CK Asset wetland project approved

Business | Gary Poon 15 Mar 2019

CK Asset Holdings (1113) has won approval from the Buildings Department to develop 19 residential blocks with 1,958 units in Yuen Long's Fung Lok Wai wetland. The project's gross floor area is 1.59 million square feet, equal to the total area of Lohas Park phase six in Tseung Kwan O.

Green Sense has filed a judicial review in court seeking to subvert the government's approval for the Yuen Long project.

Meanwhile, MTR Corporation (0066) announced the site of Lohas Park phase 11 will open for bidding from tomorrow to a week today. The plot is on top of the Lohas Park shopping mall, with maximum gross floor area of 956,500 sq ft. The 1,850 units are expected to be completed in 2025.

The market puts the plot's value at between HK$5.2 billion and HK$6.2 billion, with flats selling for at least HK$16,000 per sq ft. Separately, Wang On Properties' (1243) Maya in Yau Tong launched 66 units at an average price of HK$17,578 per sq ft - 10 percent lower than the first batch of One East Coast's average price.

In the secondary market, a 507-sq-ft flat at Vision City in Tsuen Wan sold for HK$9.58 million, or HK$18,895 per sq ft.

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