Bricks And Mortar | SHKP to build on sites where Housing Society deemed project too costly
Tin Shui Wai sites abandoned by Housing Society as too costly have new lease of life
A private developer is confident it can profitably build on sites where the Housing Society abandoned a residential project for the elderly as being too expensive.
Sun Hung Kai Properties snapped up two sites in Tin Shui Wai last week that had been designated for upmarket housing for the elderly under the society's Joyous Living scheme in 2008.
The society returned them to the government at the end of last year, citing the high construction cost of the project.
Since the two sites are close to Hong Kong Wetland Park, piling work would have to stop for four months during the dry season to avoid disturbing migratory birds, resulting in a longer development period and higher cost.
Alternatively, the developer would need to employ silent piling technology, which would also increase the cost.
The discovery of marble caverns in the porous karst landscape around one of the sites has also added to the construction cost of the project.
In view of these restrictions, combined with soaring wages in the building sector, the society estimated the construction cost would have at least doubled from its forecast of HK$4.6 billion in 2008.
