HONG KONG (BLOOMBERG)- Hong Kong, the world's least-affordable housing market, is set to get its densest residential development.
CK Asset Holdings is planning to turn a New Territories hotel into a pair of residential blocks containing 5,000 apartments, a document filed with planning authorities shows. At 47 storeys, that works out to an average of 53 units per floor, making it the densest private residential project in the city, according to chartered surveyor Vincent Cheung.
The apartments would be an average of about 300 sq ft or 27.8 sq m, Mr Cheung said. While that typically fits just one bedroom, it would still be about twice the size of the controversial micro-apartments some developers are selling.
Small apartments are popular with buyers because their lower price tags offer a way on to the property ladder in a city rated the world's most expensive for the past eight years.
Since taking charge of his father Li Ka-Shing's real estate empire in March, Victor Li has been redeveloping CK Asset's old properties to combat a shortage of land in the city. The developer last year said it would revamp Hutchison House, an office tower in Central. It has also applied to convert two Kowloon hotels into offices.
The latest application is likely to be approved, given the lack of land in Hong Kong, said Thomas Lam, an executive director at Knight Frank LLP. The units may fetch about HK$14,000 (S$2,423) per sq ft, he said.