Cheung Kong (Holdings) is interested in a 1.3 million square foot proposed residential project planned by Kowloon-Canton Railway Corp (KCRC) in Sha Tin. The interest comes soon after Sun Hung Kai Properties (SHKP) announced its decision to pull out of the development. Cheung Kong executive director Grace Woo yesterday said the company was interested in the housing project as its location was 'not bad'. Ms Woo said KCRC had revealed that it would offer the site for tender, but so far no details have been announced. The proposed development is the Royal Ascot phase three residential project, above Fo Tan KCR station. The project, expected to comprise more than 1,000 flats, was a planned joint venture between KCRC and SHKP - the joint developers of the first two Royal Ascot phases. SHKP recently said it would withdraw from the proposed project, attributing the move to high construction costs and its failure to convince KCRC to defer the project. KCRC earlier said it would look for other options to develop the project after SHKP's withdrawal. Ms Woo said Cheung Kong would seriously consider the development potential when the site was officially offered for tender by the KCRC. Besides the Sha Tin project, Ms Woo said, Cheung Kong was interested in the Central pier redevelopment. Hong Kong Ferry (Holdings), controlled by Lee Shau-kee's Henderson Investment, has lost its development right of a commercial development complex above Central pier. That followed a failure in negotiations with the Government on the amount of land premium payable on the project. The Government is planning to offer the site for public tender. Ms Woo said Cheung Kong's planned cruise-pier development in North Point was still at the planning stage. Cheung Kong would submit an environmental assessment of the proposed pier to the planning department within two weeks. Ms Woo said the company was in talks with the Government on the land premiums for the group's three joint-venture projects. These include the recently approved development of an additional 400,000 square feet at the fourth phase of Laguna Verde, in Hunghom, a joint venture with CLP Holdings. The others involve an additional 1.1 million sq ft of residential space in the third phase of a property development at Tung Chung New Airport Railway Station, and 3.71 million sq ft of the Cheung Sha Wan Shipyard redevelopment, with several ship-building and repair companies.