The "Hong Kong Property" New World Development's CHINA RES LAND Yuen Long Phase II project plans to build two 26-story residential buildings involving 1,035 units

New World (00017.HK) and CHINA RES LAND (01109.HK) have applied for a slight relaxation of building height restrictions for a plot of land of approximately 88,600 square feet located on South Gong An Road in Yuen Long, intending to construct two 26-story residential towers, which is one floor higher than the 25-story permitted in the outline zoning plan. The project will provide 1,035 residential units, with an average area of 428 square feet and a total floor area of approximately 443,200 square feet, expected to be completed in 2030.

According to documents from the Town Planning Board, the site is situated between New World's large residential estate, The Pavilia Bay, and Sun Hung Kai Properties (00016.HK), with the land plot being elongated. Information shows that New World announced in December 2023 that it had signed a "Northern Metropolis Project Cooperation Agreement" with CHINA RES LAND, planning to develop a "high-end professional services and logistics hub" in the Yuen Long South area, with a total of two projects providing approximately 1,800 units, with this project expected to be the second phase of Yuen Long South.

As for the first phase of Yuen Long South, it is also adjacent to the location for which the height limit is being relaxed in this second phase application, located on Yuen Long 18th Village Road, next to Lung Tin Village, covering an area of approximately 55,900 square feet. It has been approved to build two 23-story residential buildings with clubhouse facilities, involving approximately 279,500 square feet of residential floor area, expected to provide about 700 units. The project was finalized last November with a land premium of HKD 445 million, with a land premium of approximately HKD 1,592 per square foot of floor area