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Project Scope
Project Scope
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Cyberport is
a symbol of Hong Kong's unwavering determination to develop
as a leading Information Technology (IT) and digital city
in the region. At an estimated cost of US$2 billion (HK$15.8
billion), this landmark project aims to create a creative
and interactive environment that will be home to a strategic
cluster of more than 100 IT companies and over 10,000
IT professionals. The Cyberport project is |
| being developed on a 24-hectare
site at Telegraph Bay in the southern district of Hong
Kong Island. It comprises two portions: the Cyberport
portion and the residential portion. |
| Cyberport Portion - The Cyberport
portion is being completed in phases from early 2002 to
late 2004. It comprises around 100,000 square metres Grade
A intelligent office space, a unique 27,000 square metres
retail and entertainment complex, The Arcade and a 5-star
173-room hotel, Le Meridien Cyberport. The Cyberport portion
is being leased out, owned, and managed by the Government,
through a private limited company owned by the Financial
Secretary Incorporated. |
The Residential Portion - The residential
portion will provide about 2,900 residential units during
2004-2007. These units are being sold in the open market
in phases, so as to generate revenue to drive the whole
project.
Project Agreement & Ownership
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| The Government
signed a legally binding Project Agreement on 17 May 2000
with Cyber-Port Limited, a company set up and wholly owned
by Pacific Century CyberWorks (PCCW) to perform the role
of the Developer. |
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| The Agreement requires the Developer
to complete the project according to the prescribed timetable,
and to undertake the construction, financing and default/completion
risks. There is also a full range of safeguards to protect
the Government's and public interest. One of the safeguards
is that the Developer agrees to pay for any cost overrun
only if the construction cost exceeds HK$15.8 billion
at Money of Day Prices. PCCW also provides a full parent
company guarantee and an on-going six month cashflow guarantee
from an 'A' rated bank.
The Cyberport is being constructed by the Developer
in accordance with the design and specifications agreed
with the Government, with Phase I of the office building
completed in April, 2002. The Cyberport will be handed
back to the Government when completed. Ownership and
management rights belong to the HKSAR Government. The
Government has set up a private company called Hong
Kong Cyberport Management Company Limited, wholly-owned
by the Financial Secretary Incorporated, to hold the
title of the Cyberport and operate the Cyberport in
accordance with prudent commercial principles.
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