Liu Chong Hing in Shanghai, HK work

PUBLISHED : Wednesday, 16 April, 2003, 12:00am
UPDATED : Wednesday, 16 April, 2003, 12:00am

Liu Chong Hing Investment is developing a 600,000 square foot office tower in central Shanghai, according to director Terence Wai Chun-sing.

Mr Wai said the project, at Nanjing West Road, was a joint venture with subsidiary Liu Chong Hing Bank.

The foundation work for the building, called the Liu Chong Hing Financial Centre, was recently completed.

The centre is due for completion in two years' time.

The project's total investment cost had not been finalised, Mr Wai said.

The building would be held for long-term lease and would house Liu Chong Hing Bank's representative office in Shanghai.

In Hong Kong, the group plans to redevelop its headquarters building in Central into a modern office tower at a cost of HK$120 million.

Mr Wai said the 41-year-old Liu Chong Hing Bank Building, at 24 Des Voeux Road Central, would be torn down to make way for a grade-A office tower providing a total floor area of 110,000 square feet.

The group would keep the project as a flagship building for long-term investment and would move its operations there when it is completed in three years' time.

Mr Wai said the group was looking at other commercial redevelopment opportunities, adding that luxury housing was also a key area of expansion. It would explore luxury development opportunities in prime locations such as Island South and Kowloon Tong.

He said the group had received a good response to its luxury project Double Haven in Kau To Shan, Sha Tin, with 25 units sold for HK$390 million since July.

The company has appointed Centaline Property Agency and Ricacorp Properties as joint agents to sell the remaining seven units, measuring 3,888 sq ft.

Mr Wai said the remaining houses were offered at an average price of HK$5,000 to HK$5,500 per square foot and he expected to generate up to HK$140 million.

To promote sales, the group is giving buyers each a set of high-end audio-visual equipment worth HK$200,000.