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Cheung Kong has taste for Russian art
13.10.2004
Eli Lau, The Standard
Eli Lau, The Standard
Cheung Kong (Holdings), Hong Kong's No2 property developer by market value, said a Russian art institute may join United States-based Guggenheim Museum and France's Centre Pompidou to share in its arts and cultural project in West Kowloon.
Cheung Kong (Holdings) executive director Grace Woo confirmed that New York's Guggenheim Museum and a Russian museum may form a partnership with the developers. Centre Pompidou said it may team up with Cheung Kong. Market watchers said the Russian museum is probably St Petersburg's State Hermitage Museum.
''We [Cheung Kong and Sun Hung Kai Properties] will introduce strategic partners from such countries as China and the UK, in a bid to seek a much more diversified development for our project,'' Woo said.
The line-up of internationally acclaimed art groups may help the bid submitted by Cheung Kong and partner Sun Hung Kai Properties for the HK$24 billion project. The developers are expected to gain from the residential part.
The government received five bids for the development, including Henderson Land Development, Swire Properties and a company called ''Lam Sze-tat''. Sunny Development, established by Wharf (Holdings), Sino Land, K Wah International Holdings and Chinese Estate Holdings, also bid.
The 40-hectare waterfront site at the southern tip of the West Kowloon reclamation will be developed into an integrated arts, cultural and entertainment district.
All proposals will be put on public display early next year. The project's chosen design, by award-winning architect Norman Foster, allocates 39 per cent of the development site to arts and cultural use, 17 per cent for offices, and 16 per cent for hotels and residential accommodations. The remaining 28 per cent is designated for public space and utilities.
Construction is expected to begin in April 2007 at the earliest, and the core arts and cultural facilities will open in phases from 2011.
Print version
Cheung Kong (Holdings) executive director Grace Woo confirmed that New York's Guggenheim Museum and a Russian museum may form a partnership with the developers. Centre Pompidou said it may team up with Cheung Kong. Market watchers said the Russian museum is probably St Petersburg's State Hermitage Museum.
''We [Cheung Kong and Sun Hung Kai Properties] will introduce strategic partners from such countries as China and the UK, in a bid to seek a much more diversified development for our project,'' Woo said.
The line-up of internationally acclaimed art groups may help the bid submitted by Cheung Kong and partner Sun Hung Kai Properties for the HK$24 billion project. The developers are expected to gain from the residential part.
The government received five bids for the development, including Henderson Land Development, Swire Properties and a company called ''Lam Sze-tat''. Sunny Development, established by Wharf (Holdings), Sino Land, K Wah International Holdings and Chinese Estate Holdings, also bid.
The 40-hectare waterfront site at the southern tip of the West Kowloon reclamation will be developed into an integrated arts, cultural and entertainment district.
All proposals will be put on public display early next year. The project's chosen design, by award-winning architect Norman Foster, allocates 39 per cent of the development site to arts and cultural use, 17 per cent for offices, and 16 per cent for hotels and residential accommodations. The remaining 28 per cent is designated for public space and utilities.
Construction is expected to begin in April 2007 at the earliest, and the core arts and cultural facilities will open in phases from 2011.
Print version
