NAN FUNG Development will invest more than $1 billion to redevelop its
textile factory in Tsuen Wan into a residential area of about 1,200
Apart from 100,000 square feet of factory site space, the development
is expected to include some crown land under the comprehensive scheme.
That will bring the total development site to 145,000 square feet.
Total gross floor area of the redevelopment project will reach 760,000
square feet, with the construction cost at $800 million.
The group had first been given the green light by the Town Planning
Board (TPB) to redevelop the site into a combined residential and
commercial development in 1992. Nan Fung proposed to build four
residential tower blocks and a four-level shopping podium but no
construction work was ever started.
Last year, Nan Fung decided to change the development plan into a pure
residential project and submitted another blueprint to the TPB, which
recently gave approval.
Nan Fung intends to construct three 40-storey towers; one 20-storey
tower; 200 car park spaces and a 30,000-square foot clubhouse on the
site. Construction is expected to take three years. Nan Fung is also
expected to build a public park, basketball playground and a mini-bus
The land premium cost for the site is expected to be announced by the
government soon. Any development involving more than 1,000 housing
units is given priority by the TPB.
Nan Fung is also joining hands with Sun Hung Kai Properties and Kwong
Sang Hong International to turn three industrial sites in Tsuen Wan
into a residential development.
They are expected to seek government approval for a collective
re-zoning of the sites for residential purposes. If approved, the lots
would be turned into a one million sq ft housing estate.