$6b eyed in rezoning of Causeway Bay government site
Caroline Hill Road plot could be on application list next year
The Planning Department plans to rezone a former government office site in Causeway Bay, paving the way for a $6.1 billion sale for commercial or low-density housing.
The old Electrical and Mechanical Services Department headquarters site could be rezoned for comprehensive use and put on the land application list by next year.
The site is at 100 Caroline Hill Road, near the South China Athletic Association Sport Complex and luxury residential development Leighton Hill, and has the potential to be developed into a luxury project.
Ninety per cent of the building has been empty since the services department moved into new headquarters in Kowloon City last year.
The remaining area comprises parking spaces for the department, but this will be moved once the government decides to sell the site.
According to planning regulations, the site is restricted to government and community use. The Planning Department is to meet the Town Planning Board on Friday to discuss the rezoning.
If an agreement is reached, the Planning Department must then consult with the district council and the public.
A spokesman for the Lands Department said the process would mean that the earliest that the site could be put on the land application list would be next year.
'The site is near business and luxury residential areas, which would provide flexibility in development,' he said.
'Many developers are interested in this site.'
Surveyors say the 204,096 square foot site could provide a gross floor area of about 1,020,480 sqft.
'The site was valued at over $6.1 billion, or $6,000 per square foot. Apartment prices may fetch $8,000 to $9,000 per square foot after completion,' said Charles Chan Chiu-kwok, a director at Savills.
Prices for units at Leighton Hill ranged from $11,000 to $13,000 per square foot, said Toson Chui of Centaline Property Agency.