DB makes play for Beverly Hillbillies
HKR International is planning to bring a Beverly Hills-style development to Discovery Bay - with prices to match. HKR is hoping the $1 billion project will lure Hong Kong's rich and famous, who will be able to design their dream home complete with must-have accessories such as a garden and swimming pool.
Encouraged by increased demand for luxury mansions in Hong Kong, the project will comprise 10 homes, each built on a lot area of between 30,000 and 40,000 square feet. The size of the houses will range from 5,000 to 10,000 sq ft.
The biggest house in Discovery Bay now is about 5,000 sq ft.
Managing director Victor Cha Mou-zing said the project would be to next to the Discovery Bay Golf Club.
'Buyers can design their dream houses, and we will build for them. The houses that we build will be similar to those in Beverly Hills,' Mr Cha said.
He said the company was confident it could sell each house for about $100 million due to the scarcity of luxury homes on the market. This is an indicative price range of about $15,000 per square foot.
'We are in discussions with various prospective buyers who have a keen interest in the project,' he said, noting that completion was expected in about two years.
Mr Cha said HKR retained a land bank of 2.3 million sq ft in Discovery Bay and an additional 1.3 million sq ft in Tung Chung, for which the company was in discussions with the government over land premiums.
'The tug-of-war continues with the government, which wants to increase the land premium, but we refuse the offer,' he said.
Mr Cha said HKR was also in talks with the government on providing public transport between Discovery Bay and Mongkok and Shenzhen.
The firm recently introduced bus services to Tsim Sha Tsui and Central. However, it has cut back the number of ferries between Central and Discovery Bay, saying it was losing money on the service.