Wheelock wins Tuen Mun residential site for HK$1.4b
The Lands Department said Wheelock outbid eight developers and acquired the site for HK$3,683 per square foot. The price is in line with market expectations, which ranged between HK$1.13 billion and HK$1.5 billion.
Wheelock Properties has won a tender for a residential site in Tuen Mun with a bid of HK$1.39 billion.
The Lands Department said Wheelock outbid eight developers and acquired the site for HK$3,683 per square foot. The price is in line with market expectations, which ranged between HK$1.13 billion and HK$1.5 billion.
Vincent Cheung Kiu-cho, a national director of the valuers Cushman & Wakefield in Greater China, said the price was 26 per cent higher than another site in the area sold in February last year. "It showed the developer has confidence in the market outlook and was willing to offer an aggressive price for the site," he said.
Wheelock's managing director, Ricky Wong Kwong-yiu, said the company would spend HK$3.5 billion to develop the site into a luxury residential project. The project will be ready for pre-sale in two years.
"The project will provide more than 20 houses sized about 3,000 sq ft and the rest will be flats. The flats will be sized from 800 to 1,000 sq ft," Wong said.
The site is at the junction of Kwun Chui Road and So Kwun Wat Road in So Kwun Wat and next to Avignon, a luxury villa project developed by Sun Hung Kai Properties. The villas are valued at between HK$7,000 and HK$8,000 per square foot.