Hong Kong’s SHKP secures HK$1.4 billion land deal in Northern Metropolis
Property giant says site could yield over 1.2 million sq ft of floor area and 2,700 flats, making it one of the biggest housing projects in the area
Lower land prices and the anticipation of a market recovery are among the reasons for a recent deal between a large Hong Kong developer and the government, which will set up one of the biggest housing projects in the Northern Metropolis, experts have said.
The company said that the site could yield over 1.2 million sq ft (111,480 square metres) of floor area and more than 2,700 flats, making it the biggest residential development in the area in recent years.
SHKP said the project would fully utilise the land to meet the pressing demand for housing in the New Territories.
A source confirmed that the land premium payment was HK$1.39 billion.
The Post also learned that the developer finalised a deal on the same site in 2018, with the intention of converting the land for residential use and developing low-density housing.
With this latest agreement, SHKP now has eight projects in the Northern Metropolis, totalling about 4.74 million sq ft of floor area and around 10,000 flats.