Tender result for site in Yuen Long announced

     The Lands Department today (January 25) announced that the Government had rejected all of the 10 tenders received for the purchase of Lot No. 1066 in Demarcation District No. 103 in Au Tau, Yuen Long, New Territories, after the tender closed on January 22, for the reason that the tendered premiums did not meet the Government's reserve price for the site.

     The disposal of sites in the Government's Land Sale Programmes in the open market follows an established mechanism. The Government will not sell a site if no bid reaches the reserve price as assessed by the Government's professional valuers.

     The tenderers in alphabetical order, with the name of the parent company where provided by the tenderer in brackets, were:

(1) Avion Investment Limited (Henderson Land Development Company Limited)
(2) Dragon Mount Development Limited (Grand Ming Group Holdings Limited)
(3) East Region Limited (Sino Land Company Limited)
(4) Hanforth Limited
(5) Henrik Investment Limited (Far East Consortium Limited)
(6) K Wise Limited (K&K Property Holdings Limited)
(7) Mainco Limited (Sun Hung Kai Properties Limited)
(8) Rich View Investments Limited (Cheung Kong Property Holdings Limited)
(9) Smart Base Holdings Limited (Parliburg Holdings Limited and Regal Hotels International Holdings Limited)
(10) Turnwell Limited (K. Wah International Holdings Limited)

     "The bids placed by tenderers depend on a myriad of factors, such as how attractive the individual site is to the individual tenderers, the tenderers' considerations of the market conditions, the corporate position and development strategy of individual tenderers," a spokesman for the Lands Department said.

     "It is the Government's policy objective to provide a steady and sustained land supply to the market to cater for the community's demand for housing, commercial and business sites. This objective will not be affected by the results of individual tender exercises. The Government will consider putting this Yuen Long site up for sale at an appropriate time. The Government is confident that the target of private housing land supply set for this financial year would be met," the spokesman added.

     Lot No. 1066 in Demarcation District No. 103 has a site area of about 28,457 square metres and is designated for private residential purposes. The minimum gross floor area and the maximum gross floor area are 20,489 sq m and 34,148 sq m respectively.

     As from April 1, 2012, the Lands Department has completed a total of 109 tender exercises for 108 sites in the Government's Land Sale Programmes, among which three tender exercises had to be cancelled due to the bids falling below the reserve prices (namely the Yuen Long site in question, and Tsing Yi and Pak Shek Kok, which were put to tender in late 2015 and early 2014 respectively).

Ends/Monday, January 25, 2016
Issued at HKT 18:56