LOCAL property developer David Chiu Tat-cheong believes his joint-venture residential development on Guishan island, south-west of Lantau island, will go some way to help Hongkong's low income earners buy their own homes ''at prices they can afford''.
The 340,000-square-metre site is expected to take eight years to develop and eventually house between 45,000 and 60,000 people.
It will comprise some 15,000 flats in 60 residential blocks each with an average floor area of 1,500 square feet, a four-star international standard hotel and 60-70 two-storey houses, averaging between 2,300 sq ft and 2,500 sq ft built on a plot area of 5,500 sq ft.
Flats will cost about $600,000 and the houses between $1.2 million and $1.5 million.
Mr Chiu, managing director of Far East Consortium, and Zhuhai International, the Hongkong investment arm of the Zhuhai Government, unveiled plans for the housing development last week.
No sooner had the wraps come off the project in Hongkong than the graders moved in to begin clearing the site for building.
