CK Asset and Henderson Land set to launch housing projects in proposed Northern Metropolis

CK Asset is close to announcing the launch of the 341-unit #Lyos housing development in Hung Shui Kui in the northern New Territories

Henderson Land’s yet-to-be named project in Fanling, close to the proposed On Lok Tsuen station on the Northern Link, is awaiting presale approval

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Construction in progress at CK Asset’s #Lyos housing project in Hung Shui Kiu as of October 12. Photo: Winson Wong

Published: 8:30am, 13 Oct 2021Updated: 1:29am, 20 Oct 2021

CK Asset Holdings and Henderson Land Development are likely to see to huge interest in their upcoming projects in the northern New Territories, as investors bet on an improvement in infrastructure in the area following the announcement of the proposed Northern Metropolis.

The two projects will provide close to 2,000 units in Hung Shui Kui and Fanling, close to the mainland border, which come under Chief Executive Carrie Lam Cheng Yuet-ngor’s Northern Metropolis plan that aims to have 2.5 million residents within 20 years. It will also include a “Silicon Valley” that will closely interact with neighbouring Shenzhen.

“We have received a surge in inquiries on home prices in areas close to these new projects, with some investors indicating they were interested in buying existing flats as a long-term investment in anticipation of upcoming projects that will be offered at higher prices,” said Ray Wong, manager at Ricacorp Properties’ Sheung Shui branch.

CK Asset is about to kick off the marketing push for the #Lyos housing development comprising 341 units in Hung Shui Kui, which is expected to be served by a new rail link connecting Shenzhen’s burgeoning Qianhai economic zone. The rail link is as an extension of the planned HK$62 billion (US$8 billion) Northern Link to cater for the newly announced eightfold expansion of Qianhai.

The #Lyos development is expected to be completed in September 2023, but there is no concrete timetable on the completion of the rail link connecting Hung Shui Kui to Qianhai.

Units in Hung Shui Kui currently fetch between HK$12,000 and HK$15,000 per square foot, according to Midland Realty.

A 572 sq ft unit at the 26-year-old Meadowlands development in Hung Shui Kiu is on the market for HK$6.5 million, or HK$11,364 per sq ft, while the asking price for a 471 sq ft flat at the three-year-old Park Villa is HK$7.3 million, or HK$15,499 per sq ft, according to Midland Realty’s website.

In Fanling North, Henderson Land’s yet-to-be named project at 8 Ma Sik Road, close to the proposed On Lok Tsuen station, is awaiting presale approval. The Northern Link extension will connect Kam Sheung Road, Lok Ma Chau border checkpoint and Tuen Mun to the MTR’s Tsuen Wan line.

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