Chinachem Group has been awarded a residential site in Tsuen Wan for HK$2.48 billion, or HK$5,692 per square foot, 26 percent higher than market expectation, according to the Lands Department.
The developer beat eight other tenderers, including CK Asset (1113), Henderson Land Development (0012), Sun Hung Kai Properties (0016), K Wah International (0173), China Overseas Land & Investment (0688), and Wheelock Properties.
Tsuen Wan Town Lot No. 441 features a total gross floor area of about 434,800 square feet and is expected to offer 780 units, marking the biggest scale on the land sale list over the past two years.
The site area measures about 6,515 square meters, and the winner is required to build government accommodation upon the plot, including a center for home care services for frail elderly persons, a residential special child care center, and a lay-by.
Market valuation for the site ranged from HK$1.52 billion to HK$1.96 billion, or HK$3,500 to HK$4,600 per sq ft.
Tsuen Wan serves as Chinachem Group’s core territory. Beyond its headquarters at Nina Tower, the company has developed various residential projects in the area, such as Parc City, and acquired D·PARK for HK$4.02 billion last year.
Chinachem chief executive Andy Cheung Lee-ming said the site will primarily develop small to medium-sized residential units, citing the nearby ample shopping malls and community facilities.
He added that as the company has deep roots in Tsuen Wan, the land acquisition will allow them to leverage synergies and transform Tsuen Wan into an ideal community.
