Billion Development pays $508m for Hong Kong development site
The Hong Kong Lands Department has sold a development site in Hong Kong for HK$3.94 billion ($508.4 million). Billion Development and Project Management is the new owner of Tsuen Wan Town Lot No. 393. Tsuen Wan Town Lot No. 393 has a site area of about 152,416 square feet. The lot is partly designated for non-industrial, excluding private residential, godown and petrol filling station. The minimum gross floor area and the maximum gross floor area are 640,151 square feet and 10.7 million square feet, respectively, of which not exceeding 643,197 square feet are for non-industrial (excluding private residential, godown and petrol filling station) purposes and not exceeding 423,721 square feet are for private residential purposes. The total number of residential units to be built shall not be less than 790.