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SCMP Reporter

The Pacific Century Group has received several offers to buy the Crown Motors Building in Quarry Bay, according to company director Paul Tong Yuk-lun.

Pacific Century, controlled by Richard Li Tzar-kai, bought the building in January for about $675 million.

Speaking at the launch yesterday of the company's Toronto waterfront property project, Pavilions, Mr Tong said the company would push ahead with its proposal to develop a 350,000 sq ft office block if it could not reach an agreement with the prospective buyers for its only site in Hong Kong.

The building, at the corner of King's Road and Shipyard Lane, was previously owned by Inchcape Pacific. It has a site area of 19,540 sq ft.

Mr Tong said the company was looking at a couple of other potential investment sites in the territory.

'We are planning to look at [some sites] and if the opportunity arises, we are interested in investing,' he said.

 Mr Tong added that the company preferred a vacant site to a completed building.

'We would like to develop. We would be more interested in vacant sites,' he said.

On the China market, Mr Tong said the group was involved in a large mass residential project in Guangzhou.

The company was also negotiating with officials in Beijing and Shanghai for property projects there, he said.

'Guangzhou was our very first step,' Mr Tong said.

 'Bear in mind that this is a brand new setup and we want to move very cautiously.' The C$100 million (about HK$563.47 million) Toronto project consists of four 10 to 12-storey towers with a total of 252 luxury units and penthouses.

Two towers will go on sale in Hong Kong and Toronto early next month at $200 a sq ft or between $140,000 and $1.1 million.

This is the group's first venture in the North American property market. The land for the project was bought from the Toronto Harbour Commission and the waterfront development is the first in 10 years, according to Allan Yeung, managing director of Colliers Jardine, which is marketing the project.

Mr Tong said the group got involved in the project because the site was 'special'.



Pacific Century Group takes bids for Quarry Bay building