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HONG
KONG—Sun Hung Kai Properties Ltd. formed a group
including Asia’s biggest cruise- operator to bid for a
cruise- terminal project at the site of Hong Kong’s
former airport that may help attract richer tourists to
the city.
Sun Hung
Kai, Hong Kong’s largest property developer, joined Star
Cruises Ltd., VXL Capital Ltd. and Nan Fung Development
Ltd. in bidding for the project at the site of the
former Kai Tak Airport, the company said Monday in a
statement.
Ocean
Terminal, Hong Kong’s only cruise ship berth, is almost
at full capacity and can’t handle the larger ships
favored by cruise operators.
Hong Kong’s government has said a cruise terminal would attract richer
visitors, aiding the TourismBoard’s drive to switch its
focus from Chinese travelers.
“Hong
Kong needs a bigger cruise terminal,’’ said Kenny Tang,
research director at Tung Tai Securities Ltd. in Hong
Kong. “Sun Hung Kai will benefit from the operation of
the terminal as the company has travel-related business
such as hotels.’’
The
government plans to close tenders March 7 and pick the
winner during the second quarter, aiming to have the
first phase of the project open in February 2012. The
successful bidder will design, build, operate and manage
the terminal.
The
development cost of the terminal was estimated by the
government at HK$2.4 billion ($308 million) in November
2006. The terminal will be built on 7.6 hectares (18.8
acres) on the south end of the site.
The
winning bidder will lease the land for 50 years. |
