bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Shun Tak Holdings, Sun Hung Kai Properties and Cheung Kong (Holdings) have ended their hotel plans at their Cheung Sha Wan shipyards redevelopment project in favour of a residential area.

 The move will cut the scale of the project by 6 per cent.

 Despite the move, analysts said the revised scheme's value would be higher due to the more promising market for residential property.

 The Town Planning Board yesterday approved the developers' application to build 3.1 million square feet of residential space and 400,000 sq ft of retail space on the former shipyard site next to Lai Chi Kok Road.

 Previously, the project had included three hotels with 1,382 rooms covering 930,000 sq ft of floor area.

 Analysts said the project scale had been reduced because residential development enjoyed a lower plot ratio than hotel developments.

 Although the three developers jointly submitted the revised scheme to the planning board, it is understood the 3.84 hectare site will be divided into two projects.

 Shun Tak will team up with Sun Hung Kai to develop a 1.9-hectare site for 1.7 million sq ft of residential and retail space.

 Cheung Kong will team up with a number of shipyard owners to develop the remaining 1.94 hectares.

 Meanwhile, the Town Planning Board yesterday also approved a hotel and serviced apartment development in Kwai Chung.

 The owner of Tung Chun Soy and Canning Factory has been cleared to build 460,000 sq ft of serviced apartments, 210,000 sq ft of hotel area and 150,000 sq ft of retail space on the factory site.

 The factory is at the junction of Tai Yuen Street and Kwok Shui Road.

 Apart from approval for the serviced apartment and hotel, the owner also secured permission to build two million sq ft of industrial area on the site.

 However, the owner would prefer to proceed with the serviced flats proposal as the industrial market was still sluggish, analysts said.



Trio put end to planned hotels