Hong Kong Tai Po site sold for HK$3.48b

Hong Kong Tai Po site sold for HK$3.48b
A site in Pak Shek Kok, Tai Po, was clinched by Sun Hung Kai Properties (0016) for a higher-than-expected HK$3.48 billion.

The site is the largest and most expensive in terms of price per buildable square foot compared with two nearby plots sold less than a year ago.

SHKP outbid 12 developers, including Cheung Kong Holdings (0001), New World Development (0017) and Wheelock Properties (0020).

Deputy managing director Victor Lui Ting said it plans to build small to mid- sized homes with investments totalling HK$8 billion and expects to provide up to 1,000 flats.

Located at the junction of Fo Chun Road and Pok Yin Road, the plot has a site area of 250,145 square feet, which translates to HK$3,864 per buildable square foot, given a plot ratio of 3.6 times.

The previous sale of two Pak Shek Kok sites were closer to Tolo Harbour, so they have better seaviews and cost HK$3,300 and HK$3,552 per buildable sq ft.

They were sold last May and in November. Three more plots, adjacent to the above sites, will be sold in the coming 12 months.

There are two completed low density luxury projects in Pak Shek Kok: Sino Land’s (0083) Mayfair By The Sea and Providence Bay jointly developed by Sino and Nan Fung Group.

They were sold at an average HK$14,000 per sellable sq ft.

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