Aspac Developments, a private company held by the Kwok family, the controlling shareholders of Sun Hung Kai Properties, is undertaking a major redevelopment project in Vancouver, Canada
The River Green project, which will take up to 15 years to complete, is set to transform the old Coal Harbour in Richmond, located on a tributary of the Fraser River within the metropolitan sprawl of Vancouver. The area, previously a railway yard and docklands, will be redeveloped into luxury flats and office towers.
Richmond, on the Fraser River delta, is home to about 79,000 Chinese Canadians, about 45 per cent of the Chinese population in the country, according to a 2006 census.
Aspac has bought the development site and is planning to build three million square feet of residential and commercial property comprising about 2,600 units.
According to an official from Magnum Projects, the property's marketer, the first phase of 458 units, ranging from 700 sqft to 4,000 sqft penthouse flats, will be offered in six buildings this month.
James Wong, an estate agent specialising in Richmond properties, said prices of older homes in the area averaged between C$700,000 (HK$5.35 million) and C$900,000, while new homes ranged from C$1.5 million to C$2 million.
