WHARF Properties has started leasing the tallest tower in the huge Times Square development. But the developer is still adamant that no decision on whether or not it will be sold has been made. Analysts believe Wharf will make more from rents which are rising because of a shortage of supply. Doreen Lee, general manager of Harriman Leasing, confirmed leasing of the 46-storey Tower A was underway. She said: ''We have started leasing about 150,000 square feet of space. Almost half of it is under offer already. ''No decision has been made on whether the tower will be sold. The sales market is a bit quiet at the moment but the market in Hong Kong changes quickly.'' Floors 18-25 are being leased at between $33 and $40 per square foot. The developers will decide on whether to lease the rest of the 560,000 sq ft tower later. The adjoining 39-storey Shell Tower is 90 per cent let. Ms Lee confirmed that one floor was under offer and another would be divided up into smaller spaces. Construction workers are now going flat out to finish the complex before its grand opening in December. Only a few small units are left in the retail section, which gets going in September. In an interview with Property Post, project director Fred Wai predicted major changes for the face of Causeway Bay by the turn of the century. But he believed the road network in the area would be able to cope with the jump in traffic caused by new office and retail developments, and the extension to the Happy Valley racecourse. Mr Wai said: ''We have looked at traffic projections in 10 years' time and I don't think there will be any major congestion. The prospects are good.'' Times Square is surrounded by old residential blocks which Mr Wai thought would be bought up and redeveloped in the next seven years. The arrival of the retail and office complex would raise the tone of the area, he said, attracting a higher class of tenant willing to pay higher rents. Offices and shops made more money for developers than people's homes. Almost completed is a direct link to the MTR station, making it the closest drop off point to the racecourse. On race days, strict controls will be implemented to avoid overcrowding in Times Square. Fans will be able to go home through Times Square to the MTR but not the other way about. The building's management will also make sure the 700 underground car parking spaces are not taken up by people on their way to the course. Mr Wai said his firm had held lengthy discussions with the Government on the traffic impact for the area. Parking meters are being taken away to make way for an extra lane in nearby roads to enable better traffic flow. The building itself, according to Wharf, is simply the best. They have a list of ''five number ones'' which they are proud to tell the public about. Mr Wai lists the first as the MTR concourse within the building. The second is the six-level basement - the first in Hong Kong - stretching 22 metres below ground level. The magnificent views (and when you've looked out of the windows in the huge open plan office on the 46th floor, they are magnificent) are listed third. Then, of course, are the four spiral elevators, the only ones in Hong Kong, and half of the eight in the world, all owned by Wharf. The others are at a development in Singapore. Last, and certainly not least, is the fibre optic communications system which has done so much to attract hi-tech companies to Tower B.