Seven years, HK$1b put 21 houses on Tai Po's Yucca de Lac restaurant site
Seven years and HK$1 billion transform Tai Po restaurant site
Seven years after the closure of Tai Po's popular Yucca de Lac restaurant, the site is now occupied by a 21-house development.
The project, named De Yucca, has 21 houses ranging from 3,000 square feet to 5,000 sq ft.
The developer, Yucca Development, is to offer the first batch of four for sale by the end of the month at prices starting from HK$28,000 per sq ft. Prices for some of the larger 5,000 sq ft houses will be pitched as high as HK$35,000 per sq ft - the most expensive in the district.
Yucca Development invested HK$1 billion in the project, which includes HK$380 million paid in 2005 to the family that owned the restaurant site. Yucca chairman Lobo Law Ka-bo estimated the completed project was now worth HK$2.1 billion, promising a substantial return.
Law said he would retain one house for himself and would keep eight houses for long-term investment. Rents would be about HK$80 per sq ft.
The project captured headlines when announced because it led to the closure of the 42-year-old restaurant. Many diners had fond memories of visits to the restaurant, which was frequented by the rich and famous, including movie stars such as Jackie Chan, Andy Lau Tak-wah and Tony Leung Chiu-wai.
Situated on a hill with sweeping views over Tolo Harbour, Sha Tin and Chinese University, the restaurant was almost out of reach for those without a car. It was also a popular choice for outdoor dining scenes in movies, soap operas and commercials in the 1960s and 1970s.
In the past 10 years, luxury residential supply in the Kau To Shan and Tai Po areas has been limited, with only two luxury residential projects completed in Kau To Shan in the past 15 years - Greenfields and Double Haven - according to the project's marketing agent, Savills.