Housing plan for former industrial sites
Sun Hung Kai Properties (SHKP), Kwong Sang Hong International and Nan Fung Development plan to turn three industrial sites in Tsuen Wan into a joint residential development.
They are expected to seek Government approval for a collective rezoning of the sites for residential purposes within about two months.
If approved, the lots would be turned into a one million sq ft housing estate with an estimated investment value of more than $1.5 billion.
A source close to the consortium said a preliminary feasibility study of the investment, conducted by three parties, was completed.
The application for the rezoning would be submitted to the planning authorities in June or July, he said.
The amalgamated site would comprise Kwong Sang Hong's 60,000 sq ft industrial-office site at Yeung Uk Road, SHKP's 112,000 sq ft adjoining site and Nan Fung's 23,000 sq ft industrial lot.
A successful rezoning would significantly increase the commercial value of the sites, especially when the prospects for residential properties looked optimistic, analysts said.
The developers are expected to be questioned by government officials about whether the sites, in Tsuen Wan's industrial area, were suitable for housing.
To gain the Government's approval, the developers are likely to offer the development of a buffer zone against pollution from the adjoining industrial buildings.
It is understood that the three developers at present have separate plans to build industrial related premises on their own sites.
Kwong Sang Hong plans to build a 600,000 sq ft industrial-office (IO) tower while Nan Fung's original plan is to construct an IO building with a gross floor area of 220,000 sq ft.
SHKP plans to build a 1.1 million sq ft industrial block on the former Swire bottling plant site.
