloon Shangri-La in Tsim Sha Tsui East and Island Shangri-La in Admiralty - and the four-star Traders Hotel in Western.
Shares of Shangri-La Asia rose 1.5 per cent to close at HK$13.52 yesterday.
Shangri-La is part of the Kerry Group, which publishes the South China Morning Post through the SCMP Group.
Meanwhile, Sino Land confirmed it secured a low-density residential site in Mui Wo, Lantau Island, for HK$55 million, or HK$1,113 per sq ft of developable gross floor area. The market had expected the winning bid to be at least 53 per cent, and up to 215 per cent, higher.
The site will provide a total gross floor area of 4,590 square metres, of which 1,580 will be designated for commercial use.
A maximum of 50 homes can be built on the site.
The number of visitor arrivals to HK in the first 11 months of the year, 16.3 per cent higher than in the same period in 2010