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Government, Developer Reach New Deal on Cyberport Project
The Hong Kong government has reached agreement with Cyber-Port Limited, a special vehicle set up under Pacific Century CyberWorks (PCCW) to perform the role of Cyberport developer, on the Residential Portion Land Value for the Cyberport project.
A spokesman for the Information Technology and Broadcasting Bureau said Thursday that the residential portion land value of the project, at 7.80098 billion HK dollars (1 billion US dollars), was agreed by the two sides following a series of discussions in the past eight weeks.
"The figure of 7.80098 billion HK dollars is the open market value of the land earmarked for the Residential Portion as at the date of the grant of the Development Right to the Developer on June 8 this year." he said. This premium of 7.80098 billion reflects an accommodation value of 20,780 HK dollars (2,664 US dollars) per square meter.
Under a deal reached between the government and the developer in May this year, the developer should hand over the completed Cyberport in three phases by end 2001/early 2002, end 2002 and end 2003.
The Cyberport, designed to provide an information infrastructure to create in Hong Kong a strategic cluster of IT companies and professional talents, has attracted great interest from international companies, the spokesman said.
To date, a total of 155 companies, local and overseas, have registered in becoming tenants. Of these, 15 of them are multinational corporations which have signed letters of intent to become anchor tenants.
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