Chinachem Group wins site at Sha Tin for $1.02bn

The Lands Department announced on Tuesday that a Chinachem Group subsidiary has won a tender for a residential site in Sha Tin for HK$1.02 billion, slightly lower than market expectations.

The site at the junction of Sha Tin Wai Road and Siu Lek Yuen Road has an area of about 5,652 square meters and the maximum gross floor area is 28,260 sq. meters.

It is estimated to accommodate about 570 units, with each unit having a saleable area of no less than 280 square feet.

A total of six bids were received, with other tenderers including Sun Hung Kai Properties, Sino Land, CK Asset, Keen Point, and Wheelock Properties.