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Land Sales Programme | July Update

The Hong Kong SAR government will offer 15 new residential sites in this fiscal year (April 2021 – March 2022), four of which are located on Hong Kong Island. Two government land sale sites will be made available in the second half of 2021-22. Located on Sai Ning Street/ Victoria Road and Hospital Road, both sites are small sites zoned as Residential (Group A).

The details of the sites are highlighted as follows:

Hong Kong blog CIVAS Land Sale 2107 Map

Property 1: IL9069

Property Sai Ning Street and Victoria Road, Kennedy Town, Hong Kong
Lot Number Inland Lot No. 9069
Zoning Residential (Group A)
Site Area 5,780 sq. ft.
Maximum GFA 46,240 sq. ft.
Maximum Plot Ratio 8.0
Maximum Site Coverage 1,926 sq. ft. (33.33%)
Height Restriction 100 mPD
General Market Expectation HK$620M to HK$970M
(HK$13,408/sq. ft. to HK$20,978/sq. ft.)

   
The Sai Ning Street site is located within a three minute walk to the Kennedy Town Bus Terminus, and within a 10-minute walk to the Kennedy Town MTR station. Under the outline zoning plan, flats and houses are always permitted and commercial uses are permitted on the lowest three floors of a building. As pedestrian flow along Sai Ning Street and Victoria Road are low, purchasers may choose to build a pure residential development.

In 2019, an application for planning permission was submitted to the Town Planning Board to redevelop the China Merchants Wharf and the China Merchants Godown A and Godown B to a composite retail, hotel and office development. Although the planning application was deferred, it is expected that upon redevelopment, the sea view from the Sai Ning Street site will also be blocked.

Property 2: IL8872

Property Hospital Road, Hong Kong
Lot Number Inland Lot No. 8872
Zoning Residential (Group A)
Site Area 4,984 sq. ft.
Maximum GFA 39,872 sq. ft.
Maximum Plot Ratio 8.0
Maximum Site Coverage 1,661 sq. ft. (33.33%)
Height Restriction 150 mPD
General Market Expectation HK$540M to HK$810M
(HK$13,543/sq. ft. to HK$20,315/sq. ft.)

   
The Hospital Road Site is in Mid-Levels West, located within a 10-minute walk of Sai Ying Pun MTR station. Although the distance to the Sai Ying Pun MTR station may seem close, the site is accessible through a continuous uphill hike along Hospital Road. Under the outline zoning plan, flats and houses are always permitted and commercial uses are permitted on the lowest three floors of a building. Similar to the Sai Ning Street site, purchasers may choose to build a pure residential development as the pedestrian flow along Hospital Road are low.

Hong Kong blog CIVAS Land Sale 2107 Map Hospital Road r1

The unit rates of relevant residential developments in the sites vicinity, including Central 8, 63 Pokfulam, Eight Star Street, Babington Hill and the Richmond, range from HK$33,000 to HK$42,000 per sq. ft. on a saleable area basis. Given there was no recent land sales by the government in Sai Ying Pun and Kennedy Town, we believe that these two sites will receive large interest from developers. In addition, since the site area for both sites are small, it provides a rare opportunity for small to medium sized developers to expand their footprint on Hong Kong Island.

 


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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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