Sun Hung Kai Properties (SHKP) will build three high-rise residential blocks on the Ap Lei Chau site it recently bought for HK$739.9 million.
A portion of the units in the identical 44-storey towers will be earmarked for sale to qualified buyers at discounted prices under the Home Ownership Scheme (HOS).
Senior project manager David Au said the construction materials and finishes would be the same for the three blocks.
Residents would share the use of all facilities in the development and pay the same monthly management fees, estimated at HK$1.40 a square foot.
Mr Au said the project, providing a total of 1,056 units and 163 car parking spaces, would be no different from a normal private-sector development despite its mixed housing nature.
The Ap Lei Chau site is the first mixed housing lot sold under the Government's pilot scheme to group private and subsidised housing under one roof in an effort to improve the construction quality of the subsidised units.