Far East Consortium International will cut its proposed hotel development in Tai Kok Tsui to 150 rooms from the previously planned 200 to accelerate the redevelopment project.
The developer formerly hoped to convert the 3,840-square-foot industrial lot in Anchor Street into a three-star hotel with a plot ratio of 12 times.
However, the Town Planning Board re-zoned the land into residential use earlier this year in an attempt to speed up redevelopment of industrial land in most of the old industrial areas.
The latest zoning of the lot will allow commercial developments with a maximum plot ratio of only nine times. It also represents a 25 per cent reduction of the scale in Far East's proposed plan.
Far East lodged an objection in March. But the company has since changed tack.
Project manager Eddie Leung Yu-cheung said the firm would cut the number of proposed hotel rooms to about 150 from 200.
He said the company's objection would have little chance of convincing the Town Planning Board to change its land conversion decision.
