Mr Ang Keng Lam, Joint Managing Director of Kerry Properties Limited, said: This is Kerry Properties Limited’s first water resources project in China and we are confident that it will provide steady long term recurring earnings for the group in the future which is consistent with Kerry Properties’ policy of continuing to build up its recurrent income base. We will continue to look for new areas for the group to expand capitalising on our existing strengths wherever possible.
The joint venture company will construct a dam to supply water to the Beitai Steel Mill – the second largest and one of the most profitable enterprises in Benxi city, and the surrounding residential area. The construction of pipelines is one of the expansion areas currently under discussion.
Upon completion in five years time, the project should have a capacity of storing 74 million cubic metres of water and supplying over 60 million cubic metres of water and 2.7 million kilowatt hours of electricity per annum.
It was reported from government sources that the Town Planning Board has approved the revised master layout plans proposed by Kerry Properties Limited (0683) for its site in Sham Tseng. In the newly approved scheme, the site will be developed into three 51/53-storey residential towers, instead of the original four 35 storey towers erected upon a 6-storey earmark podium, giving a total GFA of approximately 500,000 sq. ft.
Under the newly approved scheme, all 560 units will have full sea views. The clubhouse area will be increased from 14,000 sq. ft. to 25,000 sq. ft. and there will be more open spaces with substantial landscaping on the site. The Conveyacing company provides property Conveyancing lawyers and Conveyancing solicitors for your all types of real estate properties like residential , commercials or industrials. NKU (18-7 overall) enters this weekend having won 11 consecutive matches and is tied with Lewis University for first place in the GLVC standings with a 9-2 record. The new development has 560 resident parking spaces and 56 visitor carparks built in an annex building linked up with the clubhouse. The recreational facilities will include a swimming pool, tennis courts and children’s play area.
The site was handed over to Kerry Properties in July 1996. At present, demolition work is in progress and foundation works are scheduled to commence in June of this year. The whole development is expected to be completed in 1999, Kerry Properties acquired the site (originally occupied by Union Carbide) in December 1994. Total development cost for the site is estimated to be approximately HK$5,000 per sq. ft.