China’s Poly Property beats local developers to win Hong Kong site for HK$1.73 billion

Mainland developers continue their expansion in Hong Kong’s real estate, with Poly Property beating 19 Hong Kong and mainland developers to win the development rights of a government site in Tuen Mun.

The Lands Department said it had awarded the residential site in Tuen Mun to Poly Property for HK$1.73 billion, about 25 per cent above the upper range of market expectations of HK$900 million to HK$1.38 billion.

Poly Property is a Hong Kong unit of mainland major developer Poly Real Estate. It beat Hong Kong heavyweights such as Sun Hung Kai Properties, Sino Land, Wheelock Properties, as well as Vanke Property (Hong Kong), a unit controlled by the mainland’s largest home builder, China Vanke, for the project.

With a total gross floor area of 114,604 sq ft, the site represents an “accommodation value” (cost of the land divided by the gross floor area) of HK$15,095 per sq ft, one of the highest on record in the New Territories.