CK Asset plans to turn industrial zone near Hong Kong’s Sha Tin Racecourse into residential area with 4,700 flats, school

The flagship company of tycoon Li Ka-shing has applied for the rezoning of the land in the East Fo Tan Industrial Area to ‘meet increasing demand for housing in Hong Kong’

On completion, the total market value would be about HK$46 billion (US$5.9 billion), according to Knight Frank

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Image of Fo Tan Industrial area. Photo: SCMP Pictures

Published: 7:28pm, 19 Nov 2021Updated: 11:05pm, 19 Nov 2021

Developer CK Asset has proposed turning an industrial area near Hong Kong’s Sha Tin Racecourse in the New Territories into a residential area that can accommodate 4,700 flats.

The flagship company of tycoon Li Ka-shing submitted an application for the rezoning of the land in the East Fo Tan Industrial Area to the Town Planning Board through a company called Hybonia Limited, according to a statement from the developer’s spokeswoman.

“If the Town Planning Board approves it, CK Asset will become a pioneer and start the first phase of redevelopment work,” the spokeswoman added.

The plan, according to the statement, is to have the site redesignated for residential, government, institution or community use to cope with the increasing demand for housing in Hong Kong. The city is famous for its exorbitant property prices underpinned by a lack of supply.

CK Asset plans to build 24 residential buildings with 28 to 38 floors, including shops and underground parking. The design will allow for about 4,700 residential units with an average area of 56.5 square metres, or 608 square feet, and a school.

The entire site covers an area of 53,163 square metres, or 572,245 sq ft, and the total residential floor area is around 266,000 square metres.