12 bids for luxury residential site in Stanley
Wong Ma Kok site could be used to build 80 four-storey houses
The government has drawn a strong response for the tender of a luxury residential site in Stanley, showing developers remain eager to build up land bank in the upmarket sector, which is more resilient in a market downturn.
A Lands Department spokesman said it received 12 bids for the site in Wong Ma Kok, Stanley, which could fetch HK$4.5 billion.
“We have seen a number of standalone houses sold for high prices as there will always be scarcity in Hong Kong,” Victor Lai Kin-fai, the chief executive of consultancy Centaline Professionals, said.
He said the winning developer would tend to build big houses which could be pitched at higher selling prices.
“The bigger, the more expensive due to the rare supply in the area,” Lai said, estimating a total investment cost of up to HK$7 billion.
Prices for super deluxe homes is always less volatile than those for small to medium-sized flats
The site attracted bids from Cheung Kong Property, Henderson Land Development, Sun Hung Kai Properties, Sino Land, Wheelock Properties; Citic, Tai Cheung Holdings, Regal International, Grand Ming Group Holdings, K & K Property and Regal Hotels International.