Land Development Corp (LDC) has won approval for a building plan for its large-scale residential redevelopment in Tsuen Wan.
The Building Department approved the plan submitted by the Government's urban redevelopment vehicle to build seven 34-storey residential towers above a six-level podium on the old Tsuen Wan area, commonly known as 'seven-street'.
The project will provide 1.15 million square feet of residential area and 281,000 sq ft of commercial area.
Henderson Land Development has undertaken to lend money to LDC to finance construction of the project.
The developer also has the option to buy certain completed space.
The LDC is to be replaced next year by the Uban Renewal Authority.
Sun Hung Kai Properties and Shun Tak Holdings obtained a revised building approval for the Cheung Sha Wan shipyard redevelopment. Instead of building five residential towers and one hotel, they will now build four 47-storey and three 40-storey residential towers.