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Land Sales Programme | June Update

Hong Kong blog CIVAS Land Sale 2206 1536x1040

Sha Tin residential site is the only new offer in the first half of the 2022-23 schedule

 
The first half of the government’s 2022-23 Land Sale Programme (i.e. April 2022 to March 2023) comprises four residential sites, only one of which has a confirmed tender date. Only one is new, i.e. not rolled over from the 2021-22 Land Sale Programme.

Sha Tin Town Lot No. 643 (STTL 643) at Hin Wo Lane in Sha Tin

As of June 2022, STTL 643 is being held under a short-term tenancy by Select King Limited (STT No: 2129; One year certain and thereafter quarterly), commencing September 2017. It is used as a fee-paying public car park for private cars, motorcycles and light goods vehicles. The monthly rental is HK$155,000.

Property Hin Wo Lane, Sha Tin, New Territories
Lot Number Sha Tin Town Lot No. 643
Zoning Residential (Group A)
Site Area 11,625 sq. ft. (1,080 sq. m.)
Maximum gross
floor area (GFA)
72,773 sq. ft. (6,761 sq. m.)*

*Regarding STTL 643’s plot ratio, reference has been taken from The Garrison located at 28 Mei Tin Road.
General Market
Expectation
HK$415,000,000 to HK$655,000,000
(AV: HK$5,700/sq. ft. to HK$9,000/sq. ft.)

   
Under the Approved Sha Tin Outline Zoning Plan No. S/ST/35 gazetted on 3 December 2021, the zone is primarily for high-density residential developments. Commercial uses are always permitted on the lowest three floors of a building or in the purpose-designed non-residential portion of an existing building.

As STTL 643’s tender document has not been released, we have referred to the GFA of a similar site, The Garrison, which is also zoned as Residential (Group A). The Garrison is a new residential development in the Sha Tin District with a relatively small site area. STTL 643’s plot ratio is, therefore, around 6.26, with a maximum GFA of approximately 72,773 sq. ft.


"In light of improved railway connections in the area, the site is highly likely to garner keen interest from developers."


STTL 643 is roughly an eight-minute walk from the Hin Keng MTR station and is well-served by buses, public light buses and taxis. It is in an area characterised by public and subsidised housing estates. Like similar single-block composite developments in the area, such as The Garrison, the buyer will likely build retail shops on the building’s lower floors.

We have compared newer residential developments in the same district, including The Pavilia Farm, The Met. Acappella and The Garrison. We believe that upon completion, STTL 643 can sell at prices ranging from HK$17,000 to HK$31,000 per sq. ft. on saleable area. The development will likely have open/building views of nearby public housing estates and residential developments upon completion.


"The development will likely have open/building views of nearby public housing estates and residential developments."


In light of improved railway connections in the area – including the East Rail Line Cross-Harbour Extension and Tuen Ma Line, the site is likely to garner keen interest from developers. Further, given the small site area, we expect a high level of competition between small to medium-sized developers.

Hong Kong blog CIVAS Land Sale 2206 Map
(Source: Colliers)

 


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