A plan by Hang Lung Properties (0101) to build five luxury homes on a residential site at Shouson Hill previously owned by the US Consulate General in Hong Kong and Macau has been approved by the Buildings Department.
The developer bought the six multi-story villas on 37 Shouson Hill Road from the US Consulate in 2020 for HK$2.56 billion or HK$54,000 per square foot.
At the time, Hang Lung said it expected to invest about HK$4 billion to build several detached homes at the site, expected to be completed in 2024.
The property has now been approved to be redeveloped into five luxury mansions with a total area of about 47,298 sq ft.
Each home will have three stories and an underground basement, with an average floor area of 9,459 sq ft.
The site was purchased by the US government in 1948 and was used as residences for staff at the consulate. The cluster of six low-rise buildings comprised 26 apartments, 52 car park spaces and an outdoor pool.
Hang Lung won the bid for the property in September 2020, but Chinese government blocked the sale in December, saying the US consulate had failed to seek its permission, before clearing the transfer in February 2021.
Apart from the Shouson Hill development, the Buildings Department approved 23 plans in August including 15 for apartment and commercial developments, three for factory and industrial developments, and five community services developments.
Among these, a site at 37 Shanghai Street in Jordan owned by New World Development (0017) has been approved for reconstruction as a 22-story residential and commercial building with residential and commercial areas of about 13,021 sq ft and 2,287 sq ft respectively.
In other news, Sun Hung Kai Properties (0016) said it will put 66 flats at Park Yoho Bologna in Yuen Long on sale this Thursday.
Of these, 60 will be offered on the price list and six will be sold via tender. The cheapest flat is priced at HK$3.91 million, or HK$14,010 per sq ft, with an area of 279 sq ft.
The project, located at 18 Castle Peak Road offers 164 flats with areas of 257 to 1,155 sq ft.
Meanwhile, the mortgage-related one-month Hong Kong interbank offered rate rose to a 14-year high of 3.01685 percent yesterday.
An aerial view of 37 Shouson Hill. SING TAO
