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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1918)	9/11/2001 11:30:33 PM
From: ms.smartest.person	of 2248

CyberWorks gets nod for CyberPort Wednesday, September 12, 2001 RICHARD WOO Pacific Century CyberWorks has secured government approval for the phase one plan in the residential portion of CyberPort in Pokfulam. CyberWorks plans to develop 14 residential towers of 35 to 48 storeys on the southern half of the CyberPort site. The blocks will be built above a three-level podium with one basement providing 1.73 million square feet of residential area and recreational facilities. Buildings Department approval was given in July but announced only yesterday. CyberPort is a joint venture project between CyberWorks and the Government. The residential portion comprises five phases providing four million sq ft, all intended for sale on the open market. CyberWorks will share the sales proceeds with the Government. The commercial portion of the CyberPort project will be handed over to the Government and will not generate income for CyberWorks. The first phase is due to be completed in 2004, with the final phase due in 2007. The department has also approved plans for a residential project at Route Twisk, Tsuen Wan, owned by a Cheung Kong (Holdings)-led consortium. The 829,000 sq ft project comprises 16 blocks of 10-storey to 12-storey apartment buildings. The properties will either have a nine-level or five-level podium. Cheung Kong holds a 50 per cent stake while Sino Land and K Wah International each hold 25 per cent in the project. The department also approved a plan by Cheung Kong and Sun Hung Kai Properties (SHKP) to build six residential towers of 46 to 48 storeys on a Cheung Sha Wan site next to a residential redevelopment at former shipyards undertaken by SHKP and Shun Tak Holdings. The project will provide a residential area of 1.3 million sq ft and commercial area of 257,000 sq ft. The department approved 20 building plans in July, with six on Hong Kong Island, seven in Kowloon and seven in the New Territories. technology.scmp.com

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