Cheung Kong (Holdings) has revised its plans for the Caribbean Coast development in Tung Chung. The company, which originally planned to build low-rise residential flats on the site, has decided instead on 56 town houses in a move aimed at generating greater revenue from higher prices. The developer submitted a revised application to the Town Planning Board last week outlining the new development plan. The board is expected to make a decision in the next two months. Cheung Kong sales manager Joseph Lau Kai-man said: 'The original plan was to build eight low-rise residential buildings. However, we now plan to build houses after we noticed the houses of HKR International's Coastal Skyline development fetched $11,000 per sq ft last year. 'We believe houses sell at a higher price. We expect the houses in our Tung Chung project to fetch $9,000 to $10,000 per sq ft.' Ricacorp Properties district director May Wu said the asking price for a house in the Coastal Skyline development ranged from $9,000 to $13,000 per sq ft in the secondary market. She estimated that about 90 per cent of the buyers were investors, as only one owner had moved in. As the project represents the only supply of such houses in Tung Chung, investors expect prices to remain strong.