The tender for a Sha Tin residential site has been awarded on a 50-year land grant at a premium of $245 million, the Lands Department announced today.
Far East Consortium International (0035) outbid six rivals to clinch a residential site in Sha Tin at a price 20 percent below market estimates.
The developer is paying HK$245 million, or HK$2,760 per square feet, for the plot, which can contain a floor area of 88,802 square feet.
Far East said medium- to large-sized units will be built on the site with an investment of HK$700- HK$800 million.
The site has been valued between HK$266 million to HK$400 million.
Far East wins site bid for Sha Tin site