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Land Sales Programme | June Update

Kwu Tung Area 24 is part of the April to June 2021 Land Sale Programme and is a rolled over site from 2020-2021. This site falls within the Kwu Tung North New Development Area (NDA), which spans a total of 447 hectares and is proposed to be developed as a “Mixed Development Node”, accommodating a population of around 114,300 as per the Development Bureau. The MTR Northern Link (Kwu Tung Station) is also expected to be completed in 2027 providing connectivity and proximity to the site, making this an attractive opportunity for major developers.

The details of the site are as below:

Property Kwu Tung Area 24
Lot Number Fanling Sheung Shui Town Lot No. 278
Zoning Residential (A) 1
Site Area 82,021 sq. ft. (7,620 sq m)
Maximum GFA 492,126 sq. ft. (45,720 sq m)
Maximum Plot Ratio 6.00 (5.00 for Domestic)
General Market Expectation HK$3.20 billion to HK$3.69 billion (HK$6,500/sq. ft. to HK$7,500/sq. ft.)

   
On 27 April 2021, Sun Hung Kai Properties Limited acquired Kwu Tung Area 25 at a price of HK$8.614 million with an accommodation value of HK$7,184 per sq. ft., which was 44% higher than market expectation.

The inflated price indicates developers’ optimistic confidence in Kwu Tung and Hong Kong’s economic recovery. Since Area 24 is located next to Area 25, it will become a benchmark for the pricing of Area 24. As a result, the estimated price of Area 24 ranges from HK$3.20 billion to HK$3.69 billion, with an accommodation value ranging from HK$6,500 to HK$7,500 per sq. ft.

Kwu Tung Sites and Proposed MTR Station

Hong Kong blog CIVAS Land Sale 2106 map
Source: Geoinfo Map and Lands Department

   
The unit rates of the major recent residential developments in Kwu Tung, such as Eden Manor and Valais, range from HK$15,000 per sq. ft., to HK$20,000 per sq. ft. on a saleable area basis. Due to the site’s proximity to Lok Ma Chau and Lo Wu, the completed development can attract households and individuals who travel frequently between Mainland China and Hong Kong. In addition, Area 24 can enjoy the convenience brought by the public transport terminus stated in the conditions of sale of Area 25. Hence, the unit rates of the completed development can reach HK$17,000 sq. ft. on saleable area basis and go up to HK$20,000 upon the completion of the Kwu Tung MTR Station.

Including Sun Hung Kai Properties Limited, Area 25 received a total of 10 bids for the tender. Given Area 24 has a smaller site area and an anticipated lower acquisition price, we believe that Area 24 may attract more medium sized developers.

If you would like to know about the potential impact of land sales on valuation in Hong Kong, don’t hesitate to contact our team to see what could be.

 


相關專家

鄭 亥延

估價及諮詢服務主管

Valuation & Advisory Services

香港

鄭亥延小姐擁有十五年廣泛的估值和諮詢服務經驗,運用專業知識,提供的服務範疇如最優化使用分析,可行性研究,市場分析,成本效益分析和項目評估研究等。她曾參與眾多亞洲項目,項目地域包括在韓國、香港、中國、中東等國家。項目涵蓋從簡單物業開發到辦公、零售、住宅、酒店、工業和機構的城市綜合體。

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何 朗飛

Assistant Manager

Valuation & Advisory Services

香港

何朗飛專門從事各種房地產類型的評估和諮詢,包括商業,住宅,工業和酒店。


他參與了各種目的的評估項目,市場研究和發展諮詢。

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