On July 11, 2012, the HKSAR Government announced that the tender for a non-industrial site in North Point has been awarded to Choice Win (HK), a subsidiary of Sun Hung Kai Properties (SHKP), on a 50-year land grant at a premium of HK$6.91 billion. The lot has a site area of 23,400 square metres and is designated for non-industrial (excluding godown, hotel, and petrol station) purposes. The minimum and maximum gross floor areas are 56,203 and 83,675 square metres, of which no less than 32,208 square metres and no more than 53,680 are for private residential purposes. At least 700 flats must be built.
     SHKP spokesman said development of the waterfront site (formerly occupied by North Point Estate) will involve a total investment of approximately HK$15 billion.