Two home sites to go out for tender

PUBLISHED : Thursday, 25 April, 2013, 12:00am
UPDATED : Thursday, 25 April, 2013, 6:15am

The government will put two residential land sites - one in Tseung Kwan O and another on Lantau Island - up for sale next month in a tender that is expected to fetch a total of up to HK$4.14 billion.

Surveyors estimate that the 295,160 square feet site in Area 68B2 in Tseung Kwan O, which can yield a maximum gross floor area of 855,964 square feet, should cost between HK$3.94 billion and HK$4.11 billion, or HK$4,600 to HK$4,800 per buildable square foot.

The Lands Department said the winning bidder must build at least 875 units on the site, apart from space allotted for commercial use.

"It's the last waterfront site in Tseung Kwan O and given the keen interest seen in neighbouring sites previously, we revised our estimate from HK$4,200 per sq ft to HK$4,600 per sq ft," Centaline Surveyors' director James Cheung King-tat said.

Wheelock Properties outbid eight developers this month to win a neighbouring residential site for HK$2.45 billion, or HK$4,301 per square foot, for what is to be its third development in the district.

Also going under the hammer next month is a small residential site on South Lantau Road in Cheung Sha on Lantau Island. With an area of 15,481 sq ft, the land parcel could yield a gross floor area of up to 6,191 sq ft.

The site should fetch between HK$34 million and HK$37 million, or HK$5,500 to HK$6,000 per square foot, surveyors forecast. "It will be a small project. Since the site is located near the sea, it can be developed into three to five sea-view houses," Midland Surveyors director Alvin Lam Tsz-pun said.

The sites will open for tender on May 24 and close on July 5, the Lands Department said.