Hong Fok tops up Concourse lease

Hong Fok tops up Concourse lease

 

HONG Fok Corporation has paid the government $83 million to top up the lease of The Concourse site at Beach Road to 99 years from March 13, 2008.

 

The lease will now expire in 2107. The original lease was valid for a further 71 years, till 2079.

 

The Concourse comprises a 41-storey office tower block, a five-storey office podium and an annex 11-storey retail-cum-residential block.

 

In January, Hong Fok announced that it had received the Urban Redevelopment Authority’s approval to redevelop part of the asset. The proposed redevelopment, which does not affect the office tower, will see the removal of the existing retail-and-residential block. ‘Plans are underway for a substantial residential development with sweeping waterway and city views,’ Hong Fok said yesterday.

 

Hong Fok also owns International Building on Orchard Road. In December last year, the company said that it plans to buy from the state an adjoining 9,023 square foot plot along Claymore Hill for $62.35 million.

 

On the stock market yesterday, the counter closed unchanged at 92 cents.

 

Source: Business Times

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