New World Development (0017) announced on Wednesday that the construction of its Grade A commercial building at 888 Lai Chi Kok Road in Cheung Sha Wan has officially finished with about 75 percent of gross floor area sold already.
The developer successfully obtained the Certificate of Compliance issued by the Lands Department today, meaning the building is set to become the first new Grade A commercial complex in the district.
According to New World, the sold 75 percent of gross floor area is split halves among financial and insurance companies and education institutes, bringing in more than HK$5.4 billion for the developer.
They include Nanyang Commercial Bank, listed technology company PC Partner Ltd (1263), and the School of Professional and Continuing Education, The University of Hong Kong.
The 28-story building is designed by P&T Architects with about 580,000 square foot of office area as well as 241 private and 70 public parking spaces.
This project is among the three land plots in West Kowloon tendered by New World back in 2017. The other two are the projects on King Lam Street and on Wing Hong Street.
The constructions of the King Lam Street project and the Wing Hong Street project are expected to be finished by next year and 2024 respectively, paving way for West Kowloon's new core business district.
All three commercial buildings -- an investment project worth over HK$20 billion -- can provide up to 2 million square foot of gross floor area, New World added.
Photo by New World Development.
