Flurry of bids for Wong Chuk Hang site
Finance | Stella Zhai 24 Sep 2019MTR Corporation (0066) has received as many as 38 bids for the fourth phase of development atop Wong Chuk Hang Station from developers including Great Eagle (0041), Sun Hung Kai Properties (0016), Far East Consortium (0035) and China Overseas Land & Investment (0688).
The overwhelming number of bids amid a sluggish market - even from developers who have been inactive for some time - means that site could fetch more than HK$15 billion, said Leo Cheung Sing-din, executive director and corporate development director of property consultant Pruden.
The site has a maximum floor area of 638,000 square feet, and two residential buildings with up to 800 homes in total are expecetd to be built by 2025.
Market surveyors value the site between HK$9.57 billion and HK$12.8 billion, or HK$15,000 to HK$20,000 per sq ft.
In the primary market, Upper RiverBank developed by Longfor (0960) and KWG Group (1813) launched 90 units, ranging from 332 sq ft and 752 sq ft, and raised the average price by 4 percent from the first batch. The units average HK$25,248 per sq ft after discount, and are expected to go on sale this week.
Elsewhere, Eden Manor developed by Henderson Land Development (0012) in Sheung Shui saw its first forfeited unit. A 280-sq-ft unit will be tendered with prices starting from HK$4.6 million, or HK$16,429 per sq ft, down 5.5 percent from its buying price.
In the secondary market, a unit in Kingswood Villas in Tin Shui Wai sold for HK$5.7 million, or HK$10,420 per sq ft, down 9.5 percent from the initial asking price.
Meanwhile, the Hong Kong Interbank Offered Rate declined overall with the most sensitive overnight Hibor hitting a near-eight-month low at 0.31 percent.




