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Hong Kong authority to approve Sun Hung Kai's HK$15B residential project Jan. 18

Hong Kong's Planning Department is expected to approve Sun Hung Kai Properties Ltd.'s proposed development in the Shap Sze Heung area of the city on Jan. 18, The (Hong Kong) Standard reported, citing the government agency.

The project, which involved a land premium of more than HK$15 billion, is anticipated to yield 9,500 units across 46 apartment buildings. It is intended for an 8.05 million-square-foot site and has an aggregate residential floor area of 5.79 million square feet, according to the publication.

In the same Jan. 16 report, the paper cited Maureen Fung, executive director of Sun Hung Kai Real Estate Agency, as predicting that sales in the Hong Kong-listed developer's apm shopping mall in Kwun Tong would increase by 15% year over year to HK$1.2 billion during the first quarter of 2019.