48-level tower on way up

Listed developer Trans Tasman Properties has begun building an ambitious 48-level apartment tower on its Kowloon site in Hong Kong and will soon develop two other sites.

Building has begun on its San Po Kong site, zoned for a 20,250sq m apartment block, 160 carparks and 1950sq m of shops and offices.

Trans Tasman, whose shares are trading for 38c, bought the Kowloon site from the Hong Kong Government last September for $102 million and, in the annual report just released, said it had already started putting up 320 apartments on top of a seven-level podium incorporating parking and shops. The 2250sq m site is at 97 Po Kong Village Rd.

"Construction has commenced and is expected to be completed in mid-2007," it said.

Work will start soon on a second site.

A 414sq m vacant block of land at 223-227 Wanchai Rd is in the core area of Hong Kong island, so the company is about to start building a 21-level apartment and shopping complex on the site.

Work will start in the middle of this year and finish next year.

Trans Tasman has yet to decide on the future of its third block of land in Hong Kong.

The board is still working out plans for the site at Sha Tin in the New Territories.

In New Zealand, Hawkins Construction has won the tender to build the $60 million headquarters for Air New Zealand in Fanshawe St.