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Kerry Properties is seeking lease modifications for two industrial-office sites in Kowloon Bay, with plans to convert them to general commercial and business uses.

Chu Ip-pui, executive director of Kerry Real Estate Agency, Kerry's marketing arm, said the two sites recently had been rezoned as 'business'.

This means the properties can be used for general commercial activities or non-polluting industrial operations instead of only industrial or industrial-related commercial activities.

The two sites, bought by Kerry several years ago, are planned to be developed as Enterprise Square phases three and four.

Mr Chu said land premiums for conversion to business use would not be large and were estimated at HK$50 per square foot.

Construction on phase three would start this year at a cost of HK$500 million, he said.

The planned project at the junction of Sheung Yee Road and Wang Chiu Road will provide 553,872 sq ft of floor area.

Phase four, next to the site, is in the planning stage and set to provide a total floor area of 1.6 million sq ft.

Mr Chu said Kerry wanted to build a 50-storey-plus building on the site, making it the tallest property in the district.

Kerry intended to launch the 250,000 sq ft Enterprise Square Two shortly.

Several prospective buyers had signed letters of intent for several floors at HK$2,000 per sq ft, he said.

The 33-storey, industrial-office building is awaiting sales consent and will be completed next month.

Mr Chu said the Enterprise Square developments would follow the Quarry Bay concept - a cluster of quality, decentralised offices which had been established by Swire Properties.

With a cleaner environment and fewer inner, narrow roads, Mr Chu believed the Kowloon Bay development could surpass offices in Kwun Tong.

Meanwhile, Kerry is planning to launch its Sham Tseng residential project, Ocean Pointe, this month.

Mr Chu said the 54-storey project was the tallest residential development in Kowloon and would become a landmark in the area.

The semi-circular layout of the buildings aimed to maximise sea views, he said, adding more than 90 per cent of the units would look out over water. The property also offers views of Tsing Ma Bridge.

Alan Ng, project director of Kerry Properties (HK), said the three-tower Ocean Pointe used high-strength concrete so structural walls could be thinner, increasing the usable area of flats.

The 560-unit project features a 20,000 sq ft clubhouse and 50,000 sq ft of outdoor facilities, including a 30-metre swimming pool and a tennis court.

Other facilities include a 2,500 sq ft children's play area and a 3,000 sq ft gymnasium.

The project's broadband services would enable residents to connect personal computers at home with those at work, while the estate also would have intranet for intelligent-home services, he said.

The use of durable materials and the fitting of energy-saving equipment means management fees could be as low as HK$1.95 per sq ft per month.

Mr Chu said Ocean Pointe had two types of common unit, two-bedroom (888 sq ft) and three-bedroom (1,088 sq ft). It also would include four duplexes, each of 2,130 sq ft. Building efficiency is 75 per cent.

In unofficial sales among selected clients, some flats on low to medium floors were sold at prices approaching HK$4,000 per sq ft, he said. The average price for the project was set at HK$5,000 per sq ft.

Most clients for this initial sale came from outside Sham Tseng, such as upgraders from Tsuen Wan, Tai Po, Tuen Mun, Mei Foo Sun Chuen, Shamshuipo and Hong Kong Island West.

Mr Chu said the developer might reserve Tower Two, closest to the waterfront, for lease. Even if this tower was sold, it would be launched only at the final stage, leaving about 300 flats available in the short term.

Graphic: oceangwz



Kowloon Bay rezoning plan targets general commercial and business sector