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Peggy Sito

Wharf (Holdings) has submitted a proposal to turn its industrial site in Kennedy Town into a four-star hotel on renewed optimism for the tourism industry because of the proposed Disney theme park.

 Ricky Wong, director of marketing at Wharf's Harriman Realty, said the proposed 28-storey hotel would have 260 rooms on a 6,500 square foot site.

 The application was submitted last week, taking advantage of the news of the Government's theme park project with Walt Disney on Lantau island.

 This was the second application by the company as the Town Planning Board raised objections on the original application.

 Mr Wong said the revised submission proposed a re-zoning of two nearby industrial buildings owned by a number of individuals.

 He said this application would have a higher chance of success as the environment of the revised proposal would be better suited for the hotel project.

 Mr Wong said Wharf, in a consortium with Kerry Properties and Nan Fung Development, would this month apply to have its industrial-related sites in Kowloon Bay re-zoned for a project comprising eight residential blocks and one serviced-apartment tower.

 The project will provide more than 3,600 flats and 280 serviced units. The buildings will range from 13 to 55 storeys.

 If approved, the project would strengthen the group's residential portfolio.

 Mr Wong said Wharf planned to sell four housing projects of more than 2,000 units next year.

 They include the second phase of Kowloon Station development and a project in Sham Tseng.

 Assuming all 2,000 units were sold, property sales could amount to $10 billion, said Mr Wong.

 Wharf yesterday launched 40 units of its industrial-office building Delta House in Sha Tin. Average rent is pitched at between $6 to $8 per square foot a month.

 The building, completed in July, has two towers providing 350,000 sq ft of space.

 Mr Wong said about 60,000 sq ft, or five storeys, had been leased to trading companies and technology firms.

 He said the company has reserved one floor of about 15,000 sq ft of space for high-technology companies by offering an equity-for-rent programme.

 Under the terms, the developer waives rents for tenants in exchange for shareholdings in the information technology companies.

 Wharf bought the 70,130 sq ft site at a government auction in 1994 at an average cost of $1,800 per square foot. Total development cost of the project is estimated at about $3,000 per square foot.



Disney park gives Wharf hope for hotel project