Science Park half full but optimistic for launch

The second key government project undertaken in an attempt to turn Hong Kong into an Asian technology hub will open in Tai Po next month with less than half the office space rented out.

The Science Park is due for launch following last month's opening of the Cyberport, which was heavily criticised by legislators when only three corporate tenants took offices. Three more tenants have subsequently signed on and all six now account for 60 per cent of office space at the Pokfulam project.

The Science Park's deputy chief executive, Bernard Lam Moon-tim, described the tenant occupancy rate as satisfactory. He said at least 10 other companies were in the late stages of lease negotiations, with one major corporation ready to take up a whole building as headquarters.

'We are talking about almost 50 per cent of offices taken up in some buildings that have not been completed yet - that's a very good rate for any development in this market condition,' Mr Lam said. 'If you include office space that companies have expressed a strong interest to take up and are negotiating leases for, there is only 15 per cent of space in one building due in 2004 that has not been taken up.'

Sixteen corporate tenants have signed agreements with the park, taking up 48 per cent of 1.2 million square feet of office space in nine buildings.

The first nine tenants will move into two buildings that open next month. Seven others will take up offices in the others due for completion next year and 2004 under the park's phase-one construction plan.