Government finishes study on Kai Tek Development

Proposal includes changes in land use zoning.

The government has completed its technical study on the proposed increase in the development intensity of Kai Tak Development.

According to a research report from JLL, the proposal included minor relaxation of maximum plot ratios and building height restrictions of several commercial sites.

It also includes a proposal on changes in land use zoning of six “Government, Institution or Community” sites for commercial uses.

In other market news, according to market sources, a Singapore-based investment fund is in negotiation to purchase several whole floors at Kowloon Commerce Centre Tower 2 in Kwai Chung for long-term investment purpose.

Also, Billion Development’s office development in Shek Mun––scheduled for completion in 2015–was issued its pre-sale consent in August. Asking prices are about HKD 6,800 per sq ft.