China Overseas Land & Investment (0688) won the bid for a residential site on Choi Ha Road, Ngau Tau Kok, at a premium of HK$1.81 billion, or HK$6,352 per square foot, higher than market estimates, according to the Lands Department.
The second government site sold this year has a size of about 3,132 square metres, with a gross floor area of around 284,452 sq ft. It's expected to offer 470 flats.
Its per-sq-ft price represented 46.4 percent higher than the tender for the residential site on Choi Hing Road, Jordan Valley in January, which is priced at HK$4,339 per sq ft.
The market valuation for the site ranges from HK$1.14 billion to HK$1.56 billion, or HK$4,000 to HK$5,500 per sq ft.
Other bidders included CK Asset (1113), Henderson Land Development (0012), Sino Land (0083), Kerry Properties (0683), Wheelock Properties, Sun Hung Kai Properties (0016), K Wah International (0173), and Keen Point.
China Overseas noted that it planned to invest approximately HK$3.9 billion into the residential development in the area.
It added that the bid marked its first successful land bid in Hong Kong this year, which not only shows a promising start to 2026 but also underscores the company's firm confidence in the city's future development.
Looking ahead, the company will continue to expand its high-quality land reserve in Hong Kong and actively seize development opportunities with growth potential, the developer said.
