MTRC (0066) has invited developers to submit tenders for Lohas Park 9, with land premium estimated to be 10 percent lower than that for Phase 8.
Land premium is estimated at HK$2.85 billion, or HK$2,545 per square foot, compared to about HK$2,830 per sq ft for Phase 8.
Covering 1.13 million square feet, the ninth phase is slightly bigger than the previous phase. The site can accommodate three residential towers and produce a total of 1,780 flats and a kindergarten. The site is located just next to the lone shopping mall in Lohas Park.
Surveyors believe the drop in the land premium could be due to the recent weakening in the housing market.
“The valuation of the site is different at a different period of time,” said Centaline Surveyors director James Cheung King-tat. He believes the premium is set at a very reasonable level and the winning tender will depend on the profit sharing ratio offered by the developer. MTRC is expected to reap at least 15 percent of the profit.
Among 19 developers which sent letters of intent for Phase 9, top names include CK Property (1113), Sun Hung Kai Properties (0016) and Wheelock (0020).
MTRC invites tenders for Lohas Park 9.