Wheelock Properties and China Overseas are redeveloping luxury locations into townhouses. Wheelock plans to build eight townhouses on The Peak in a project estimated to be worth about HK$2 billion. The site at 77 Peak Road is occupied by the colonial, seven-storey Dodwell Mansions, a leasing property already owned by Wheelock. Upon completion, the development will have a floor area of about 422,000 sqft, with each of the townhouses having an area of about 5,275 sqft. China Overseas has bought a 32,000 sqft site at Kowloon Peak for HK$293 million. The location at 5 Fei Ngor Shan Road, with a plot ratio of 0.5, will be developed into five townhouses, each with an area of about 3,200 sqft.