Luxury sites in Sha Tin and Peng Chau draw heavy interest from developers

PUBLISHED : Saturday, 25 August, 2012, 12:00am
UPDATED : Saturday, 25 August, 2012, 2:10am

Two residential sites up for tender in Sha Tin and Peng Chau attracted strong interest from major developers yesterday, the latest affirmation of Hong Kong's buoyant property market.

The 212,051 square foot site at Kau To Shan in Sha Tin, intended for luxury homes, drew bids from 10 developers, among them Sun Hung Kai Properties, Sino Land, Wheelock Properties and a consortium formed by Wing Tai Properties and Manhattan Group. The 55,973 sq ft site in Peng Chau received eight bids.

The Kau To Shan site can yield a total gross floor area of 318,076 sq ft, and the Peng Chau site a gross floor area of 55,973 sq ft.

Property analysts said the market response was good. They expected the sites to fetch a total of as much as HK$450 million.

A 6,200 sq ft flat in Swire Properties' Opus Hong Kong in Mid-Levels sold for a reported HK$470 million, making it the most expensive flat in Asia in terms of price per square foot.

Centaline Surveyors director James Cheung King-tat said the response for the Peng Chau site exceeded his expectations.

"I think some of the developers were expecting to buy the site at a cheaper price, as the adjacent site was sold for HK$516 per sq ft in March," he said.