Last week's poor land-auction results have prompted surveyors to give lower estimates for the price of the King's Park Rise luxury lot to be tendered next month.
The 3.6 hectare site, which formerly housed the British Military Hospital, opened yesterday for tenders after a week's delay. Developers can bid until June 16.
Surveyors lowered their valuations for the site by 6 to 9 per cent, to about HK$2.7 billion, saying the luxury residential lot was better quality and more attractive than the West Kowloon site sold at last week's auction.
Cheung Kong (Holdings) and Sun Hung Kai Properties won the West Kowloon lot with a lone bid of HK$1.9 billion, substantially less than expectations.
The Government had considered dividing the King's Park site into small lots last week amid concerns about developers' response before selling it whole.
Sale conditions show the lot could take up to 900,000 square feet of residential floor area with up to 700 units. Buildings could reach 25 storeys.