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Cyberport

From Academic Kids

Cyberport (數碼港 Pinyin: Shmǎ Gǎng) is a 240,000 m², campus-style, low-density project consisting of commercial, retail, hotel, entertainment and residential facilities, which are being built by Pacific Century CyberWorks Limited (PCCW), Hong Kong's dominant fixed telephone firm.

Hong Kong-listed PCCW, headed by entrepreneur Richard Li, the second son of one of the Asia's wealthiest businessmen Li Ka-shing, signed an agreement with the Hong Kong SAR government in 2000 to design, build and market the technology-themed Cyberport.

Contents

Background for the establishment

In the 1999 annual report, the Hong Kong government revealed its hope that the Cyberport will help local businesses capitalise on the rapid growth of the Internet. The Cyberport is intended as a place where the development of information technology and multi-media will be nurtured so that the demands of these industries can be met in the future. It is also hoped that this development would help the HKSAR's economy rebound after the 1997 financial crisis.

On 17 May 2000 the Government of the HKSAR signed an agreement with Hong Kong Cyberport Management Company Limited (HKCMCL), a company set up and wholly owned by PCCW. The agreement requires HKCMCL to perform the role of developer, complete the project by the agreed deadline, and to carry the construction, financing and default/completion risks.

When completed, the Cyberport will be handed back to the Government so that ownership and management rights belong to the HKSAR Government. A private company, Cyberport Management Company Limited, is set up by the Government to hold the title of the Cyberport and operate the Port.

The govenment’s capital contribution to the project was Residential Portion Land Value of the Cyberport valued at $7.8 billion, which included the estimated cost of around $1 billion for infrastructure work. HKCMCL is responsible for the construction costs of both the Cyberport portion and the Residential portion.

HKCMCL will profit from the ancillary residential development. The amount of return due to the company will depend on its construction costs, the value of the land (which will be determined when the grant of development right is made), sale prices of the flats and the mode of financing.

Sources: [1] (http://www.info.gov.hk/yearbook/1999/eng/01/01_index.htm), [2] (http://www.cyberport-holdings.com/article/cp_info_en/cpa_00002_en.html)

Location and features

The development is located at a reclamed bay - the Telegraph Bay or Kong Sin Wan - on the southwest side of Hong Kong Island, between Aberdeen and Pok Fu Lam, near Baguio Villa. It has a total area of 5.7 million square feet(530,000 m²), providing 27,000 m² of retail and entertainment space and a 173-room five-star hotel.

Project overview

The Cyberport project has been mired in controversy since the Hong Kong government chose PCCW in 1999, without competitive bidding, to develop the HK$15.6 billion commercial, retail and residential project that is intended to be Hong Kong's answer to California's Silicon Valley.

Critics see the Cyberport as a real estate project dressed up with IT elements. Recently, the promotion of residential properties in Cyberport has attracted far more attention than the technology-related development that it is supposed to nurture.

PCCW is trying to find new growth avenues after losing its telephone monopoly in Hong Kong and has high hopes for its Cyberport project.

Financing

By the end of 2002 PCCW had invested a total of HK$ 3.89 billion in its Cyberport project. PCCW will continue to contribute equity into the Cyberport development before the project becomes self-funding.

Construction

The first phase of Cyberport, consisting of office space, was completed on schedule in 2002. The balance of the Cyberport campus, comprising office and retail space, and Le Meridien Cyberport Hotel, will be completed during 2003, with the final phase due to follow in mid-2004.

On 27 June 2003, Cyberport announced the official opening of Phases I and II and its Visitor Centre.

The construction of the Cyberport portion is being completed in phases between mid-2002 and late-2004 to provide altogether about 100,000 square metres of grade A office space to accommodate 100-plus IT and related companies. It is now inviting IT or related companies to rent the office space. Cyberport tenants will be selected by the Hong Kong Cyberport Management Company, which was set up by the Government to hold the title to the Cyberport project and is owned by the Financial Secretary Incoporated. Selection will then be based on the advice of the Committee on Admission of Cyberport Office Tenants (CACOT), which consists of local, international and industry experts. Applications will be processed according to a CACOT timetable. Some companies from around the world that were said to have expressed an interest to become anchor tenants include Cisco, CMGI, Hewlett-Packard, Hikari Tsushin, Hua Wei, IBM, Legend, Microsoft, Oracle Corporation, Silicon Graphics, Softbank, Sybase and Yahoo!.

Construction work on the residential portion commenced in 2002. This will consist of approximately 2,800 units, which will be completed in phases between 2004 and 2007. The initial phase was launched in early 2003.

It also emphasizes the "Campus like Environment" to keep extensive green areas. Cycle tracks, seating areas and multi-purpose court would be built for people working there to relax. In order to be fitted with the landscape, the land at western edge would be for the outdoor activities while the eastern part would be for shaded seatings. [3] (http://www.cyberport-holdings.com/article/cp_info_en/cpa_00006_en.html)

Rental

The 100,000-square metre prime office space originally aimed at providing a world-class environment for quality information technology companies. However, 13 out of the 25 companies that have signed up as of October 2003 are SMEs (small and medium-sized enterprises); only half the 575,000 square feet (53,000 m²) of completed floor space was occupied.

According to the official information, the rent is ranged from 11 to 13 HKD/ft² (120 to 140 HKD/m²). Hong Kong start-ups will be given discounts of up to 50 per cent for every 1,000 ft² (100 m²) they rent.

Also, given by the HKCMCL, companies whose main business is related to technology advancemnt or sercives would be first considered for rental arrangement.

Residence Bel-Air

The sales of Residence Bel-Air, the residential portion of the Cyberport development, started in February 2003. All 544 flats in phase one of Residence Bel-Air had been snapped up by October 2003.

Management

Hong Kong Cyberport Management Company Ltd (HKCMCL) is responsible for the development, operation and management of the Cyberport project.

Mr John E Strickland is Chairman of HKCMCL.

At the beginning of October Mr Nicholas Yang was appointed Chief Executive Officer. He took over from Mrs Betty Fung, Cyberport Coordinator, a career civil servant on secondment to the company. She will return to a position in the HKSAR Government.

What the Project Promises

  • A new international IT centre
  • A catalyst for the growth of local and regional IT industries
  • New capital, new jobs, new economic activities and demand for supporting services
  • An IT interface with daily life, providing IT education for the whole community
  • A cyber-leisure experience for local residents and an added attraction for tourists
  • A project focusing global attention on Hong Kong’s IT achievements as a leading digital city
  • Hong Kong’s IT flagship for the like-minded companies and talent

Highlights of services and facilities

Services

  • Data Center
  • IP Telephony
  • VSAT Hub services and satellite TV
  • Digital Asset Management
  • Video-on-Demand/Data-on-Demand
  • Web Casting
  • CyberChannel and SMARTCARD

Facilities

  • IT Street
  • Presentation and Training Theatres
  • Ocean View Court
  • MML and Studio Production
  • Interactive Kiost Network (I-NET)
  • Fitness Centre

Transportation

New World First Bus Route M49 runs between Cyberport and Central (Hong Kong Airport Express Station) from 6:00am to 12:00 midnight daily.

Citybus Route 73 runs from Cyberport via Wah Fu to and from Stanley from 7:20am to 11:45pm daily.

Citybus Route 73P offers two trips in the morning departing from Aberdeen Promenade to Cyberport at 7:40am and 7:50am from Mondays to Saturdays.

New World First Bus Route 970P operates six departures from So Uk Estate in Sham Shui Po to Cyberport in the morning and six departures from Cyberport to So Uk Estate in the evening via the Western Harbour Crossing.

Kowloon Motor Bus Route 107P offers four trips in the morning departing from Laguna Verde (海逸豪園) in Whampoa to Cyberport between 7:45am and 8:25am from Mondays to Saturdays. There are two return trips departing from Cyberport at 6:00pm and 6:20pm from Mondays to Saturdays.

Green Mini-bus Route No. 69 between Cyberport and Quarry Bay via Causeway Bay started to operate in January 2003 from 7:00am to 12:00 midnight daily.

Car Park over 760 parking spaces for Cyberport tenants and visitors, offering parking on an hourly or monthly basis.

See also: List of buildings, sites and areas in Hong Kong

See also

External links

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