K Wah International, a mid-tier developer run by gaming tycoon Lui Che-woo, has triggered a government auction of a low-density residential site in Tuen Mun.
The Lands Department yesterday announced the government had accepted K Wah International's minimum bid of HK$525 million, or HK$2,201 per square foot, for the site.
The developer has also submitted an offer to the Lands Department for another residential site this month, company spokesman Alexander Lui Yiu-wah said. He expects a government decision on the second site in the next few days.
The Tuen Mun site, next to Hillgrove, will be the second to be put up for auction this financial year when it comes to market on May 29. The first will be a residential site in West Kowloon, scheduled to be offered for sale on May 9.
Property prices at Hillgrove, a low-density residential development of Wing Tai Asia, range between HK$2,500 and HK$3,600 per square foot, according to Ringo Choi, district director at Ricacorp Properties.
The duplex units at Hillgrove reached HK$5,500 per square foot last year, he said.