Hong Kong land sale ‘far exceeds’ expectations as 11 developers bid for Sha Tin project
- CK Asset and Sino Land are among the firms vying for a plot of land that will support 280 flats in Sha Tin, despite slumping property market
A Hong Kong government land tender in the New Territories has received a better than expected response including bids from major developers, despite slumping property transactions and high inventory levels.
Eleven developers submitted bids before the tender closed at noon on Friday, including CK Asset Holdings, Sino Land, Great Eagle, Citic Pacific, China Overseas Land & Investment and China Merchants Land. The amounts of the bids were not disclosed.
The 2,300-square-metre site in Yuen Shun Circuit, Siu Lek Yuen, Sha Tin – the sole residential site offered during the April to June quarter – can support around 280 flats. The tender opened in June.
CK Asset confirmed by email that it had submitted a bid, as well as an expression of interest for an Urban Housing Authority project in the Kai Tak area of Kowloon.
“As long as the price is right, [CK Asset] will continue to purchase land for new projects in Hong Kong,” the company said. “Real estate is [our] core business.”
The most recent previous residential land sale in Sha Tin, for a plot on Hin Wo Lane in September 2022, received 17 bids, according to Alex Leung, senior director at CHFT Advisory and Appraisal. That was also a relatively small development project, and therefore a good reference for the Yuen Shun Circuit sale.
