The Kwok family trust, which controls Sun Hung Kai Properties Ltd., has agreed to pay about HK$800 million ($103 million) in land premiums to the Hong Kong government to turn a building site in the city’s Island South district into a luxury housing project, Ming Pao reported, citing people it didn’t identify.
The site, located on Island Road near Deep Water Bay, has a maximum buildable area of about 40,000 square feet, the Hong Kong-based, Chinese-language newspaper said. The Kwok family trust plans to build about 10 houses on the site to be sold for a total of about HK$2.5 billion, the paper said.
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