Nan Fung Development is set to launch its $2.5 billion residential redevelopment on the old Nethersole Hospital site in Mid-Levels after spending about two years lobbying for building approval and preparing plans.
The project will provide a total floor area of 304,449 square feet, which represents 14.8 per cent coverage of the 60,890 sq ft site.
When complete in 1999, it will include 260 flats in two towers, with unit sizes of 861 sq ft and 1,054 sq ft. It will have parking for 260 cars.
It is understood Nan Fung will release the unfinished flats in two to three months. The selling price is expected to be set at an average of $13,000 to $16,000 per sq ft, taking the market into account.
The project is on land covered by old leases so it is not under the Government's pre-sale consent scheme. The developer can start pre-selling the units any time before completion.
Hong Kong Property Services (Agency) district sales manager Linda Chiu Kan-wai said supply of new medium-sized apartments in Mid-Levels was limited.
