THE Executive Council yesterday gave its blessing to the Land
Development Corp's plans to develop an area bounded by Tai Yuen Street
and Wan Chai Road.
The approval was the final step before the LDC can start assembling
land in the 0.85-hectare site, which it is developing in a joint
venture. Chinese Estates has a 40 per cent stake in the consortium,
Kwong Sang Hong has a 25 per cent stake, Chi Cheung Investment 20 per
cent and Peregrine Group 15 per cent.
The project calls for a mixed residential, office and retail complex
to be built on the site, with a total commercial gross floor area of
887,944 square feet.
Various community facilities will also be included in the project,
with a total gross floor area of 79,655 sq ft. The project is
scheduled to be completed in 2002.
The site is bounded by Tai Yuen Street, Queen's Road East, the
Ruttonjee Hospital and Cross Street, including portions of Stone
Nullah Lane and Wan Chai Road, and is currently occupied by
four-storey to eight-storey residential buildings with retail and
metal shops on the ground floor.
The LDC said that more than half of the existing buildings were
constructed before 1966 and that on-street hawkers are now trading
along Cross Street and Tai Yuen Street. Joshua Fellman