The West Kowloon Cultural District Authority today (26th) invites developers to bid for the Art Plaza Building project. Under the Build, Operate, and Transfer (BOT) model, the winning developer will be granted the right to develop and operate for 34 years, and will Responsible for the design, construction, financing, marketing, leasing, management and maintenance of the building.
The project consists of 3 commercial buildings, located in Zone 3B of the West Kowloon Cultural District, with a total floor area of nearly 700,000 square feet, including over 670,000 square feet of office space, and nearly 27,000 square feet for retail, dining or entertainment purposes , The tender will close on February 11 next year.
The West Kowloon Cultural District is expected to have an operating deficit of HK$3.9 billion before depreciation in the next three years. The chairman of the board of directors Tang Yingnian pointed out earlier that the M+ Museum, the Palace Museum and the Xiqu Center all need subsidies. The main source of income in the district, especially commercial The center has not yet been completed, so the current overall financial situation is severe.
The tender for the Art Plaza Building this time means that it is expected to open up new sources of financial resources as soon as possible.
The West Kowloon Cultural District Authority today (26th) invited developers to bid for the Art Plaza building project. The winning developer association was granted the right to develop and operate for 34 years, and will be responsible for the design, construction, financing, marketing, and marketing of the building. Lease, management and maintenance work.
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The Art Plaza building project consists of 3 commercial buildings with a total floor area of approximately 65,000 square meters, including 62,435 square meters for office use and another 2,500 square meters for retail/dining/entertainment purposes.
The Authority will invite developers to cooperate through open tenders and use their expertise to promote the development and operation of the Art Plaza Building project.
Under the construction, operation and transfer model, the winning developer will be granted the development and operation rights for the project for 34 years, and will be responsible for the design, construction, financing, marketing, leasing, management and maintenance of the Art Plaza building project.
The West Kowloon Cultural District Authority mentioned that there are a number of world-class cultural and artistic facilities around the Art Plaza building project, which is one of the flagship commercial projects in the district, and it is also important for the development of the West Kowloon Cultural District into Hong Kong’s first "Cultural and Commercial Central District". Component, "This tender is a rare opportunity for private developers to participate in this highly forward-looking, art and culture-led project in West Kowloon."
The West Kowloon Cultural District Authority also pointed out that the commercial project of the Art Plaza Building symbolizes the authority's determination to formulate a new development model for Hong Kong-to promote Hong Kong's new industries with art and culture, and to stimulate creativity, promote innovation and cultivate new ideas for the next generation.
The Authority will continue to explore and release the potential value of West Kowloon’s commercial land and create a unique and art-themed commercial district, thereby creating stable income and continuing to support the development and operation of art and cultural facilities in the district.
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