Ground-breaking ceremony for redevelopment of Shaw brothers Studio in Clearwater Bay held today

^{The Shaw Brothers Studios site in Clearwater Bay, Sai Kung}

The former Shaw Brothers Studio, once known as the “Dream Factory” and “Hollywood of the East,” is about to be transformed into a new large-scale residential project. Developed by Fosun International, the Clearwater Bay, Sai Kung project (formerly the Shaw Brothers Studio) held its ground-breaking ceremony today (29/6). The project boasts a total floor area of ​​over 1 million square feet, with an estimated investment exceeding HK$10 billion. It comprises approximately 40 buildings and will provide nearly 800 units. t also includes a hotel and commercial area of ​​200,000 square feet.

Fosun International stated that the project will be launched at the end of next year or the beginning of the following year, depending on market conditions.

Fosun International Chairman Guo Guang-chang revealed that the mega-project will create an integrated community that combines “one residence, one business, and one friend” with cultural heritage, combining smart technology facilities, public art spaces and historical preservation elements, and is adjacent to the Hong Kong University of Science and Technology.

^{Some of the original buildings will be preserved}

In September 2018, the owner, Fosun International, applied to the Town Planning Board for permission to build residential units, proposing 749 low-density residential units and 183 hotel rooms. The Shaw Brothers Executive Building, the adjacent film warehouse, and the dubbing studio would be preserved on their original sites. The application was approved by the Town Planning Board in March 2019. The entire redevelopment plan took more than 15 years to prepare, during which time it was abandoned for a long time, and some buildings were demolished.

^{The revised master layout plan}

The former Shaw Brothers Studio covers an area of ​​845,600 square feet and includes 7 plots of land. Fosun International first purchased 4 of these plots for HK$1.5 billion in 2014, and then purchased the remaining 3 plots for HK$990 million in 2016.