Sun Hung Kai, Sino Land among 4 Hong Kong developers bidding for Tung Chung plot
Only four Hong Kong property developers submitted bids for a Tung Chung residential land parcel after the government revised requirements to attract more interest. Sino Land, Sun Hung Kai Properties, and K. Wah International were among the bidders for Town Lot 55 in Area 106B, a 37,268-square-metre plot expected to house 745 flats.
The government initially put the plot on the market in 2023 but withdrew it due to underwhelming bids. Authorities have since tried to accommodate more small and medium-sized units to reduce investment risk and increase developer participation, according to Midland Surveyors. However, the project's relatively remote location and abundant land supply in Tung Chung are expected to make developers cautious, with the site valued at approximately HK$521 million.
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Only four Hong Kong property developers submitted bids for a Tung Chung residential land parcel after the government revised requirements to attract more interest. Sino Land, Sun Hung Kai Properties, and K. Wah International were among the bidders for Town Lot 55 in Area 106B, a 37,268-square-metre plot expected to house 745 flats.
The government initially put the plot on the market in 2023 but withdrew it due to underwhelming bids. Authorities have since tried to accommodate more small and medium-sized units to reduce investment risk and increase developer participation, according to Midland Surveyors. However, the project's relatively remote location and abundant land supply in Tung Chung are expected to make developers cautious, with the site valued at approximately HK$521 million.
via SCMP Full Text Feed
