Saturday, November 22, 2014   




Nan Fung to build $1b flats in Tsuen Wan

Karen Chan

Thursday, May 30, 1996

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 flats.

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.

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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 depot.

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.

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