The Pak Sha Wan site in Sai Kung that was sold in yesterday's auction proves small can be beautiful.
Despite being just 2,060 square feet - enough for only a two-storey building with a gross floor area of 1,236 sq ft - the site attracted five bidders who drove the transaction price up 65 per cent from the floor of HK$10 million, to HK$16.5 million - in line with six surveyor firms' mean estimate of HK$16 million.
'The land sale shows strong interest in the site and I am pleased with the result,' said Lands Department assistant director Graham Ross.
Charles Chan Chiu-kwok, managing director of Savills Valuation and Professional Services, said the result showed favourable response from potential investors and end-users, reflecting positive sentiment.
The transaction price translates to an accommodation value - the land price based on the total planned floor area - of HK$13,350 a square foot.
As such, the house could fetch up to HK$18,000 per square foot upon completion, Mr Chan said. The average transacted price for similar, second-hand units with a seaview at nearby Giverny Villas is about HK$18,000 a square foot. Units with a mountain view sell for about HK$12,500 per square foot.
