Hong Kong’s Union Church and Henderson Land Development Co. plan to transform the former’s two-story church into a 22-floor tower incorporating 17 floors of apartments.
Such land has become prized real estate, with at least three church developments rebuilding sites. Units of about 1,000 square foot in the Mid-Levels can fetch as much as HK$37 million, realtor Centaline Property Agency Ltd. estimates.
The churches do not get government funding, Peter Pun, a former director of the government’s planning department, said. Their best way of benefiting from their prime locations is “by building new high-rises and leasing the units,” he said.
