Concord Property Holdings' 'Old Hong Kong' theme park-cum-property project, valued at HK$6 billion, is in doubt. The Town Planning Board has suggested further study of the project's feasibility and says a public consultation is necessary. The proposed park would include a 968,000 square-foot complex with a 900-room hotel, office and retail space on Hoi Yu Street, on the waterfront of Quarry Bay. The proposed theme would reproduce the old face of Central, Happy Valley and Wan Chai 50 years ago. The proposed commercial development would have a plot ratio - the ratio of total floor area to the site area - of 4.6 times with the tallest building being a 20-storey replica of the old Bank of China building. A board spokeswoman said the board had basically agreed to the creative idea of the theme park but worried about some of the technical aspects of the building and the response of residents. Technical factors included the building form and height, development intensity, environmental impact and transportation. The land grant would be another problem, because the development scheme involved more than 69 hectares of land but the land owned by the applicant accounted for only 3 per cent, with most of the remainder belonging to the Government. 'The waterfront promenade in that area could be better utilised [for tourist attraction] but there might be other alternatives for the direction and theme,' she said. The Tourism Board welcomed such an innovative proposal but suggested it would be more flexible to invite other parties to participate in the development, the spokeswoman said. Meanwhile, a Henderson Land Development-led consortium won approval to reduce two million sq ft of space for a revised 12,000-unit residential development in Yau Tong Bay. Reclamation area would be cut by 5.8 hectares, the board spokeswoman said. She said developers would build 38 residential towers ranging from 28 to 55 storeys. The total residential area was reduced 10 per cent to 9.47 million sq ft. Commercial space decreased from 1.61 million sq ft to 312,000 sq ft. Sources said the revision was mainly due to decreasing demand for offices in East Kowloon and scaling down could reduce the construction cost.