The tender for the two small residential sites in Hung Hom received a total of 20 bids yesterday, showing developers' hunger for land even though the sites are small and in an unfashionable area.
Hong Kong Ferry (Holdings), Sino Land, K Wah International, Wang On Group and Chinachem Group yesterday submitted bids for both of the two sites. Cheung Kong (Holdings) and New World Development did not disclose which site they were bidding for.
The government said the site at 5-23 Lee Kung Street, near Ka Wai Chuen, received 11 bids. Sun Hung Kai Properties, Wheelock Properties, Emperor International and the consortium formed by Paliburg Holdings and Regal International confirmed that they had joined bidding for the site. Surveyors believe the bidders were attracted because the site area was bigger, the area was quiet and could be packaged into a boutique residential project.
The site at the junction of Gillies Avenue South and Bulkeley Street attracted nine bids. Chuang's Consortium is one of the bidders and is expected to be planning a residential project with 70 to 100 flats.
Surveyors estimated the sites to be worth between HK$870 million and HK$1.3 billion.
To increase the supply of small flats, the government has stipulated that the developments will be limited to small and medium-sized flats.