"Hong Kong Property" Hwa Mao won the bid for the residential land at the intersection of Wing Shun Street and Tsing Yi Road in Tsuen Wan for HKD 2.475 billion, with a floor area price of HKD 5,692, exceeding the expected upper limit

The Lands Department announced today (18th) that a piece of land located at the intersection of Wing Shun Street and Tsuen Wan Road in Tsuen Wan, New Territories, has been granted to Sun Hung Kai Properties Limited (parent company: Hysan Development) for HKD 2.475 billion, with a lease term of fifty years. The company was the highest bidder.

The land is situated at the intersection of Wing Shun Street and Tsuen Wan Road, near the Bay of Universe and Tsuen Wan Sports Centre. The site area is approximately 70,000 square feet, with a potential gross floor area of nearly 435,000 square feet, expected to provide over 780 residential units. According to comprehensive market forecasts, the land is valued at approximately HKD 1.22 billion to 2.17 billion, with a per square foot floor price of about HKD 2,800 to 5,000. The transaction floor price is approximately HKD 5,692 per square foot.

The tender for the land closed last Friday, receiving 9 bids. Participating companies also included Henderson Land; Eagle Asset Management; Sino Land, Kerry Properties, and China Merchants Land joint consortium; China Overseas; New World Development; K Wah International; CK ASSET; and Wheelock Properties.

The successful bidder is required to construct two pedestrian bridges, a public parking lot, and social welfare facilities, including a home care service center for frail elderly people and a special child care center