Four sites bought by an HK-born Australian businessman for $250m are earmarked for the development of restaurants, bars, an upmarket resort and a boat rental business
A multimillion-dollar plan to transform Sai Kung into an upmarket tourist spot to rival any in Hong Kong is being developed by a private company.
The firm, headed by a Hong Kong-born Australian businessman, has already moved in and spent $250 million on four major sites in Sai Kung in the first stage of its plan.
But one Sai Kung businessman warned yesterday that the existing infrastructure might not be able to cope with such a large-scale development.
The sites - which include three on the waterfront - will be developed into restaurants, bars and other attractions, all of which will be linked by a fleet of private buses.
They include the run-down Beach Resort Hotel, which was bought for $28 million earlier this year; the Viking Restaurant building in Pak Sha Wan, sold for $52 million; and a three-storey block on the seafront on Tai Street, which cost $17 million.