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.