Ho Man Tin luxury site attracts strong interest
Despite government moves to cool market, tender for Ho Man Tin plot attracts six bids that may be worth at least HK$11 billion
A luxury residential site up for tender in Ho Man Tin that had a price tag of more than HK$11 billion put on it by land surveyors attracted six bids before the tender closed yesterday.
The strong response came despite the latest government measures to cool the property market. Three or four bids had earlier been expected for the site.
"I can't draw a conclusion that developers are optimistic about the market outlook. But at least they are not pessimistic," surveyor Albert So Chun-hin said.
I can't draw a conclusion that developers are optimistic about the market outlook. But at least they are not pessimistic
"They may not expect the property price to go up further. However, backed by strong housing demand, they believe the fall in property prices will be limited unless a global financial crisis arises again."
Surveyors said the site was worth between HK$11 billion and HK$14.85 billion, or HK$9,631 to HK$13,000 per square foot.
A spokesman for the government said the site received six bids.
A separate tender for a commercial site in Tung Chung attracted nine bidders.
Property heavyweights that submitted bids for the Ho Man Tin site included Sun Hung Kai Properties, Cheung Kong, Henderson Land Development, Sino Land, Kerry Properties and Wheelock Properties.