The last land-auction for this fiscal year is expected to add between HK$230 million and HK$350 million to government coffers, raising full-year auction revenue to about HK$2.7 billion, according to surveyors.
Next Monday will see two small residential sites in the New Territories offered for sale.
Located at Hoi Chu Road, the 65,553 square foot Tuen Mun residential site is predicted to fetch between HK$200 million and HK$320 million. It can be developed at a plot ratio of from five to 9.5 times, depending on how much retail space the developer plans to build.
The 45,210 sq ft Tai Po Kau residential site in Area 11 can provide 27,100 sq ft of floor area, with an estimated value of HK$30 million to HK$46 million.
The Government has auctioned 12 sites this financial year, reaping HK$2.39 billion from the sales. The highest price gained was for a waterfront commercial site in Hunghom Bay for which Cheung Kong (Holdings) paid HK$1.09 billion. The second most valuable plot, another commercial lot in Hunghom Bay, went to Cheung Kong for HK$655 million.
Midland Surveyors director Ronald Cheung estimated the two sites to be auctioned on Monday would add HK$269.9 million, boosting the total auction revenue for the year to HK$2.66 billion. Mr Cheung said as the Government was conscious of the impact of land prices on the property market, it would avoid disposing of land at low prices in the coming