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SCMP Reporter

Central Development, controlled by the Hui family, is investing $1 billion to build one of the tallest residential towers in Asia on Stubbs Road, in Mid-Levels.

  The tower, which will be up to 65 storeys, will replace the company's 20-year-old, 80-unit Highcliff development, which is being demolished.

  When completed by 2000, the new Highcliff will be slightly lower than Tregunter Tower 3, which, at 66 storeys, is believed to be the tallest residential building in Asia.

  A company official said it had to build high, because the land lease allowed the company to build on only 25 per cent of the 42,000 sq ft site.

  The redevelopment would have a gross floor area of 375,000 sq ft and cost about $1 billion to build, he said.

  The site is next to a plot of land bought at a government land auction by Amoy Properties for $860 million in December last year.

  With an area of 32,776 sq ft, the accommodation value is $5,248 a square foot.

  Central Development officials said the tower would probably include about six floors of car-parking space and 56 floors of luxury units of 3,000 sq ft to 3,500 sq ft each.

  There would be two units on each floor, according to Charles Hui Chun-ping, the company's financial director.

  Mr Hui said the company was aiming at the high end of the market, because 'there is a gap in the market at that level'.

  He said the company would not sell the units, but would keep them as a long-term investment.

   Analysts said Highcliff would be worth more than $4 billion.

 Company officials said that at present rental rates of about $40 a square foot, the units would fetch about $120,000 to $140,000 a month.

    Mr Hui yesterday attended a ceremony to mark the leasing of the company's new office building, Central Tower, at Queen's Road Central.



Hui family to invest $1b in Highcliff site