{"id":312075,"date":"2022-04-11T21:59:04","date_gmt":"2022-04-11T13:59:04","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=312075"},"modified":"2022-04-11T21:59:04","modified_gmt":"2022-04-11T13:59:04","slug":"hysan-chinachem-add-cultural-space-to-hong-kong-project","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/design-and-construction\/hysan-chinachem-add-cultural-space-to-hong-kong-project\/","title":{"rendered":"Hysan, Chinachem Add Cultural Space to Causeway Bay Commercial Project"},"content":{"rendered":"<div id=\"attachment_312076\" style=\"width: 790px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-312076\" class=\"wp-image-312076 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept.jpg\" alt=\"Caroline Hill Road\" width=\"780\" height=\"440\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept-400x226.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept-348x196.jpg 348w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept-640x361.jpg 640w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/concept-420x237.jpg 420w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><p id=\"caption-attachment-312076\" class=\"wp-caption-text\">Hysan and Chinachem have plans for Caroline Hill Road (Image: Hysan Development and Chinachem Group)<\/p><\/div>\n<p>Hysan Development and its partner Chinachem Group are turning to culture to boost the value of a HK$28 billion ($3.5 billion) commercial project they are developing in Hong Kong\u2019s Causeway Bay area, according to a planning application submitted by the joint venture last month.<\/p>\n<p>The partners submitted designs created by architects Ronald Lu and Partners to add performing arts and cultural facilities, a communal garden and a larger public open space to the project being developed on Caroline Hill Road near Hysan\u2019s Causeway Bay headquarters, while also requesting permission to expand the floor area of the project.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Copy of APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real Estate\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><script language='JavaScript1.1' src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpj\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;ord=+ Date.now();dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?\" attributionsrc ><\/script><\/p>\n<p>\u201cUpon the project\u2019s completion in 2026, the public will have direct access to a community space of over 110,000 square feet, which includes a park of 60,000 square feet, indoor performing arts and cultural facilities of 20,000 square feet, as well as community facilities of 30,000 square feet (an elderly day-care centre, a district health centre and a child care centre),\u201d a Hysan spokesperson told Mingtiandi.<\/p>\n<p>The plans for the three-tower commercial project, which Hysan and Chinachem purchased <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/projects\/hysan-chinachem-jv-wins-causeway-bay-site-in-hong-kong\/\">for HK$19.8 billion in May last year<\/a>, call for boosting the maximum gross floor area by 2 percent to 1.09 million square feet (101,264 square metres). The blueprints also provide details on transport connectivity and an elevated walkway connecting the development to Hysan\u2019s Lee Garden Six via Causeway Bay\u2019s Leighton Road.<\/p>\n<h3>Adding Area<\/h3>\n<p>Each office tower on the 159,327 square foot site would feature a podium accommodating retail or community facilities, with 24 above-ground storeys for the interconnected towers one and two, and 16 storeys for tower three, which occupies the eastern wing of the plot.<\/p>\n<div id=\"attachment_249193\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-249193\" class=\"size-full wp-image-249193\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/irene-lee-hysan.jpeg\" alt=\"irene lee hysan\" width=\"600\" height=\"451\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/irene-lee-hysan.jpeg 600w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/irene-lee-hysan-400x301.jpeg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/09\/irene-lee-hysan-420x316.jpeg 420w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><p id=\"caption-attachment-249193\" class=\"wp-caption-text\">Irene Lee of Hysan is bringing some culture to Causeway Bay<\/p><\/div>\n<p>\u201cThe additional (gross floor area) would be for arts and cultural facilities, which may generate some further pedestrian traffic to this area,\u201d said Alex Leung, senior director at local \u200b\u200bsurveying firm CHFT Advisory and Appraisal Limited. The elderly day-care centre, district health centre and child care centre had been conditions of the original project tender.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>Leung, who estimates that the value of the completed project will be around HK$28 billion, noted that the added space could allow for the construction of higher-level office floors with better views of the city.<\/p>\n<h3>Causeway Bay Kingdom<\/h3>\n<p>As Hysan and Chinachem await approval for their Causeway Bay project plan, asking rents for prime offices and Ginza-style commercial towers in the area range from HK$45 to HK$70 per square foot per month, depending on the quality and location of the building, said Leung. However, he added that there could be room for negotiation given the current weak commercial real estate sentiment.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.yardi.asia\/Resource\/?resource=Technology+Transformation+in+Asian+Real+Estate+%28White+Paper%29&#038;utm_source=mingtiandi&#038;utm_medium=website&#038;utm_campaign=wp23ttare\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Yardi &#8211; Asia Proptech Report 2023 v1_250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/Yardi-Asia-Proptech-Report-2023-v1_250.gif\" alt=\"\"  width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>The new plan was revealed less than one month after Hysan moved closer to consolidating <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/projects\/hysan-development-closes-in-on-958m-causeway-bay-project\/\">a HK$7.5 billion commercial project<\/a> five minutes\u2019 walk from the Caroline Hill Road site, with the developer\u2019s reported purchase of a unit at 9A Sharp Street East.<\/p>\n<p>That acquisition of a piece of the aging walk-up property brings Hysan nearer to being able to force a compulsory sale of the building backing against the developer\u2019s Leighton Centre which would allow it to build a new tower on the site.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hysan Development and its partner Chinachem Group are turning to culture to boost the value of a HK$28 billion ($3.5 billion) commercial project they are developing in Hong Kong\u2019s Causeway Bay area, according to a planning application submitted by the&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/design-and-construction\/hysan-chinachem-add-cultural-space-to-hong-kong-project\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":11578,"featured_media":312076,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2555],"tags":[2411,6557,5359,694,5398,5391],"ppma_author":[8902],"authors":[{"term_id":8902,"user_id":11578,"is_guest":0,"slug":"pawara-laothamatas","display_name":"Pawara Laothamatas","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/5b39b9fbd02a106fa5c53c7c7b954339?s=96&d=mm&r=g","user_url":"","last_name":"Laothamatas","first_name":"Pawara","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/312075"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/11578"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=312075"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/312075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/312076"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=312075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=312075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=312075"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=312075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}