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August 10, 2018

Five residential plots for tender in this quarter

The Hong Kong government will release five residential plots worth an estimated HK$28 billion for tender in this quarter, including one on The Peak, two in Kai Tak, and one each in Tuen Mun and Cheung Sha on Lantau Island, Michael Wong Wai-lun, Development Secretary, said recently. The five plots will have a total capacity for 1,850 units. Together with land supply from MTR Corp’s tender for Ho Man Tin station, the total supply of private flats will increase to 2,750 units.
     Phase 3 development of the site next to the Wong Chuk Hang Station received five bids when the tender closed on August 7, announced by the MTR Corporation. The site has a total GFA of approximately 1.5 million sq ft. The 5 bids are from Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Chinachem Group and a consortium consisting of New World Development, Wheelock Properties, Sino Land, China Overseas Land & Investment and K. Wah International.
     Experts in the field said, the successful bidder may require as much as HK$37.65 billion to develop and could become the city’s most expensive real estate on the railway line by 2024.


Wong Chuk Hang

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