For immediate release
6th October, 1997
With recent acquisitions, Swire Properties has now completed the land assembly of its three sites in Wanchai for its residential and commercial developments.
The Star Street project will provide close to 330 residential units in two towers. The podium will contain 81 car parks, a residents' club and two restaurants fronting onto Star Street. Site area is 40,870 sq. ft. and the development gross floor area will be 332,772 sq. ft. Site formation and foundations are completed and the super structure work will commence shortly. Completion is scheduled for 1999.
The company has successfully acquired all of Wai King Court on Star Street. With this recent purchase, the area of the land acquired between Star Street and Wing Fung Street West, fronting Mammoth Path, is 22,237 sq. ft. A submission will be made to the Town Planning Board to develop an office building of 333,552 sq. ft. with a restaurant and 130 car park spaces on this site.
Demolition work on 1-13 Queen's Road East has been completed and foundation works will commence early next year. The area of this site is 10,804 sq. ft. and the gross floor area approved for office development is 172,683 sq. feet. Completion is due in the year 2000.
Mr. Mike Moir, Director and General Manager of Swire Properties, said he is pleased that land assembly process is now completed.
"Acquiring these sites through purchasing the interests of over 200 owners has been a lengthy process. However the difficulty in finding good sites to meet the demand for residential and office use in this popular urban area location gave us the incentive to overcome these difficulties. The company has learnt a great deal about the challenges of urban renewal.
"Urban renewal is an essential part of maintaining a vibrant and attractive built environment," Mr. Moir added.
Mr. Moir also revealed that the company had hoped to acquire Nos. 15-19 on Queen's Road East to develop along with Nos. 1-13, but was unable to reach agreement with some of the owners.
"We have now stopped considering the expansion plan and are proceeding with the development of the site which we wholly owned," he commented.
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