Hongkong China, the property arm of Lippo Ltd in Hong Kong, is seeking approval from the Buildings Department to construct a single 35-storey residential tower in the Diamond Hill area.
It would include 200 'medium-priced' flats, according to director Jonathan Foxall.
He said the company would submit the plans to the department before the Lunar New Year for permission to proceed with the project.
The $150-$160 million development, to be built in conjunction with Hon Kwok Land, would feature flats measuring between 700 and 1,000 square feet, he said.
It was expected to be completed in two years.
Mr Foxall said Hongkong China would concentrate on developing low to medium-priced housing in urban areas like Diamond Hill 'because we would rather go where there is considerable demand'.