Top Hong Kong developers recently submitted bids for a government land tender in the New Territories. However, industry experts predict a lukewarm response due to high inventory levels and escalating construction costs.
The tender for the only residential land available in the second quarter of the year closed with a total of six bids. Notable developers like Sun Hung Kai Properties, Wheelock Properties, and others participated in the bidding process.
The site, STTL 625, located in Sha Tin Wai road and Siu Lek Yuen road, covers an area of 5,652 square meters and can accommodate 570 residential units.
Kathy Lee, head of research at Colliers, noted that the bidding response was lukewarm. Developers are cautious due to existing inventory and high construction expenses. Midland Surveyors estimated the site’s value at HK$1.07 billion.
Site STTL 625 is located at the junction of Sha Tin Wai road and Siu Lek Yuen road. Photo: Lands Department