Yau Tong Bay project may be split into four phases

Staff reporter

Hong Kong's planned mega residential project in Yau Tong Bay, to be built by six developers including Henderson Land Development (0012) and Sun Hung Kai Properties (0016) may be split into four phases to ease land premium payments, The Standard's sister publication Sing Tao Daily reported.

The project is expected to offer 6,236 homes, half the number of homes at Taikoo Shing in Quarry Bay. However, the developers have yet to reach an agreement with the government on the land premium after more than four years of negotiations.

The Lands Department was said to have set a land premium of over HK$15.9 billion last year, 35 percent lower than HK$24.5 billion in 2023. Despite the reduction, the developers declined the offer, citing higher costs due to the project's lengthy development period, which increases risks and interest expenses, the report said.

Meanwhile, home sales continued apace in the primary market.

In Tin Shui Wai, Yoho West Parkside co-developed by SHKP and MTR Corporation (0066), sold 40 out of 108 flats in its third round of sales as of 5pm yesterday.

One of the buyers snapped up three flats for HK$16 million, SHKP said.

In The Southside, La Montagne, co-developed by Kerry Properties (0683), Sino Land (0083), Swire Properties (1972) and MTRC sold 19 flats for over HK$260 million this month.

In Kowloon City, Henderson Land Development's Eight Southpark sold 11 out of 20 flats for HK$47.3 million.

In Kai Tak, SHKP's Cullinan Harbour plans to sell 10 out of 43 flats in its phase 2A by tender.

In Tai Po, Vanke Hong Kong received 7,418 cheques for 228 flats in Le Mont, making them nearly 33 times oversubscribed.

The developer plans to launch the first round of sales this Saturday.