The development perimeter of North Point Estate may be similar to that set for another valuable site nearby in Oil Street, which is on the land sale programme application list, according to analysts.
The Government has allowed for flexibility in development for the 1.46-hectare residential-commercial Oil Street lot, which was a government supplies depot.
The site, with a possible plot ratio of 10.55 times, can produce a developable floor area of about 1.33 million square feet for hotel, retail, residential and office use or a mix, depending on developer choice.
According to the lease restriction set by the Lands Department, the developer of the lot should build no less than 530,000 sq ft residential area and no more than 195,000 sq ft office space.
Surpass Property Strategy Consultant managing director Charles Lai Chin-pang said the provision of greater flexibility for land use could yield a higher land value because developers could justify the future supply according to market demand during economic changes.
He said developers would calculate the most valuable mixture of property projects.
Land on the application list will be released for sale when a developer offers to pay a minimum acceptable price.
