SHKP wins hotly contested plot of land in Sha Tin for price at mid-point of estimates

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The amount paid – HK$3,952 per square foot – was less than half the price commanded by a comparable site sold almost two years ago in the same area

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The parcel of land, which can support around 280 flats, went for HK$619 million (US$79.29 million) or HK$3,952 per square foot, according to Land Department filings on Wednesday. Photo: Sam Tsang

Salina Li

Published: 8:28pm, 17 Jul 2024Updated: 8:46pm, 17 Jul 2024

Hong Kong developer Sun Hung Kai Properties (SHKP) has won a government land tender in the New Territories at a price in the “middle-range” of market expectations.

The amount paid was still a long way short of the price commanded by a comparable parcel of residential land sold off by the government almost two years ago in the same area.

SHKP was the winner in a field of 11 bidders for the 2,425 square-metre site in Yuen Shun Circuit in Siu Lek Yuen, Sha Tin, the only residential plot offered during the April to June quarter.

The parcel of land, which can support around 280 flats, went for HK$619 million (US$79.29 million) or HK$3,952 per square foot, according to Land Department filings on Wednesday.

That is roughly the mid-point of estimates of HK$3,000 to HK$5,000 per square foot before the sale.

Other developers to submit bids included CK Asset Holdings, Sino Land, Great Eagle and Citic Pacific, the department had revealed on Friday.