Taixie Quarry Bay Project
Taiping Concord and the government arranged for the exchange of the Quarry Bay waterfront. The new land is a long strip of land that is connected to the existing MTR substation. It covers an area of about 92,000 square feet. The height of the building has been reduced from 85 meters to 35 meters. The commercial floor can be maintained at about 400,000. Square feet.
It is expected to build 7 to 8 storey buildings
In the early years of the year, Tai Ping Kwai He purchased two industrial sites at Hoi Yu Street on the waterfront of Quarry Bay. The site area was about 26,700 square feet. In 2001, the building plans were approved to construct a 25-storey industrial building and the nostalgic theme was put forward. The hotel and office plan of Old Hong Kong was vetoed by the Town Planning Board. Last year, the developer restarted the construction of the industrial building, which aroused public concern. After many consultations, it reached an agreement with the government to change the land at the beginning of this month.
The developer will hand over two plots of 27,000 square feet in total, which will be handed over to the Government. The Government has also approved 92,000 square feet of land, which is 2.4 times more than the original. The new land exchange site will be owned by the existing industry. A long strip of land at the site of the MTR Quarry Bay substation is now classified as “Other Specified Uses" and open space development.
The old scheme has also been converted from a 25-storey industrial building (85 m above the main level) to a retail, hotel, leisure and office facility with a relatively low level. It is subject to the 35-metre height limit of the current statutory plan. It is estimated that 7 to 8 storey buildings can be built on the floor, and the floor can be built to maintain about 400,000 square feet. It is also necessary to give up about 10 metres of land in the sea to the Government for the public promenade.
The developer is required to consult the Waterfront Panel on the development plan and submit a planning application to the Town Planning Board this year. It may propose to relax the height limit, but the new building will be well below the 25th floor. It is also necessary to seek the approval of the Executive Council to complete the development of the full market value of the market.
Planning application to the Town Planning Board during the year
As a matter of fact, the new land-changing landscape is more ideal than the original one. It enjoys a more open and wide harbour view, but it is adjacent to the Eastern Corridor. It is located far away from the North Point or the Quarry Bay MTR Station. It is a retail or hotel development. The difficulty is relatively high, and measures such as noise suppression should be provided.
At present, the supply of commercial floor space on Hong Kong Island is insufficient, the core business district is expanding to the surrounding area, and the Central Wan Chai Bypass Project will be completed. The time to travel to Central District will be greatly shortened. It is estimated that the site has the potential to develop commercial buildings and offices. With reference to the neighbouring commercial properties, the current Kerry Centre rents range from $45 to $48.