Hong Kong’s nano land site in the New Territories draws interest from small developers
The sale has drawn mainly small developers like Wang On Properties, Chevalier International Holdings and K&K Property
A residential site in Hong Kong’s New Territories, which is equivalent to half the size of a basketball court and the smallest plot offered by a government tender in a decade, has drawn strong response.
The Lands Department said it had received 19 bidders for the lot after the tender closed on Friday. The site is expected to fetch HK$60 million (US$7.69 million) to HK$75 million, or HK$6,500 to HK$8,000 per square foot, according to property consultants.
The sale has mainly drawn bids from small developers such as Wang On Properties, construction firm Chevalier International Holdings and K&K Property, although bigger players like Sino Land and Emperor International Holdings have also thrown their names in the hat.
The lot, in Hong Kong’s Sheung Shui’s San Lok Street, has a site area of about 2,160 sq ft, or less than half of a 4,700 sq ft basketball court.
It is the smallest residential lot on offer since a private firm paid HK$16.5 million in 2008 for a 2,060 sq ft site in Pak Sha Wan in Sai Kung.
With a plot ratio of more than four times, the Sheung Shui site could be developed into a maximum 9,321 sq ft of gross floor area, which will make it the third smallest development since 2009 when completed.