CK Hutchison's Hongkong United Dockyards Limited (HUD) has submitted a plan to redevelop the repair yard for housing.
The shipyard owner applied to the Hong Kong Town Planning Board to rezone the HUD land in Tsing Yi island from industrial to housing and to put up 15,075 homes.
This will comprise 10,370 apartments and 4,700 public housing units, which are seen to relieve persisting real-estate pains in the major financial hub.
"Under Hong Kong's current land scarcity situation, HUD believes large-scale industrial land and idled Government land can be part of a solution to alleviate Hong Kong's housing needs," the shipyard said in a statement.
HUD said the proposal covered 19.9 hectares of land including both HUD and adjoining vacant government land that currently has no vehicular access.
In a statement, Hutchison emphasized that "there is a long-term pressing housing need in Hong Kong and HUD hopes to contribute its part to the resolution of housing problems through this proposal."
"Through the redevelopment of the HUD land, which will enable a connecting road to the idled Government site, a comprehensive private residential and public housing development with some 10,370 private residential units and 4,700 public housing units can be achieved," it added.
HUD noted that the plan is "medium to long-term."
"HUD is willing to make suitable arrangements regarding its existing business operations at the appropriate time, with the hope that this will help contribute to the resolution of Hong Kong's housing problems," it further said.
HUD — founded in 1972 and operating a 100,000 sqm dockyard — was a joint venture between CK Hutchison and Swire Pacific until 2021, when the former bought out Swire's 50% stake in the shipyard.