The company said on Monday that the site could yield over 1.2 million sq ft (111,480 square metres) of floor area and more than 2,700 flats, making it the biggest residential development in the area in recent years.
SHKP said the project would fully utilise the land to meet the pressing housing demand in the New Territories.
A source confirmed that the land premium payment was HK$1.39 billion.
With this latest agreement, SHKP now has eight projects in the Northern Metropolis, totalling about 4.74 million sq ft of construction floor area and around 10,000 flats.
The Northern Metropolis project, first announced in 2021, aims to turn 30,000 hectares (74,132 acres) of land near the border with mainland China into an engine for economic growth and a housing hub.
