Able Best wins Tung Chung site for higher-than-expected $1.6 bln

Able Best Limited has been awarded a private residential site in Tung Chung for HK$1.6 billion, marking the first residential site granted in this financial year, according to the Lands Department.

The firm, a unit of Able Engineering (1627), offered HK$3,053 per square foot, higher than market expectations and nearly doubling the HK$1,501 per sq ft that Sun Hung Kai Properties (0016) paid for the adjacent residential site last year.

Market valuation of the plot ranges from HK$850 million to HK$1.6 billion, or HK$1,600 to HK$3,000 per sq ft.

Sun Hung Kai Properties K Wah International (0173), K&K Property, China Overseas Land & Investment (0688), and a consortium formed by Sino Land (0083) and Kerry Properties (0683) have submitted bids for the site.

The site, Tung Chung Town Lot No. 54 at Area 106A, has an area of about 14,152 square meters. It could accommodate nearly 1,000 units with a maximum of 49,532 sq m in gross floor area. 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓