Six Hong Kong developers are vying for the only residential land plot that the government made available last quarter, but surveyors expect cautious bids amid economic uncertainty and high interest rates.
CK Asset Holdings, Sun Hung Kai Properties, Sino Land, K&K Property Holdings and China Overseas Land & Investment were among the bidders.
The tender for the 3,580-square-metre site on Mei Tin Road in Tai Wai, Sha Tin, closed on Friday at noon. The site, which will support 360 flats, is about 15 minutes from the Tai Wai MTR station on foot, and is also served by a light-bus route, surveyors said.
“We expect the land can be sold [for] between HK$590 million [US$76 million] and HK$620 million, which is equivalent to an accommodation value of HK$3,050 to HK$3,200 per square foot,” said Alex Leung, senior director at CHFT Advisory and Appraisal. The expected flat price would be around HK$16,500 per square foot, he added.
The investment amount and risk are relatively low because of the moderate scale of the project, according to Alvin Lam, a director at Midland Surveyors. Two residential sites in Sha Tin were successfully sold by tender in 2024, and the site is expected to draw interest because there will not be much new supply in the area in the future, he added.
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