HONG KONG | Landmark East | 42 FLOORS | 40 FLOORS

[hkskyline]

102 How Ming Street, Kwun Tong
GFA - 1,202,623 square feet
458 Private Car Parking Spaces
47 Heavy Goods Vehicle Parking Spaces
25 Motorcycle Parking Spaces
Scheduled Completion June 2008

http://www.winsorprop.com/composite/...20LaSalle).pdf

March 2007





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January 2008

01/01/2008

[hkskyline]

Office hubs sprout outside Central as demand surges
12 December 2007
South China Morning Post

Insufficient high-quality office supply in Central and unrelenting expansionary demand from multinational corporations, especially financial institutions, have sent top office rents in Hong Kong to record highs.

Over HK$165 per square foot (net) per month has already been achieved by prime Central premises, and with the supply-demand imbalance in the area unlikely to be alleviated in the near future, prime rents are not expected to ease anytime soon.

As the end of year approaches and looking at the prospects for next year, it is anticipated that Hong Kong's close economic ties with the mainland will underpin further expansion in the banking, financial and professional service sectors. Coupled with the rising Central Business District (CBD) rents, the next wave of office decentralisation therefore appears inevitable.

The present configuration of Hong Kong's decentralised office hubs first took shape in the late 1980s, when high-end financial service functions became increasingly concentrated in the CBD.

Meanwhile, companies outside the financial sector were gradually forced to relocate their operations to the emerging satellite office centres which were then just taking shape in Island East and later along the Tsuen Wan and Kwun Tong MTR lines in Kowloon.

With the passage of more than 17 years, this configuration has gradually evolved, moving away from having one super-core towards a more multi-nodal matrix. What were formerly satellite areas whose primary draw was providing cost-saving advantages have now gathered critical mass and are destined to become powerful office hubs of quality and sustainability.

This transformation is likely to see the Hong Kong office market continue evolving over the next 10 years, towards five major cores or hubs - Central/Admiralty/Sheung Wan, Tsim Sha Tsui, the West Kowloon area (dominated by the International Commerce Centre or ICC), and the reconfigured Hong Kong East and the massive transformation of Kwun Tong/Kowloon Bay - the latter two having now shed their former industrial character to emerge as vibrant commercial areas in their own right.

Landmark East in Kwun Tong, for example, is a show of confidence not only because of an award-winning design from Arquitectonica, but also for embedding "ahead of its time" environmental and sustainable features within its 1.2 million square foot gross floor space. With an expected Platinum Beam standard, this will be the new mark of excellence for decentralisation and a welcome relief for the financial community.

So what of the future?

ICC atop Kowloon Station, offers one of the highest office specifications in Hong Kong and by the nature of being a new development outside the Central area offers cost-effective office accommodation without compromising on quality. The majority of space available in Phase I is already committed to the likes of Morgan Stanley and Credit Suisse, the former moving its entire operations there next year and the latter by 2011.

Elsewhere in Hong Kong, multinationals have little choice but to decentralise and/or split their operations to meet cost and space demands. In One Island East, for example, DBS reserved the whole of Zone 1 covering more than 300,000 sqft while Aedas, a world-renowned architectural firm, has also committed to more than 50,000 sqft.

The Kowloon office developments, particularly in Kowloon East, are likely to benefit from the lack of new prime supply in core CBD. With the Yue Man Square renewal project in the pipeline, this district stands out for both landlords and tenants, having already received support from the likes of Sun Hung Kai Properties - which has opted to hold on to its new Millennium City 6 for long-term leasing with DBS as one of the major tenants.

The presence of Industrial and Commercial Bank of China, MTR Corp, Dah Sing Life and other big companies has also strengthened the reputation of the district.

Demand for quality office space will continue to be strong because of the city's unique position as a full-service hub for companies wishing to harness the advantages of proximity to the mainland.

Demand is expected to come from overseas and mainland multinational corporations lured by favourable central government policies on investments, the continued expansion of international financial institutions to cater to the surging demand for investment and wealth management services, and the continued listing of mainland enterprises on the Hong Kong stock exchange.

No doubt, net take-up is expected to continue to rise, thus providing a lasting uplift in demand for quality office space. This should keep the Grade A office market buoyant for the foreseeable future.

John Davies is a senior director of CB Richard Ellis' Kowloon office services division

[Surrealplaces]

This is a decent looking project. I can't believe how many high rise buildings there are in HK. It blows me away.

[Down_Under_the_El]

^I know! ..I guess it is because of the mountainous island terrain.

It's cool to see the whole construction process in one sweep and not have to wait for the building to be finished.

[northbay]

Originally Posted by hkskyline

With an expected Platinum Beam standard, this will be the new mark of excellence for decentralisation and a welcome relief for the financial community. [/b]

platinum beam?!? is that different than L-E-E-D

or a mistake?

[NDPhilly]

Only a few buildings in hong kong really stand out and this one might

[hkskyline]

Creating an urban oasis in the heart of industrial zone
Landmark East will meet corporate demand for cutting-edge design and energy-efficient office structures, and breathe new life into old area
25 June 2008
South China Morning Post

Winsor Properties' HK$7 billion Landmark East is being billed as an "urban oasis" complementing a host of iconic grade A buildings that are taking shape in East Kowloon.

The 1.3 million sqft twin tower development in How Ming Street, Kwun Tong, is set for completion next month and boasts an American Institute of Architects award-winning design by US-based firm Arquitectonica.

Commercial property specialists see Landmark East's distinctive 36- and 34-storey twin towers as meeting corporate demand for the trend in cutting-edge design and energy-efficient office structures. Just as importantly, the development helps set the pace as companies look beyond Hong Kong Island's core business districts for more space with a modern and people-friendly working environment.

John Chow, managing director of Winsor Properties Holdings, said: "No matter what your business is, connectivity is everything in the 21st century - both in technological terms and in the literal sense of having the means to get to where you need to be.

"That is the essence of Landmark East. We've tried to design an office building that offers it all - a building that allows you to connect with your own creativity and the world around you. No other property in urban Kowloon - or on Hong Kong Island - matches Landmark East's carefully honed balance of space, efficiency, convenience, quality and immediate value for the tenant."

Arquitectonica, led by Peruvian architect Bernardo Fort-Brescia, acted as design architect for Landmark East. The towers are described as being vertically layered to form a dynamic composition of slim and interlocking planes, slanted at varying angles to create a sense of movement for the neighbourhood.

The development boasts a 35,000 sqft landscaped garden with water feature and outdoor sculptures, alongside a 100,000 sqft public open space. This "green" approach continues inside the gallery-like main entrance lobbies with 13.3-metre high ceilings.

A spokesman for the developer described the interiors as "outstandingly scalable thanks to flexible and generously sized [13,700 to 27,000 sqft] unobstructed floor plates". He said an intelligent configuration system and dedicated single-ownership management allowed for leasing solutions to be precisely tailored to the individual requirements of tenants. Office windows are floor-to-ceiling to make the best of harbour and "green" views.

Recycled rainwater is used for irrigation of the property's landscaped areas.

For these and other environmental features, the project received a Provisional Platinum Rating from HK-Beam (Building Environmental Assessment Method), a voluntary initiative to promote the environmental efficiency of buildings in Hong Kong.

Energy efficiency is also enhanced through such features as double-glazed Low-E glass façades vertically finned to greatly reduce glare and heat intrusion.

"A VAV [variable air volume] air-conditioning system offers optimum comfort at a minimum of power use," the spokesman said.

"Landmark East is the product of a powerful vision that allies virtues commonly thought mutually exclusive, embodying inspiring form and outstanding efficiency; appreciation of nature and the hard edge of technology."

As well as access to dining, retail and entertainment amenities at APM and the surrounding area, two MTR stations are within five minutes' walk of Landmark East.

The building also houses 440 parking spaces.

Chris Marriott, Savills deputy managing director, said: "The location and ease of access makes it fair to say that this scheme is at the heart of Kowloon East and readily accessible from every corner of Hong Kong."

[hkskyline]

South China Morning Post
June 25, 2008 Wednesday
Building blocks in place for area's success
Attractive office rents and new, high quality towers are luring big firms to a fast-developing hub for commercial activity

With a growing stock of quality office buildings at competitive rents, East Kowloon has emerged as a new magnet for local and international companies seeking to build their presence in Hong Kong and the region.

The district's increasing popularity as a hub for commercial and business activity has also been bolstered by limited space in core locations, such as Central, Wan Chai and Tsim Sha Tsui, where office costs are much higher.

The development of East Kowloon is concentrated in Kwun Tong and Kowloon Bay, two key sub-districts previously occupied by old factory and industrial buildings. A major transformation has taken place there over the past decade with the redevelopment of vacant factories into industrial offices or office towers. The pace of office development has taken off, particularly in the past few years as Hong Kong's economy regains its momentum, and redevelopment projects are accelerated to tap the expansion of local and international businesses. New office buildings recently completed, or in the pipeline, include Enterprise Square5, Exchange Tower, One Kowloon and Manhattan Place in Kowloon Bay and Kwun Tong 223, Landmark East and Millennium City6 in Kwun Tong.

Fiona Ngan Wai-ping, regional director and head of markets for Kowloon at Jones Lang LaSalle, said East Kowloon had become a new commercial hub in Hong Kong with a strong portfolio of quality office buildings, and more being built.

"The new office buildings in East Kowloon are attracting more companies in different business sectors. In the past, active tenants in the district were often trading firms and those in sourcing and merchandising businesses. Today, the tenant mix is more established and diversified," she said.

"We have seen the relocation of more companies in the banking, accounting, retail, travel and other sectors to East Kowloon."

Big names that have either moved to or consolidated their operations in East Kowloon include Standard Chartered Bank, Bank of East Asia, Hang Seng Bank, PricewaterhouseCoopers, Industrial and Commercial Bank of China, MTR Corporation and Dah Sing Life.

Simon Lo Wing-fai, director of research and consultancy at Colliers International, said East Kowloon's development as a new business district had been driven by good town planning and infrastructure initiatives.

"Together with the development of the old Kai Tak airport site, East Kowloon should see strong growth potential," he said.

Mr Lo said the office market in East Kowloon had recorded a steady rental income growth in recent years with the arrival of more quality tenants, such as government departments and banks, who had consolidated their back-office operations there.

He said the monthly rent for gradeA offices in East Kowloon of about $27HK per sqft was attractive to tenants compared with rents in traditional business districts on Hong Kong Island. "Despite an increase in the new supply in 2008, developers and landlords are largely confident about the future growth of the office market in East Kowloon. New supply in East Kowloon provides an inexpensive alternative for office tenants who need to expand their businesses. However, some individual occupiers remain hesitant because the district is still transforming from an industrial area to a decentralised business hub."

There is a large rental gap between core and non-core office locations. Grade A office rents are about $90HK per sqft a month in Central, $55HK to $58HK per sqft in Wan Chai, $40HK to $60HK per sqft in Causeway Bay, and $50HK per sqft in Tsim Sha Tsui, according to Ms Ngan. The average rent in East Kowloon is about $20HK per sqft. Apart from the attractive rents, Ms Ngan said the high quality of new office buildings in East Kowloon was another key factor drawing tenants across the harbour.

"Tenants are impressed by the quality of new offices in the district, especially when compared with some aged properties in other areas which feature less than sufficient building facilities. New grade A office buildings in East Kowloon provide a good range of modern specifications such as raised flooring, higher ceilings and the use of upgraded curtain walls allowing more natural light in the workplace."

Ms Ngan said the extremely low vacancy rates of offices in core districts meant that relocation was an inevitable alternative for companies that were expanding, and the new supply in East Kowloon offered plenty of suitable properties for them to choose from.

"Several companies have moved into the district, and this will create a cluster effect and make East Kowloon more attractive to tenants. Even companies on Hong Kong Island have the district in mind when they consider relocations," Ms Ngan said.

"The prospect for East Kowloon is promising, with the district's massive developments such as Yue Man Square urban renewal project and the Kai Tak redevelopment.

"The district is poised to grow as another key commercial hub in Hong Kong, next to Causeway Bay and Hong Kong Island East. The mix of tenants will become more diversified and internationalised," she predicted.

[hkskyline]

Towering above the storm clouds landmark east
10 October 2008
South China Morning Post

High-level investors have a handy Chinese maxim to fall on when asked on how they will fare in uncertain economic times - it's the one about crisis and opportunity sharing the same characters.

John Chow Wai-wai, managing director of Winsor Properties Holdings, and Gerry Kipling, managing director of Property One, have seen such storm clouds gathering over financial markets before. For them, previous cycles of economic turbulence share one factor: Hong Kong's commercial property sector has pulled through and it's business as usual once the jitters subside.

It's amid this maelstrom that the twin towers of Winsor's HK$7 billion Landmark East at How Ming Street in Kwun Tong stand steadfast as the finishing touches are put in place ready for approximately 1.3 million sqft of grade-A office space to fully open.

"In our market we are not just targeting the financial sector. For Landmark East we haven't been relying on that particular segment," said Mr Chow, adding he could not yet reveal the confirmed tenants other than to say the list included multinationals, local companies and "Kwun Tong upgraders".

"We will be very careful in picking our tenants; looking at major clients in the next couple of months when we are able to announce the type of tenants that have signed up."

He said the key for the viability of the office sector in Kowloon was that there was no new supply in Central.

"The property business will go on," said Mr Kipling, whose company has had a long association with Winsor as property managers. "We are in a city where there are very diverse business activities and frankly, if anything, this financial correction will be to the advantage of developments, such as Landmark East, because it offers outstanding specifications at real value for money."

Developers seem to be using this part of East Kowloon to showcase some of the latest technology for building interiors, security, sustainability and outstanding architecture. Arquitectonica, an award-winning US-based firm led by renowned architect Bernardo Fort-Brescia, acted as design architect for the Landmark East project.

The two towers display an eye-catching geometric form above a fully landscaped 35,000 sqft landscaped garden next to a 100,000 sqft public open space. This is part of enabling connectivity for people using the area, while also providing an "urban oasis".

Apart from the economy, perhaps the only other hurdle to the early success of the project is its location. Kwun Tong, an area undergoing urban renewal that seems far removed from the chicness portrayed by developers marketing offices in certain island neighbourhoods.

Again, this doesn't deter Mr Chow and fellow defenders of Kowloon who say the district is already a well-established commercial area and that Winsor is far from being a pioneer there.

"What we are trying to do is actually drive the area another notch higher in terms of building quality amenities," Mr Chow said. "The challenge is that you always have traditional thinkers - it's just as Canary Wharf was in London and now perhaps TST. We are the new guys on the block and we have to be better to attract people.

"What we are trying to do [with Landmark East] is be the landmark in that area. We have 35,000 sqft of open space, so it's like having features that no other buildings can claim to have. There might be open space, but not as big as this."

Connectivity was also a factor worked on from the early days when government authorities sought to have office towers complementing open space and enabling people to access public transport, dining and retail facilities via covered walkways linking commercial buildings.

"When the idea first came up, Kwun Tong was predominantly industrial," Mr Chow said of the days before Landmark East appeared on the drawing board. "So this was conceived to be an IO [investment opportunity] with very ordinary design. Suddenly our chairman asked why don't we do a best building to see if we can make the whole area more vibrant."

Mr Chow said Landmark East represented about 70 per cent of his company's total asset and acknowledged that a lot rested on the investment. "It's {hellip} the first investment and development of its type for the company. When it's fully operational with a cash flow then it's also going to be substantially higher than the levels we are on now. So all the future of the company lies in the success of this development and any kind of future plan going forward is predicated on how successful we are with this one."

[hkskyline]

10/25

[hkskyline]

By bextra from skyscrapers.cn :

[chex]

very nice, thanx