The town planning board has approved a HK$700m project by Nan Fung Group to begin construction on a non-profit revitalization project called The Mills, construction of the is expected to begin construction at the beginning of next year and be completed in the fourth quarter of 2017.
The lands Department has yet to give its approval for the company’s request for a land premium waiver adn a Buildings Department go-ahead for alteration and additional works.
According to the standard Nan Fung Development chief financial officer Benson Chu Wai-ming said he hopes the Lands Department can charge a lower land premium or even waive the fee for changing the purpose of the land from industrial to mixed-use development.
“We are also open to cooperation with the government,” he said.
Nan Fung has not yet submitted the application to the Lands and the Buildings departments.
“So the decision dates are still too early to be estimated,” Chai said.
“There is also no specified processing time for the Lands Department, so the decision time is quite uncertain.”
Chu said the entire HK$700 million will be funded by the company, but it still welcomes support from other organizations.