Kai Tak sites in local housing plan seen to draw keen bids from builders
First two plots in ‘HK flats for HK people’ scheme tipped to attract keen interest but could sell for less than similar sites because of restrictions
The first two residential sites in the "Hong Kong Property for Hong Kong People" scheme are expected to attract keen bids from developers when they go on sale in Kai Tak next week.
The Lands Department said yesterday it would accept bids for the two sites from March 28 to May 31.
The land parcels are the first to be launched under the scheme announced by Chief Executive Leung Chun-ying in September as a way to help permanent residents become homeowners.
One of the sites covers an area of 83,646 sq ft and can yield a maximum gross floor area (GFA) of 418,231 sq ft. The winning bidder must build at least 545 homes. The other site covers 92,408 sq ft and can yield GFA of up to 452,794 sq ft. The developer must build at least 600 homes.
The sites could raise between HK$3.87 billion and HK$4.3 billion for the government, surveyors said.
This amount is based on estimates of between HK$4,500 and HK$5,000 per buildable square foot, in terms of GFA, lower than the range of HK$5,000 to HK$6,500 per sq ft without the sales restriction.