New World, China Merchants Land Break Ground on Tseung Kwan O Project with 600 Units
SingTao · 3 SOURCESabout 4 hours ago2 MIN
Summary
New World Development (stock code: 017) and China Merchants Land (stock code: 978) officially commenced construction on the Pak Sha Kok ventilation building residential project in Tseung Kwan O. The development, located adjacent to MTR Hang Hau Station in a well-established area with comprehensive community facilities, will feature a residential gross floor area of approximately 290,000 square feet and provide around 600 residential units, including clubhouse and parking amenities. The groundbreaking ceremony was jointly presided over by Nie Liming, Managing Director of China Merchants Shekou, along with New World Development management and other partner executives.
Key Points
- The project offers approximately 600 residential units with clubhouse and parking facilities across 290,000 sq ft of residential GFA
- Located adjacent to MTR Hang Hau Station in a mature Tseung Kwan O district with comprehensive supporting facilities
- Groundbreaking ceremony was attended by Nie Liming, Managing Director of China Merchants Shekou, New World management and partner executives
- Zhu Wenkai, Chairman of China Merchants Shekou and China Merchants Land, highlighted the project's convenience and mature amenities
- New World emphasized its commitment to releasing land reserve value and converting resources into competitive development projects
Why It Matters
The collaboration between New World Development and China Merchants Land brings together significant resources from both a major Hong Kong developer and a state-owned enterprise, potentially accelerating the delivery of much-needed housing supply in Tseung Kwan O. The project's focus on medium-sized residential units addresses demand from families seeking quality homes near MTR infrastructure, while the involvement of China Merchants Land as a Hong Kong-based platform for a central state-owned enterprise underscores growing cross-border real estate partnerships in the city .
The collaboration between New World Development and China Merchants Land brings together significant resources from both a major Hong Kong developer and a state-owned enterprise, potentially accelerating the delivery of much-needed housing supply in Tseung Kwan O. The project's focus on medium-sized residential units addresses demand from families seeking quality homes near MTR infrastructure, while the involvement of China Merchants Land as a Hong Kong-based platform for a central state-owned enterprise underscores growing cross-border real estate partnerships in the city .