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The government-funded Science Park expects to achieve a 70 per cent occupancy rate by its official opening late next month.

Hong Kong Science and Technology Parks Corporation (HKSTP) chief executive Tam Chung-ding said he had signed non-binding agreements with a number of biotechnology firms during a trip to Europe early this month.

'I expect a 70 per cent tenant occupancy rate when the park opens on June 27,' Mr Tam said, adding occupancy was nearly 50 per cent at present.

The Tai Po park aims to emulate Silicon Valley in California, creating strategic clusters for technology development relating to electronics, telecommunications, biotechnology and precision engineering.

The park, however, is considered by many to be direct competition to Cyberport at Pokfulam, jointly developed by the Government and Pacific Century CyberWorks.

Cyberport, which focuses on information technology, opened last month.

In the scramble for a similar range of tenants, the Science Park last month announced it would offer rent-free periods of up to three months.

Subsequently, Cyberport was reported to have offered a rent-free period of a year to tenants who signed for three years.

Excluding the rent-free period, Science Park rents of about HK$7.80 per square foot are cheaper than Cyberport's HK$11 to HK$13.

Mr Tam said the park did not plan to extend its rent-free period but he did not rule out the possibility of giving tenants a similar concession when they rented serviced apartments in the park. The first phase of the park would include 26 serviced apartments reserved for executives of tenant firms.

Meanwhile, Mr Tam said HKSTP has launched a new subsidy scheme for its incubation project which aims to help technology start-ups commercialise their products.

Under the scheme, HKSTP would help the start-ups obtain professional consultation services from local universities and undertake 75 per cent of the fees.

This followed the offer of a 38.5 per cent rent cut and one-year rent-free period last September to attract more firms to join the incubation programme.

Under the programme, technology start-ups can enjoy a low-rent office in HKSTP's Technology Centre in Kowloon Tong, as well as legal and accounting services.



Science Park fights Cyberport for tenants