Rural sites help boost land bank for New World
New World Development says it has boosted its residential land bank by 2.23 million square feet this year through the conversion of seven agricultural sites.
The residential projects proposed for the sites - mainly in Yuen Long, Kam Tin and Sai Kung - will provide a floor area of 1.93 million sq ft when completed after 1999.
New World is among major developers, including Sun Hung Kai Properties and Henderson Land, busily accumulating land in the New Territories.
New World said in an internal circular the biggest of its seven projects in terms of developable area was in Yuen Long, with a site area of 250,000 sq ft and floor area of 750,000 sq ft.
The group also plans a 330,000 sq ft development on rural land in Yuen Long's Tong Yan San Tsuen.
New World's 67,000 sq ft agricultural site in Fu Tei, Tuen Mun, is close to Sun Hung Kai's Botania Villa in Lam Tei.
It will provide a developable area of 201,000 sq ft.
In Sai Kung, it has a 968,750 sq ft site that will become a 322,910 sq ft housing project.
Other smaller developments include a 180,000 sq ft project in Hung Shui Kiu, an 84,000 sq ft project in Kam Tin and a 66,300 sq ft project in Lau Fau Shan.