The new project in Tung Chung by Sun Hung Kai Properties applies for a relaxation of height restrictions, expected to provide 745 units

New World Development (00016.HK) submitted a planning application to the Town Planning Board for the residential government land in Area 106B of Tung Chung, which it won with a bid of HKD 602 million last February. The application seeks to relax the height restriction by about 10%, providing 745 units with a gross floor area of over 400,000 square feet.

Documents from the Town Planning Board indicate that the site area of the government land is 114,600 square feet, and it is planned to be developed with a plot ratio of no more than approximately 3.5 times. The application proposes to increase the building height from 70 meters to 76.9 meters, a relaxation of 9.86%, and plans to construct two 20-story residential towers, including a podium and two levels of parking, providing 745 residential units with an average area of about 538 square feet. Additionally, the project will provide 264 parking spaces and approximately 20,800 square feet of private recreational space, with a total gross floor area of about 401,200 square feet.

The applicant pointed out that the project received approval for building plans from the Buildings Department in September last year, with the approved maximum building height being no more than 70 meters, and includes one level of underground parking.

Information shows that the residential land in Area 106B of the Tung Chung new reclamation area was initially launched in 2023 but ended in a failed bid. After the government optimized the terms, New World Development won the bid at HKD 602 million, with a land price of only HKD 1,501 per square foot based on the buildable floor area of about 400,000 square feet, which was the lower limit of market expectations at the time and set a new low for the land price per square foot for residential government land in Tung Chung