Developers and owners of Yau Tong shipyards and sawmills plan to enlarge their multi-billion-dollar residential project on the waterfront by more than 20 per cent.
New World Development group director Stewart Leung Chi-kin said the consortium, comprising developers and shipyard owners, had applied to the Planning Department for an increase in the plot ratio to about 5.2 times.
Subject to government approval, the proposal could enlarge the project to about five million square feet.
A planning brief issued by the department several years ago allows a maximum residential area of 4.21 million sq ft to be built in the comprehensive development area, comprising 42 marine lots, two government lots and land to be reclaimed in Yau Tong Bay.
Mr Leung said investment costs and the number of units would not be finalised until the redevelopment plan had been approved.
New World and Henderson Land Development will jointly manage the project. Developers include Sun Hung Kai Properties, Hang Lung Development, Swire Properties, Wheelock & Co and Central Development.