Tung Chung site draws four bids in latest tender

A site in Tung Chung, the sole plot in the government’s land sale program for this quarter, drew four bids when its tender closed at noon, Lands Department said on Friday.

Sun Hung Kai Properties (0016), Sino Land (0083), and K Wah International (0173) were said to be among the developers who submitted their bids for the site.

CK Asset (1113) said it did not submit a bid for the land parcel, stating that the group tends to be more cautious when it comes to new development projects starting from scratch.

Area 106B in Tung Chung, which covers a site area of 10,648 square meters, is expected to provide 745 units when completed. The lot had previously failed to be sold when it was first up for tender in September 2023.

Its latest market valuation falls somewhere between HK$500 million and HK$1 billion, or HK$1,250 to HK$2,500 per square foot.

STAFF REPORTER