Cooling measures not seen as affecting prices for development sites
Surveyors say developers won't be put off bidding for land in Ho Man Tin and Tung Chung, but their offers will be conservative
The latest government measures to curb speculation in the property market will not affect tenders for a residential site in Ho Man Tin and a commercial site in Tung Chung, surveyors say.
The focus will fall on the Ho Man Tin site, since it is one of the few large prime plots available. Surveyors estimate the site is worth HK$11.42 billion to HK$14.85 billion, or HK$10,000 to HK$13,000 per square foot.
Their valuations have not been affected by the doubling of stamp duties on properties worth HK$2 million or more, and tighter conditions for lending, announced on February 22 nor the scrapping last week of the land application list system.
Under that system, developers submitted bids for sites on the list. If a bid reached about 80 per cent of the government's undisclosed reserve price, an auction would be triggered. Now regular land sales will resume.
The 259,165 sq ft Ho Man Tin site is at the junction of Sheung Lok and Sheung Shing streets, next to the Ho Man Tin (South) Estate. The winning bidder can build a development 120 metres high and with a gross floor area of 1,142,168 sq ft.
The government released it and the Tung Chung site for tender in January. The tenders close on Friday.