Land to be released for hotel site in Sai Kung
A plot of land suitable for a hotel in Sai Kung is expected to fetch between HK$782 million and HK$980 million at a government public tender.
The Lands Department announced yesterday that the sale was triggered after an applicant guaranteed it would place a minimum bid of HK$580 million, or around HK$2,002 per buildable square foot.
The 193,104 square-foot site has a maximum gross floor area of 289,656sq ft.
Alnwick Chan Chi-hing, property consultancy Knight Frank's executive director, forecast the site would sell for HK$980 million, or HK$3,300 per buildable sq ft. He said it could be used to build a three-storey, four-star hotel with about 650 to 750 rooms.
The site is located near the Sai Kung town centre but has a full view of the sea.
'The developer is attracted by the site mainly because of the sea view and the beautiful scenery of Sai Kung,' Chan said. 'I think the hotel will attract a small number of mainlanders and the rest will be local people and other tourists.'
Midland Surveyors director Alvin Lam Tsz-pun said it was rare to find a sea-view site in Sai Kung and one close to the pier from which ferries to the golf club at Kau Sai Chau left. He said the site should sell for about HK$782 million and could be used for a resort hotel or serviced flats.
But Vincent Cheung Kiu-cho, Cushman & Wakefield's national director for valuation and advisory services, said Sai Kung did not have the facilities to support a resort hotel.
'Hong Kong lacks a Banyan Tree-type of resort hotel, but that needs the sea, a beach and facilities for activities such as snorkelling. The Hong Kong government has protected the environment in Hoi Ha Wan marine park and there is no snorkelling facility in Sai Kung,' he said.
The Lands Department said the tender invitation would start on September 23 and close on October 21.