20100317 Fairy-tale ending for Wing Lee Street, Central (2)

clipped from www.thestandard.com.hk Cheung admitted the latest plan was made in light of public demand to keep all the Wing Lee Street blocks. Executive director Iris Tam Siu-ying said the authority has so far acquired half of the 24 ownerships in the street. The authority will help restore and carry out maintenance work on the three buildings and some individual flats it bought in Wing Lee Street, she said. Managing director Quinn Law Yee- kwan estimates maintenance costs could range between HK$500 and HK$3,000 per square foot. Under the 2008 plan, the project was expected to suffer a net loss of HK$170 million. Cheung said the new estimate has yet to be calculated.