Cyberport to have fewer units and more offices

Cyberport Ltd has won approval to convert about 87,000 square feet of residential space for office and retail use, reflecting a fall in demand for housing at the project.

A Town Planning Board spokesman said approval had been given for an additional two blocks of three-storey office towers, providing 74,000 sq ft of office space and 12,900 sq ft of retail space on a 340,000 sq ft site at Cyberport in Pokfulam.

The new scheme will add five houses to the eight in the original plan, but cut 62 apartments, including 20 duplex units. The total gross area of the 13 houses is 72,000 sq ft.

Information Technology and Broadcasting Bureau deputy secretary Annie Tam Kam-lan last year signalled Cyberport's intention to convert some residential space amid keen demand for office space.

She said the Government had received 69 applications from information technology companies seeking to become anchor tenants in the project.

The selection committee is processing the applications to decide which companies will be housed in Cyberport when it opens in April.

Analysts said yesterday the planning change was due to a fall in demand for luxury residential apartments in Cyberport. One said: 'Pokfulam is not a traditional luxury residential area and has limited potential for price increase.