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Li Ka-shing’s US$1.2 billion scheme to build 3,500 homes on former royal dockyard site in London gets green light after 15 years
- CK Asset’s US$1.26 billion Convoys Wharf project in Deptford, southeast London which will comprise houses, hotels, shops and restaurants
- The company has been embroiled in planning red tape since buying the docklands site for £100 million in 2005
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CK Asset Holdings, the developer founded by Hong Kong’s best known tycoon, has been given the green light from the UK government to start work on a £1 billion (US$1.26 billion) project offering 3,500 homes in London 15 years after it bought the site.
Approval for the first phase of the development in Deptford, southeast London, came within days of Prime Minister Boris Johnson offering Hongkongers a path to British citizenship in the wake of the controversial national security law imposed by Beijing.
It means building work can finally begin after the developer bought the docklands site from News International for £100 million (HK$978.4 million) in 2005. It has spent the intervening years trying to get approval for a project that formed part of its efforts to diversify into overseas markets at the time.
The Hong Kong developer confirmed to the Post that it had obtained a permit to start construction of the Convoys Wharf project, which will eventually comprise houses, hotels, shops and restaurants.
At 16.6 hectares, the plot is about three quarters the size of the Taikoo Shing neighbourhood in Hong Kong Island’s Quarry Bay, or equivalent to about 23 football fields.
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