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Cheryl Arcibal

Chinachem Group has secured a 70,127 sq ft site in Tsuen Wan in the New Territories for more than HK$2.47 billion (US$318 million), beating eight other bidders, according to the Lands Department.
The other bidders were Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Great Eagle Holdings, China Overseas Land & Investment, K. Wah International Holdings, Wheelock Properties and a consortium of Sino Land, Kerry Properties and China Merchants Land.
The award gives Chinachem – a privately held developer managed by a trust containing assets bequeathed by its late chairwoman Nina Wang, once Asia’s richest woman – a 50-year grant over the lot, allowing it to expand its footprint in a district that was the first new town developed by the government in the 1960s. The site is at the junction of Wing Shun Street and Texaco Road.
“The site is adjacent to the Tsuen Wan West MTR station and Tsuen Wan Park and benefits from a mature community with ample shopping malls and amenities,” said Andy Cheung, executive director and CEO of Chinachem.
“The development will primarily feature small to medium-sized residential units.”
Chinachem maintained a portfolio spanning more than 6 million sq ft of gross floor area across residential, retail, hospitality and industrial projects, according to information on its website.
It also had 1.44 million sq ft of investment properties under construction and 2.3 million sq ft of gross floor area in development properties for sale.
The developer’s projects were mainly in Tsuen Wan and included office buildings Nina Tower and Chinachem Tsuen Wan Plaza, and shopping centres like Nina Mall and D-Park, which it acquired from New World Development last year.
Leung said the group, with its extensive familiarity with the area, “anticipates achieving synergistic effects to transform Tsuen Wan into an ideal community for comfortable living and fulfilling careers”.
The site was designated for non-industrial purposes and estimated to provide about 780 average-sized flats, Secretary for Development Bernadette Linn Hon-ho said in July. About 10,118 sq ft must be set aside for social welfare facilities, including a centre for home care services for elderly people and a residential special childcare centre, among others.
CBRE said flats built on the site could fetch between HK$16,000 and HK$22,000 per square foot. Current residential prices in the area range from HK$12,000 to HK$18,000 per square foot.
The plot was one of eight residential sites that Financial Secretary Paul Chan Mo-po, in his budget speech in February, earmarked for sale in the 2025-26 financial year. The sites were expected to provide about 4,500 private flats.
The Lands Department said it will also tender a 41,226 sq ft site in Jordan Valley in Kowloon from Friday to January 2.
It added that the lot at Choi Hing Road was expected to yield between 222,618 sq ft and 371,034 sq ft of gross floor area, excluding facilities for a day activity centre for severely mentally handicapped persons, a supported hostel for mentally handicapped persons and a lay-by, which the purchaser would be required to build.


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Private developer outbids eight others for the site, which is expected to yield 780 flats


Private developer outbids eight others for the site, which is expected to yield 780 flats.


Chinachem secures plot in Hong Kong’s Tsuen Wan for US$318 million

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Private developer outbids eight others for the site, which is expected to yield 780 flats

Private developer outbids eight others for the site, which is expected to yield 780 flats