Six projects seek presale consent

Six new projects applied for presale consents in April, Hong Kong's Lands Department revealed yesterday.

Among them is a project in Kwu Tung developed by Wing Tai Properties (0369), former Hong Kong leader Tung Chee-hwa's family members and former financial secretary Henry Tang Ying-yen, which will offer 765 homes.

The others include Wheelock Properties's project in Kwu Tung which involves 324 flats, CK Asset's (1113) project in Kai Tak which will offer 307 flats and Vanke Hong Kong's two phases in Tai Po which will provide over 1,200 homes in total

Meanwhile, New World Development (0017) has teamed up with a unit of the state-owned China Merchants Group to develop a commercial and residential project in northern Fan Ling which will offer at least 2,000 homes.

An agreement was signed yesterday between NWD and China Merchants Shekou Industrial Zone, with construction scheduled to start early next year.

The site of about 150,000 square feet in size sits inside the commerce and industry zone under the Northern Metropolis Action Agenda proposed by the Hong Kong government at the end of October last year.

The project is currently the largest commercial and residential project in the Fanling North New Development Area, with a total gross floor area of over 1 million sq ft, including more than 180,000 sq ft of commercial space.

NWD chief executive Adrian Cheng Chi-kong said the cooperation would leverage on the strength of both Hong Kong and mainland enterprises.

China Merchants is the second state-owned enterprise that the NWD has teamed up with in respect of the Northern Metropolis development. In December 2023, the developer announced its co-operation with China Resources Land (1109) for a residential project offering 1,800 flats in the area, with construction planned to start this year.

Hong Kong's government has faced difficulties in rolling out the remaining phases of the Kwu Tung North and Fanling North New Development Areas with some developers expressing concerns about the infrastructure development costs and high interest rates.

Of the nine in-situ land exchange applications approved by the government, only two were accepted by the private developers.

In other news, 60 flats of Miami Quay I in Kai Tak will be put up for sale this Sunday. The project is co-developed by Wheelock Properties, Henderson Land Development (0012), New World Development and Empire Group.