Bids for Tin Shui Wai sites come in from range of developers

Appeal of residential sites in town comes partly from proximity to picturesque wetland park

PUBLISHED : Saturday, 05 July, 2014, 1:52am
UPDATED : Saturday, 05 July, 2014, 1:52am

Tenders yesterday for two residential sites in Tin Shui Wai attracted eight bids from big and medium-sized developers. Each site received four bids, a Lands Department spokesman said.

The two sites - one in town lot number 33 in Area 112, and the other one in town lot 34 in Area 115 - are close to the Hong Kong Wetland Park, a conservation, education and tourism facility.

The picturesque view attracted bids from firms such as Sun Hung Kai Properties, Henderson Land Development, and consortiums led by Sino Land and Far East Consortium.

"The scale of the two sites involves a total developable area of more than two million square feet. Small developers could find it difficult to manage. That explains why the two sites have not received many bids," said Anthony Chu, a general manager at Far East Consortium.

Chu said the result was not bad as they attracted "three of the four big developers".

Sino Land said the company teamed up with Wing Tai Properties to bid for the town lot 33 site, and with Wing Tai and K Wah International for the other site.

Sun Hung Kai and Henderson submitted bids for the two sites separately.

"The two sites capture a nice view of the Wetland Park, making the projects attractive," said Chu. "With a plot ratio of 1.5 times, the two sites can be developed as low-rise development with gardens together and high-rise blocks catering to entry-level homebuyers."

The company submitted bids for the tender of the two sites yesterday.

Surveyors made a range of forecasts for the two sites from HK$3.1 billion to as much as HK$6.1 billion. They estimate town lot 33, which has a developable area of 1.22 million sq ft , will receive bids ranging from HK$1.7 billion to HK$3.3 billion, while the other site, which has a developable area of 1.04 million sq ft, will receive bids in a range of HK$1.4 billion to HK$2.8 billion.

About 2,470 residential units will be built on the two sites.

The sites were originally planned by the Hong Kong Housing Society for an integrated elderly community project. However, after considering a host of factors including high construction costs, the organisation gave up the projects and returned the two sites to the government.