The Structural Engineering Design of Central Plaza, Hong Kong

Author: Ayres, A G;MacArthur, JM

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The Structural Engineering Design of Central Plaza, Hong Kong

The Structural Engineer
The Structural Engineering Design of Central Plaza, Hong Kong
Date published

N/A

Author

Ayres, A G;MacArthur, JM

Price

Standard: £9 + VAT
Members/Subscribers: Free

Buy Now
Author

Ayres, A G;MacArthur, JM

Naturally available land suitable for development is in very short supply in Hong Kong. To meet the considerable demand, new land has to be created by reclamation. This process has been ongoing since the Territory became a British Colony in 1843, and the resulting land is used both for public needs and for sale to private developers. Major parcels of land are sold at public auctions and it was at one such auction, on 28 January 1989, that the site for Central Plaza was acquired (Fig 1). The purchasers were two major developers - Sun Hung Kai Properties Ltd and Sino Land Co. Ltd - who had agreed to form a consortium to jointly develop the site only during the auction. They paid a Hong Kong record price of US$61 OOO/m2 for the 7000 m² site, making the total price US$430M. Daily interest charges of US$120 OOO provided a major incentive to complete the development as quickly as possible. Shortly after the auction took place, a third developer - Ryoden Property Development Co. Ltd - joined the consortium. The land cost alone represented approximately three-quarters of the final total development cost, this apportionment of development cost not being abnormal in Hong Kong.

P.G. Ayres and J.M. MacArthur

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PDF
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The Institution of Structural Engineers

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Issue 11

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