Sun Hung Kai Properties (SHKP) plans to cut the average size of units in two of its large residential projects in an apparent effort to cater for stronger demand from lower-budget buyers. The developer last week received approval from the Town Planning Board to reduce slightly the size of units in its Park Island development on Ma Wan island. But the board has not decided on another application by the developer to cut the average size and increase the number of flats in its planned Yuen Long Town Lot 507 project. In the revised plan, the two-phase Park Island project will provide 5,289 units in 31 blocks. The original plan was to produce 5,100 units in 34 blocks. The average unit size has been reduced from 721 square feet to just under 700 sq ft. The total gross floor area to be built remains the same - 3.66 million sq ft for residential use and about 86,000 sq ft for commercial use. The first phase development of Park Island, comprising 2,569 units, was sold out in August and is ready for occupation. The second phase has yet to be developed. In the revised Yuen Long project, SHKP proposes to build 3,200 units in ten 38-storey to 40-storey blocks on a four-level retail podium, compared with the original plan of 2,880 units in nine blocks. The average unit size will be cut from 638 sq ft to 578 sq ft. A Town Planning Board spokesman said the additional residential tower would increase density on the site. The board had decided to defer discussion and would seek more information from the developer to address the concern. The project will cover a site area of 435,800 sq ft, near Sun Yuen Long Centre, with a potential residential area of 1.85 million sq ft and commercial area of 470,700 sq ft.
