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Yvonne Liu

For the first time in 10 years, the government yesterday released a residential site for tender.  
The Lands Department announced that the Yuen Long site, at the junction of Yuen Long On Lok Road and Tai Kiu Road, will go out to tender in December. 
Midland Surveyors director Alvin Lam expects the site to fetch about HK$2.6 billion, or HK$3,262 per square foot. The site, next to Tai Kiu Tsuen, covers an area of 1.234 hectares. It could generate a total gross floor area of 796,966 sq ft. 
'The government may impose restrictions on the flat size of the project to force the developers to build units suitable for mass residential purposes. That may somewhat dampen developers' interest,' he said. 
 'But the site is close to Long Ping MTR station, a factor that will have an edge when the project is launched for sale. If the restrictions are reasonable, developers would still be interested.' 
Sun Hung Kai Properties is likely to be among the developers keen on the site as it is already the biggest landlord in Yuen Long. 
The average price at its 1,886-flat Yoho Midtown reached HK$5,500 per sq ft when the project went on sale in February - a record in Yuen Long. The developer sold more than 90 per cent of the flats and generated over HK$7.6 billion. That also boosted the prices of the nearby housing estates in the secondary market. 
Prices of units in its previous development, Yoho Town, have commanded between HK$4,500 and HK$4,700 per sq ft. 
The last site sold in the New Territories was a residential one in Fanling in September. Sun Hung Kai Properties, Chinachem Group, HKR International, Wang On Group and Cheung Kong (Holdings) joined the bidding. That site also went to Sun Hung Kai Properties, for HK$459 million, or HK$3,029 per sq ft - a record in Fanling.  
The government has  pocketed HK$40.02 billion so far this year, selling 10 residential sites at auction and a commercial site through tender to try to cool the overheated market.



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Sun Hung Kai Properties

First tender of a residential site for 10 years