The Chief Executive-in-Council has given in-principle approval for the lease modification of the former Tanner Hill Estate site in North Point to develop an elderly housing project.

The Housing Society's proposal comprises 700 rental flats with recreational, elderly-related and ancillary support facilities, including a care home, a day-care centre, a medical centre, shops, a restaurant and a multi-purpose hall.

The flats are targeted at residents aged 60 or above willing to pay for the flats and the services under a market-driven approach. The tenancies may include short-term leases or lease-for-life arrangements.

Unlike the two pilot projects at Jordan Valley and Tseung Kwan O under the Senior Citizens Residence Scheme, which enjoy nominal premium, the proposed Tanner Road site will not involve a nominal or concessionary land premium.

The construction will be complete within four years of works starting.