Sun Hung Kai plans to increase supply of flats by 56 per cent at Yuen Long, Cheung Sha Wan residential projects
- Number of flats at its Yuen Long project will rise to 1,995 from 455
- Number of flats at its Cheung Sha Wan development will rise to 3,647 from 3,140
Sun Hung Kai Properties (SHKP) has filed an application with the Hong Kong government to increase the capacity of two residential projects by a combined 56 per cent, as the government struggles to increase land supply.
In its application to the Town Planning Board on Friday, SHKP said it plans to increase the number of flats in Yuen Long fourfold to 1,995 units, from 455 large flats, and reduce the average unit size to 484 square feet, from 2,000 sq ft previously.
Hong Kong’s largest developer by market cap also submitted a separate application to squeeze 16 per cent more flats at its joint venture development in Cheung Sha Wan, to 3,647 units from the originally planned 3,140. Here too the average unit size would be reduced to 520 sq ft from 605 sq ft.
The total cost of the two projects, offering a total of 5,602 units, could amount to more than HK$18 billion, according to surveyors.
The developer’s application comes a week after the government announced plans to take back private farmland covering 68 hectares (7.3 million square feet) in the northern New Territories to construct a new town.
