Tender result for Tung Chung residential site announced
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Sites in the Government's Land Sale Programme are disposed of in the open market under the established mechanism. The Government will not sell a site if no bid reaches the reserve price as assessed by the Government's professional valuers. This is in the interest of protecting public revenue. The reserve price is set on the day of tender closure so that the latest market conditions are taken into account.
The tenderers for the Site in alphabetical order, with the names of their parent companies in brackets, were:
(1) APEX King Limited (Sino Land Company Limited and China Merchants Land Limited);
(2) Century Ace Development Limited (Henderson Land Development Company Limited);
(3) Forum Pacific Limited (Sun Hung Kai Properties Limited); and
(4) Strong Associate Limited (K. Wah International Holdings Limited).
A Government spokesman said that the Government will not speculate on the considerations behind the bids placed by tenderers. Bids are influenced by a myriad of factors, such as how individual tenderers assess the market conditions and the attractiveness of the site, as well as their corporate positions and development strategies. The Government will monitor the market situation closely and announce the arrangement to relaunch the land for disposal at an appropriate time.
A sustained and steady land supply is the Government's overall land policy goal and this policy goal should not be affected by short-term market fluctuations. The Government will continue to adopt a multipronged approach to ensure a steady supply of private housing land.
The Site has an area of about 10 648 square metres and is designated for private residential purposes. Its minimum gross floor area is 22 361 sq m and the maximum gross floor area that may be attained is 37 268 sq m. The tender closed on October 27.
Ends/Wednesday, November 1, 2023
Issued at HKT 18:00
Issued at HKT 18:00
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