affordable project doomed by those who can afford something better?
Goodbye, Hunghom Peninsula Estate. Hello, posh private apartments?
It appears increasingly likely that the government-commissioned affordable housing project on prime Hunghom waterfront will be demolished.
The two owners - Sun Hung Kai Properties and NWS Holdings - are believed to be willing to pay a hefty land premium to convert Hunghom into a high-end development.
SHKP, which paid HK$593 million for 50 per cent of the 1.55 million sq ft project in February, is licking its lips at the prospect of a windfall profit. Given an estimated selling price of HK$6,000 to $9,000 per square foot, the developer could net up to $8 billion.
But not so fast. Aggrieved interest groups including environmentalists and nearby residents and schools - not happy about the waste and pollution that will accompany demolition - will need to be appeased.
