Hong Kong withdraws Stanley residential plot after all four bids fail to meet reserve price amid market pessimism
- The plot on Cape Road is expected to accommodate about 650 flats with a gross floor area of 480,236 sq ft
- Government will not sell a site if no bid reaches the reserve price set by its valuers, Lands Department says
The plot on Cape Road is expected to accommodate about 650 flats with a gross floor area of 480,236 sq ft. It is the area’s biggest parcel of residential land in two decades and can accommodate a large-scale luxury housing estate, according to Centaline Surveyors.
“The government will not sell a site if no bid reaches the reserve price as assessed by the government’s professional valuers,” the Lands Department said on Tuesday. “This is in the interest of protecting public revenue. The reserve price is set on the day of tender closure so that the latest market conditions are taken into account.”
The government does not reveal its reserve price for plots of land.
This is the second time the government has withdrawn a residential plot of land from sale in this financial year, which runs from March to April. The last plot was withdrawn in Tuen Mun in April 2022.
