Luxury site attracts developers
Residential plot in Ho Man Tin receives 13 bids while commercial land in Ma On Shan gets eight, pointing to preference for urban areas
Developers have shown keen interest in a luxury residential site in Ho Man Tin, with its tender attracting 13 bids.
A commercial site in Ma On Shan, however, received just eight bids, said a spokesman for the Lands Department.
Vincent Cheung Kiu-cho, a national director of greater China at consultant Cushman & Wakefield, said: "Developers mostly prefer residential sites in urban areas near MTR lines and infrastructure projects. They are less keen on commercial sites unless they are in prime areas."
Cheung Kong, Sun Hung Kai Properties, Sino Land and Henderson Land Development submitted bids for both sites. Kerry Properties, Chinachem, K Wah International, New World Development, Wing Tai Properties, Wheelock Properties and Asia Standard International made bids for the Ho Man Tin site, while Wang On and a consortium of Paliburg and Regal Hotels International submitted bids for the Ma On Shan site.
The 83,033 square foot Ho Man Tin site at the junction of Fat Kwong and Sheung Foo streets could fetch between HK$3.8 billion and HK$4.38 billion. It could yield a maximum gross floor area of about 387,741 sq ft.
The Ma On Shan site, next to a housing estate, could provide a gross floor area of 164,366 sq ft. Worth between HK$600 million and HK$1.31 billion, it could house a hotel or a shopping mall.
The government is trying to ease housing supply by increasing land availability. But the number of flats awaiting the Lands Department's approval for pre-sale at the end of last month was at its highest level since October 2002.