Kowloon Development Names Ngau Chi Wan Project 33 Clear Water Bay on August 7

Kowloon Development (0034.HK) named its flagship Ngau Chi Wan project “33 Clear Water Bay” on August 6, 2026. The HK$9.658 billion development will span 5 towers with 2.152 million sq ft of space, including over 2,000 residential units and a 650,000 sq ft shopping mall linked to MTR Choi Hung station. Phase 1 launches with 361 units targeting families and upgraders, with pricing benchmarked to Kai Tak, Kowloon and Hong Kong Island rail projects.

Project scale and structure

The development sits on the former St. Joseph’s Home site in Ngau Chi Wan. It comprises 5 towers rising 54 storeys above an 8-level podium and 4-level basement. Total gross floor area is 2.152 million sq ft, split between 1.4765 million sq ft of residential space and 675,600 sq ft of non-residential use. The project received planning approval in September 2024 and is awaiting presale consent from the government, with Phase 1 expected to launch as soon as August 2026.

Phase 1 unit mix and pricing strategy

Phase 1 will offer 361 units ranging from 2-bedroom to 4-bedroom layouts. Standard units span 492 to 1,039 sq ft of usable area. The developer targets families and upgraders. Pricing will reference comparable MTR-linked projects including Kai Tak, Kowloon and Hong Kong Island developments. Kowloon Development stated the project will attract local buyers despite mainland capital controls.

Land premium and historic preservation

Kowloon Development paid HK$9.658 billion in land premium to the government in 2021, equivalent to HK$4,464 per sq ft of gross floor area. This was the largest land premium deal in Hong Kong’s urban areas since New World Development’s HK$15.9 billion Kai Tak payment in 2017. The developer preserved 3 Grade II historic buildings from the former St. Joseph’s Home, integrating them into the 650,000 sq ft shopping mall connected to MTR Choi Hung station. The project includes over 200,000 sq ft of clubhouse facilities with gardens, a 25-meter elevated garden, three banquet halls and a gym.

Market confidence amid capital flow concerns

Kowloon Development executives said the Hang Seng Index’s rebound to 25,000 points signals sufficient market liquidity despite mainland tightening of capital outflows. Management expressed confidence the large-scale project will attract substantial local demand. The 5-phase rollout structure allows the developer to pace supply and adjust pricing based on market conditions.

Final Thoughts

33 Clear Water Bay represents Kowloon Development’s largest active project, combining MTR connectivity, historic preservation and scale. With Phase 1 launching imminently and pricing tied to Kai Tak benchmarks, the project will test demand from upgraders and families in a market watching capital flows closely.

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