High office vacancy rates spur bid to rezone Kowloon East site for residential development
Planning Department says it has no objection to application but suggests a number of approval conditions to Town Planning Board
With office vacancy rates in Kowloon East remaining high, the Planning Department has indicated it has “no objection” to a request by some developers for a commercial project in the area to be rezoned for residential development.
A consortium comprising CSI Properties, Asia Standard International and Chongqing-born property tycoon Cheung Chung-kiu has submitted an application to the Town Planning Board to rezone Harbourside HQ – a grade A office building at 8 Lam Chak Street, Kowloon Bay, which the three parties jointly own – for residential development.
The consortium has applied to increase the plot ratio of the site from five to seven to redevelop it into two mixed-use commercial-residential towers – ranging from 30 to 38 storeys in height – that would provide about 1,140 residential units with an average size of around 400 square feet. It plans to complete the project in 2033.
The Planning Department said the proposal, which would change the site to predominantly domestic use, was not entirely in line with the planning intention. Nonetheless, it did not consider the proposal would affect the integrity of the Kowloon Bay Business Area.