Henderson Land's (0012) New Central Harbourfront development has won approval to build three buildings with a gross floor area of 1.75 million square feet.
The Buildings Department granted approvals to 22 sets of building plans in August, nine of which were for residential/commercial developments, and five for purely commercial use.
The most notable project approved is the commercial property, New Central Harbourfront Site 3 Project in Central, owned by Henderson Land.
The developer secured the site in 2021 with a record price of HK$50.8 billion.
The approved project comprises three commercial buildings, with one building standing at four stories high and the other two at six stories each, resulting in a total gross floor area of about 1.75 million sq ft.
According to a document the developer submitted to the Town Planning Board, the project will be designed with a "bridge" concept, aiming to transform Central's New Harbourfront into a world-class new landmark.
The proposed development includes a 400-meter-long scenic corridor, known as the Grand Boulevard, stretching from Central's inland area to the waterfront.
The first phase is expected to be completed in 2026, while the second phase is anticipated to be finished in 2031.
In the realm of residential development, one of the significant projects is the Urban Renewal Authority's Hong Fook Street/Kai Ming Street redevelopment in To Kwa Wan, which was acquired by CK Assets (1113) for nearly HK$6 billion last year. Site A within this project has been approved for the construction of two 27-story mixed-use buildings, along with three platform levels and one basement level.
The residential area encompasses 237,816 sq ft, while the commercial space covers around 47,573 sq ft.
Meanwhile, a luxury residential site at South Bay Road in Repulse Bay which was acquired by S E A Holdings (0251) and Hon Kwok Land (0160) has received approval for the development of four 4-story standalone houses. The total gross floor area for this project is 19,053 sq ft.
The site was sold in February of last year at an approximate rate of HK$62,352 per square foot, making it the most expensive land sale per sq ft in the history of land transactions, a record that still stands today.
