Sino Land wins Tuen Mun site for higher-than-expected $1.1 billion

Sino Land (0083) has been awarded a residential site in Tuen Mun for nearly HK$1.1 billion, much higher than market expectations, according to ​the Lands Department. 

The developer beat seven other tenderers and won the site for HK$1.09 billion, or HK$3,860 per square foot.

Tuen Mun Town Lot No 569 at Hoi Chu Road has a site area of about 4,368 square meters and is designated for non-industrial purposes, excluding godown, hotel, and petrol filling station.

A maximum gross floor area of 26,208 sq m may be attained from the site, excluding the government accommodation gross floor area for a public transport terminus – to be constructed by the purchaser under the sale conditions.

Market valuation for the site ranged from HK$564 million to around HK$700 million, or around HK$2,000 to HK$2,400 per sq ft.