In my April 2005 President's Message, I noted that the Institute was looking to buy premises to house our ever expanding training programmes and our existing facilities under one roof. I'm pleased to announce that after months of looking for a suitable place and negotiation with sellers , the Council has unanimously agreed to purchase two floors in Wu Chung House ( J©¾ ) in Queen's Road East, Wan Chai.
The two floors give us 50,000 square feet for member services, including 10,000 square feet for training center and meeting facilities (for committees etc), a proper library and leisure area where members can meet and mingle. The secretariat will also move there.
Finding 50,000 square feet of vacant space at reasonable cost has been difficult and the purchase is part vacant and part tenanted. The move to Wu Chung will have to be staged, beginning late 2005.
The purchase price per square foot is HK$4,200. The Institute is also in the process of selling our existing premises at Lippo Centre at a price above HK$8,000 per square foot. The appreciation in value of our existing premises has significantly reduced the Institute's financial commitment for the purchase of the additional floor areas. In the interim, due to the mismatch in timing of the purchase and sale, bridge financing for the shortfall has been arranged. Members should rest assured that they will not be called upon to make additional contributions other than the existing annual contribution to the Capital Levy.
Wu Chung was chosen for two reasons, functionality as a training center (being column free) and price, although location-wise it is not as prime a location as Admiralty. It is nonetheless only a short walk from Wan Chai MTR station.
We will keep members advised of significant developments as and when the sale of Lippo Centre and moving in milestones of Wu Chung House are achieved.
Sincere regards,
For and on behalf of Council
Edward K.F. Chow
President
Hong Kong Institute of CPAs
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