Hang Lung Development has proposed the rezoning of 110,000 square feet of land in Sha Tin from community to residential use, in an attempt to tap the growing demand on the residential market in the area.
The development is believed to be a joint venture between Hang Lung and Sun Hung Kai Properties.
The site, neighbouring the proposed Ma On Shan railway route, was formerly occupied by a religious group. The developers acquired the land during the boom days of the property market and have sought approval for several land use proposals since, including a hotel development which could have secured a higher plot ratio.
A hotel or commercial development can generally secure a plot ratio of about nine times whereas a residential development can have a maximum plot ratio of five times in the Sha Tin area. All former applications were rejected by the government.
In its latest proposal to the Town Planning Board, the developer requested the rezoning of the land for residential use in anticipation of the growing demand for housing in the area in the next three to five years. But it needs to submit detailed traffic and environmental-impact assessments to the related government departments. A land premium would also be required due to the increase in value, if the proposal was approved by the board.
In March, Hang Lung secured Town Planning Board approval to convert a social centre in Shekkipmei for residential use. The project is a joint venture with the Salvation Army. Its application for the rezoning of another Salvation Army property in Kwai Chung for residential use failed.