Sun Hung Kai Properties (0016) outbid five other developers by forking out HK$9.32 billion to bag the site atop Yuen Long West Railway station at an over inflated price than market estimates.
SHKP plans to spend HK$20 billion to develop the 420,872-square-foot site, which faces a judicial review application by environmentalists.
Six residential towers comprising 1,876 units have to be built on the site with a total gross floor area of 1.49 million square feet.
News of the estimate-beating price on the site, which shows developers’ confidence in the area’s future development, caused secondary home owners and other developers to temporary halt sales.
SHKP’s new site is currently undergoing a judicial review for its impact on the area’s air ventilation, which can potentially block its development.