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SCMP Reporter

THE Discovery Bay North development, a proposed extension to the Discovery Bay project on Lantau Island, will incorporate an office tower and a five-star resort hotel.

  According to the master plan submitted to the Government, HKR International will develop 2.26 million sq ft of residential space, totalling 2,500 flats in high-rise and low-rise blocks.

  About 196,000 sq ft of retail space and 430,560 sq ft of office space will also be built on the 5.76 million sq ft site.

  A 500-room hotel, with gross floor area of about 430,000 sq ft, is proposed as well.

  HKR director Loretta Ho said the Discovery Bay development would be big enough to justify an office development providing an alternative for companies looking for secondary office accommodation in the territory.

  With high office rents in core business districts, she expected companies which did not need to be based in Central could take advantage of Discovery Bay, supported by better sea and land transport.

  'There are a number of business operations from homes or individuals providing services who would be potential occupants for such office space,' she said.

  'With the new airport and port development, an increase in office demand [in Discovery Bay] could be expected.'   Ms Ho said Discovery Bay could also be a good support base for the new port, considering its proximity to it and to a possible road linking the two.

  She added a road link with the port would not necessarily cause environmental problems to Discovery Bay.

  'Discovery Bay is now much more urbanised compared with 10 years ago and that is an on-going change,' she said.

  'We will continue to retain the original and unique quality of living environment in Discovery Bay.'   In planning the Discovery Bay North extension, HKR has tried hard to position residential units to avoid noise and visual exposure to the future Lantau port, as well as road and ferry traffic. All residential units will face south.

  Ms Ho said it was necessary to build a resort hotel, not only for holiday-makers, but also because of the great demand potential likely to be fuelled by the north Lantau development and the new airport.

  The proposed construction of a 600-metre tunnel from Discovery Bay would connect traffic to Siu Ho Wan which would be linked to expressways, she said.

  'The routing of the tunnel is not yet finalised. We are attempting to select the most economical way to build it and we will make a separate submission to the Government soon,' she said.

  The proposed tunnel will be initially for public transport and emergency transport only.

  HKR is now studying plans to extend existing shuttle bus services through the tunnel to north Lantau and the new airport.

  It also intends to connect Discovery Bay through the tunnel to the lower-cost public sector water supply facilities.

  With the tunnel and better transport facilities, as well as the new airport, property prices in Discovery Bay, which is now linked by ferry traffic only, could receive a boost.

  Ms Ho said property prices in Discovery Bay lagged those on Hong Kong Island but the gap was narrowing.

  For instance, she estimated home prices in Discovery Bay were about 35 per cent lower than those in Taikoo Shing in 1990, but the gap was now 10 to 25 per cent.

  The Government is assessing the submission on the Discovery Bay North development. When the plan is given formal approval, the developer and the Government will begin negotiations on the amount of land premium payable for the modification of land uses.

  Sluggish property market conditions may be favourable for the developer in arguing for a lower land premium.

  Assuming an average land premium of $800 per square foot, the total amount would be about $2.6 billion for a total gross floor area of about 3.3 million sq ft planned.

  The whole project's construction cost could amount to $3.3 billion, assuming an average cost of $1,000 per square foot.

  According to the plan, the Discovery Bay North project will be built on a plot ratio of 0.58, which is higher than the ratio of 0.39 for the existing Discovery Bay development.

  Discovery Bay has a gross floor area of about 6.5 million sq ft on a 16.4 million sq ft site.

  In Discovery Bay North, community facilities proposed include two schools and a neighbourhood centre incorporating a kindergarten, a children's centre, a youth centre and a clinic. A ferry pier, a traffic interchange and an indoor recreation centre will also be built.

  With the extension, the population of Discovery Bay is expected to increase to 25,000.

  Ms Ho expected the Discovery Bay North extension to take at least five to six years to develop, initially in three phases, subject to market demand.



HKR to extend Discovery Bay