Another Cheung Sha luxury development gets green light
A developer has been given the go-ahead to build six luxury residential blocks at Cheung Sha.
According to the Building Services Dept, each block will be three storeys, with a gross floor area across the projfect of 3322 sq m (35,756 sq ft) and usable area of 1779 sq m (19,149 sq ft).
The developer, New Advance Ltd, a subsidiary of Neutron Property Fund, acquired the 4,212 sq metre site, just behind the Cheung Sha Fire Station, three years ago for HK$290 million.
At that price, the developer will need to sell each building for a total of HK$50 million just to recoup the land acquisition costs alone.
Work on the site and foundations by mainland developer Sino Ocean is already well underway.
When complete the new development will join White Sands, Botanica Bay and a planned project near the San Shek Wan roundabout at the top end of the local property market.