Hong Kong property

Sino Land pays record HK$1.38 billion for site in Ma On Shan

PUBLISHED : Friday, 21 July, 2017, 8:47pm
UPDATED : Friday, 21 July, 2017, 8:47pm

Sino Land has won a residential land plot in Ma On Shan, in Hong Kong’s New Territories, for HK$1.38 billion, setting a new record for the area.

Pacific Asia Limited, a subsidiary of Sino Land outbid 29 other bidders for the government tendering process, including several mainland Chinese developers, according to the Lands Department.

The Ma On Shan site has a maximum gross floor area of about 119,000 square feet, with average land prices reaching HK$11,588 per square foot, an 80 per cent jump from the last record set by developer Citic Pacific in 2015 in the same area.

“The price is ideal, given the project’s full sea view and low total price,” said Knight Frank’s senior director Thomas Lam.

He expects the project will be developed into luxury mid-rise condos and houses with selling prices starting at HK$20,000 per square foot.