The Shaw Brothers Studios site in Clear Water Bay
Buildings Department have finally given approval of the massive development proposed for the abandoned Shaw brothers film studio in Clear water Bay. BUZZ reported on the initial planning application in May 2018. There have been minor amendments to the application since that date, mainly to do with questions about vehicular access, sewage etc., but it remains essentially the same as we reported four years ago.
Some of the original buildings will be preserved
The development of the Shaw Brothers Studio in Clear Water Bay, Sai Kung, which has stood for more than half a century and is a Grade 1 historic building, has been in preparation for about 20 years. The studios – Hong Kong’s “DreamWorks” with many legendary stars, will be transformed into a group of luxury houses. The iconic Shaw Brothers Administration Building, the adjoining studios on the site will remain on site and will be preserved for the public to visit and use. Some people in the industry estimate that after the completion of the entire project, the market value will exceed $20 billion.
The revised master layout plan
According to the building plan documents approved by the Buildings Department in February this year, a total of 38 buildings have been approved for the project, including 37 residential buildings, which comprise 14 three-storey bungalows and 23 towers. The towers are 6 to 11 storeys of multi-storey residences; some have two storeys of basement or a one storey car park; also a clubhouse facility, with a total floor area of about 1.05 million square feet.
The studios were sold to Fosun International in 2014 for about $1.5 billion. In 2018, Fosun International resubmitted a new plan to the Town Planning Commission, and proposed to build 749 residential units and 180 hotel rooms. The project was approved by the Town Planning Commission in 2019. The latest building plan, which was recently approved by the Buildings Department, does not include the hotel that was part of the initial application.
Comparison of current approved scheme from 2014 and the new proposal
The project will be carried out using the “conservation-in-development” model, in which the iconic Shaw Brothers Administration Building and the adjacent studios being retained.
According to sources, the above-mentioned projects were approved by the government at the beginning of this year for land premiums. It is understood that the land premiums for each square foot of floor area are about more than $6,000, and the amount involved is about $6.3 billion. According to sources, the government approved the land premium for the project at the beginning of this year. The Shaw Brothers studio project can be developed immediately after the completion of the land premium process. Based on market valuation, the project will have a market value of about $21-23 billion after completion.
Comparison of landscaping for old scheme (left) and new scheme (right)
The Shaw Brothers Studio was the former movie-making “DreamWorks”. The site was rezoned as a comprehensive development area as early as 2002, and various applications were made to the Town Planning Board from 2006 to 2014. The project was to be developed into a commercial and residential project and was approved by the Town Planning Board, but a condition must be met before development, which is to widen a section of Clear Water Bay Road between Tai Po Tsai and Hang Hau Road. (What ever happened to this proposal? – Ed).
The entire Shaw Brothers studio complex was rated as a Grade 1 historic building, and then the buildings in the complex were rated one by one. In 2016, the Shaw Brothers Studio Administration Building was officially listed as a Grade 1 Historic Building, the No. 1 to No. 6 Video Studio, the Katakura and Dubbing Studio, the Colour Printing Room, the Shaw Brothers Villa, the No. 2 to No. 6, No. 4 dormitory and production department were listed as Grade II historical buildings at that time; No. 7 to No. 10 video studios and guard rooms were listed as Grade III historical buildings. A Grade 1 Historic Building means that the building is of special importance and every effort must be made to preserve it. Grade II historic buildings are rated as of special value and must be selectively preserved. Grade 3 historic buildings are buildings that have some value and are suitable for preservation in some form. If preservation is not feasible, other methods may be considered. Since the status of “Class 1 Historic Building” is only a rating of the Antiquities and Monuments Office, it is not within the scope of protection under the Antiquities and Monuments Ordinance, which means that the owner can demolish it.
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