23rd April, 1997
SHIU WING STEEL MILL SITE
AT TSEUNG KWAN O
Swire Properties Limited ("Swire Properties") and New Town (N.T.) Properties Limited ("NTP"), a wholly-owned subsidiary of Sun Hung Kai Properties Limited, have entered into an agreement with Shiu Wing Steel Limited ("Shiu Wing") whereby a joint venture company owned 50:50 by Swire Properties and NTP has acquired from Shiu Wing, the right to develop the Shiu Wing steel mill site at Tseung Kwan O.
The site has a development potential of approximately 4.0 million square feet of residential space. It is intended to construct over 4,000 residential units, plus neighbourhood shopping space and ancillary carpark spaces. The total project cost is estimated to be in excess of HK$25.0 billion, to be spread over a 5 year development programme.
Mr. Michael Moir, Development Director at Swire Properties, said:"We look forward to working with Sun Hung Kai in partnership with Shiu Wing in the development of this major expansion to Tseung Kwan O New Town. The site is in an excellent location with sea views and direct access to a future station on MTRC’s extension line to Tseung Kwan O."
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