For immediate release
12th September, 1997
Senior management of Swire Properties and CITIC Pacific, Festival Walk's joint developers, and its project contractor, Sanfield Building Contractors Ltd., as well as its architects, gathered at the Yau Yat Tsuen site for a topping out ceremony today (12th September).
Officiating guests were:
Mr. Mike Moir, Director, Swire Properties Ltd.
Mr. Henry Fan, Managing Director, CITIC Pacific Ltd.
Mr. Thomas Kwok, Vice-Chairman and Managing Director, Sanfield Building
Contractors Ltd. (a subsidiary of Sun Hung Kai Properties Ltd.)
Mr. Martin Wander, Project Director, Arquitectonica
Mr. Dennis Lau, Chairman and Managing Director, Dennis Lau & Ng Chun Man
Architects
The ceremony took place on the roof top of the office building at Festival Walk. At 52,000 sq. ft. per floor, this is the largest Grade A office floor plate in Hong Kong. With an unusually high efficiency rate of 92%, the four floors of office development available for leasing offer an excellent opportunity for companies seeking operational efficiency and the communications advantage of being located on a minimal number of floors.
The office building features raised flooring on each level to give users greater flexibility in office planning. This also facilitates the re-organisation of work stations and complete retrofits, which can be carried out at minimal cost and disruption. Other special features include a generous 2.5-metre headroom between raised floors and suspended ceilings, and digitally controlled central air conditioning to achieve energy and cost savings.
The office accommodation occupies the top four floors of a 10-storey low-rise building, with plenty of natural light provided by a central atrium and full-height, solar reflective glass curtain walls. Conveniently located above the Kowloon Tong MTR/KCR station, this development in low density Yau Yat Tsuen is a rare and refreshing alternative to high-rise offices situated in more crowded environments.
Festival Walk is due for completion in the middle of 1998. With just under a year to go before opening, Mr. Moir said that about 65% of its one million sq. ft. shopping centre is already pre-let, indicating strong retail confidence in the project.
"Even more encouraging is the impressive line-up of prominent brand names we have attracted, and the large areas they have committed to. We are continuing to negotiate with other prestigious retailers both locally and overseas," he added.
Mr. Fan said that CITIC Pacific and the Swire Group have been long-term partners in a number of areas. "Festival Walk is CITIC Pacific's first retail project and we are glad to have Swire Properties, known for its high quality shopping centres, as our partner in this major venture.
"Festival Walk will be a landmark in the heart of Kowloon and we see the exciting opportunity of it becoming a regional shopping centre serving the larger population of Southern China."
Located on a 222,382 sq. ft. site, Festival Walk was designed by world-renowned architect Bernardo Fort-Brescia, of Miami-based firm Arquitectonica, who has given it a nature-inspired design with a spacious and stimulating interior environment
Mr. Kwok said Sanfield is proud to be the contractor for Festival Walk. "This $2.2 billion main contract is a world-class project with an outstanding architecture and we have worked very well with the developers.
"Sun Hung Kai Properties and Swire Properties are close business partners, having teamed up on various counts before and are now jointly developing major projects in Tseung Kwan O and Tung Chung. Festival Walk is just one of the milestones in this partnership and I am sure there are more exciting ones to come in the future."
In addition to the office building, the Festival Walk shopping centre will offer a comprehensive trade mix, including an exquisite selection of flagship and specialty stores operated by leading international and Hong Kong retailers. These will be complemented by some of Hong Kong's best entertainment facilities, including an 11-screen cinema complex, Hong Kong's largest ice-skating rink and 30 restaurants and eateries.
The Festival Walk Internet site can be found at http://www.festivalwalk.com.hk
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