New World Development (0017) has received approval to build an additional commercial building for its redevelopment project for The State Theatre, a Grade I historical site at North Point, which increases the total floor area by more than 24 percent.
The project, which covers 277-291 King's Road, 2-16 Tin Chong Street, 4,4A-4D,6,6A-6D Java Road, and 1-17 Hei Wo Street, has been granted to put up a new 18-story commercial building, a 26-story mixed-use construction with a five-story podium and a three-story basement and a 31-story mixed-use building in one of the eight building plans approved by the Buildings Department in May.
The total gross floor area under the new plan has been expanded by 24.4 percent, or 8,763 square meters, including 8,834.6 sq m for residential use, to 44,552.8 sq m, compared to last year's plan.
The redevelopment is now able to provide a residential area of 27,560.5 sq m and an area of 16,992.3 sq m for commercial use, according to the information from the department.
The developer said the change in GFA will not affect the restoration and preservation plan for the building it acquired for HK$4.77 billion in a compulsory sale in 2020.
The theater first opened in 1952 and was declared as a Grade I historic building by the Antiquities Advisory Board in 2017.
Other approved building plans include CSI Properties's (0497) application to set up a 25-story commercial building with a floor area of 9,208.3 sq m on 152-164 Wellington Street and 1-2 Wa On Lane in Central.
A site on 6-6C Duke Street in Kowloon has also been given the green light to construct a 15-story residential building with a total floor area of 3,483.8 sq m.
In Sham Shui Po, Tai Hung Fai Enterprise has been approved to build a 22-story mixed-use building on 94-102 Apliu Street, which will provide an area of 4,543.3 sq m in residential and 908.2 sq m in non-residential use.
Data from the department also revealed that private home completions plunged by 75 percent month-on-month in May to just 86 units, a new low since October 2020. Total completions in the first five months of this year were 7,222 units, down by 35 percent from a year ago, and only 36.2 percent of the government's projection for this year, according to Midland Realty.
