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Sun Hung Kai Properties files to amend plans for HK$16B residential site

Sun Hung Kai Properties Ltd. is amending its development plans for a site it bought in Shap Sze Heung, Hong Kong, in November 2017 for a record HK$15.9 billion, the South China Morning Post reported, citing a company statement.

The application for the changes was filed with the special administrative region's Town Planning Board, and if approved, the company will have to pay additional land premium to the government, the publication reported.

The Hong Kong-based developer plans to increase the number of flats to be built at the site to 9,500 from 4,930, which means that the average unit size at the project will be trimmed to 610 square feet from 1,000 square feet. The gross floor area of the project will also increase to 5.8 million square feet from 4.83 million square feet.

The developer said the changes will boost the supply of flats in the city and answer market demand for small to medium-sized flats, the July 27 report added.

Thomas Lam, a senior director at Knight Frank, was quoted in the report as saying that once completed, the project could be worth HK$80 billion.