CK Asset beats 15 rivals with US$91.8 million bid for Yuen Long plot

The land at the junction of Lau Yip Street and Chung Yip Road can yield a gross floor area of 78,575 sq ft, Lands Department says

Hong Kong tycoon Victor Li Tzar-kuoi’s company plans to build low-rise villas

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The plot of land at the junction of Lau Yip Street and Chung Yip Road in Yuen Long, which has been won by CK Asset Holdings. Photo: May Tse

Published: 10:00am, 18 Aug 2021Updated: 10:16pm, 18 Aug 2021

CK Asset Holdings won a tender for a land parcel at Yuen Long in the New Territories, as it beat 15 rivals with a higher than expected bid amid a sizzling housing market in Hong Kong.

Hong Kong tycoon Victor Li Tzar-kuoi’s company bid HK$716 million (US$91.8 million) for the land at the junction of Lau Yip Street and Chung Yip Road, which can yield a gross floor area of 78,575 sq ft, the Lands Department said on Tuesday evening. The price per square foot works out to about HK$9,112.

CK Asset paid 14 per cent more than the top end of market estimates for the plot, said James Cheung King-tat, a surveyor at Centaline Surveyors.

“Developers are bullish on the long-term outlook of the market,” he said. “A combined 16 bids for the land showed that competition would result in a price higher than market expectations.”

Other bidders for the land parcel included China Land Resources Development, Cifi Property and Grand Harvest (HK) Development.

Grace Woo Chia-ching, executive director of CK Asset, said in a statement that the developer would build low-rise luxury villas on the land.