Chun Wo enters luxury market with Sha Tin site

Small developer and contractor Chun Wo Development is making a push into the Hong Kong luxury residential property market with a project in Sha Tin at an estimated investment cost of HK$4.8 billion.

On Wednesday, the government announced Chun Wo won the site - which could yield 323,308 square feet in gross floor area - in Kau To Shan, Sha Tin, for HK$2.71 billion by tender.

This is the second government residential site won by Chun Wo, which landed a site in Clear Water Bay Road in July 2001. That site is now occupied by a mass housing project called 8 Clear Water Bay Road.

Chun Wo said the project in Kau To Shan will be a luxury residential development, with 110 villas of between 2,500 sq ft and 5,000 sq ft and 40 flats between 1,700 sq ft and 2,500 sq ft.

Jeff Leung, the firm's property development manager, said yesterday Chun Wo would team up with a partner to develop the site, but he did not identify the partner.

The project is scheduled to be offered for pre-sale in about two years. The entire project is due to be completed in three to four years.