High office vacancy rates spur bid to rezone Kowloon East site for residential development
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…
High vacancy rates in office spaces in Kowloon East have prompted a proposal to rezone a commercial building for residential development. The Planning Department has stated it has no objection to the developers' request. A consortium of CSI Properties, Asia Standard International, and Cheung Chung-kiu submitted an application to the Town Planning Board to rezone Harbourside HQ, a grade A office building located at 8 Lam Chak Street, Kowloon Bay, owned jointly by the three parties.
The developers aim to convert the 5-story plot ratio into 7, creating two mixed-use residential and commercial towers ranging from 30 to 38 floors, which would yield roughly 1,140 units with an average size of 400 square feet. The project is slated for completion by 2033. Although the proposal deviates from the planning intention, the department believes its impact on the Kowloon Bay Business Area's integrity will be minimal. The Town Planning Board is expected to deliberate on the proposal on Friday.
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