In this month’s Land Sales Programme review, we take a look at the new site at Tai Po Road – Tai Po Kau, Tai Po, which has been earmarked for low-rise, low-density residential developments. The site will be sold as part of the April 2021 to March 2022 allocation, with the full details included below:
|Site address||Tai Po Road – Tai Po Kau, Tai Po|
|Lot Number||Tai Po Town Lot No. 234|
|Zoning||Residential (low to medium rise, low density)|
|Site area||150,695 sq. ft.|
|Maximum GFA||226,043 sq. ft.|
|Maximum Plot Ratio||1.5|
|General market expectation||HK$1.13 billion to HK$1.76 billion
(HK$5,000/sq. ft. to HK$7,800/sq. ft.)
Tai Po Road – Tai Po Kau, Tai Po is currently under Draft Tai Po Outline Zoning Plan No. S/TP/29 gazetted on 17 September 2021 and is zoned as “Residential (C) 8”, which is intended primarily for low-rise, low-density residential developments where commercial uses serving the residential neighbourhood may be permitted on application to the Town Planning Board. The site’s plot ratio under the Outline Zoning Plan is 1.5, which indicates a maximum domestic gross floor area of 226,043 sq. ft.
The area is already surrounded by low-density residential developments and its supporting infrastrcure lends itself to the development of new communities. Tai Po Kau is located to the south of Tai Po, is located next to Tai Wo and Sha Tin and has a range of minibus stops serving the area along Tai Po Road (Tai Po Kau) with the subject site also being an 11-minute drive from University MTR station.
Source: Google Maps
The unit rates of relevant developments within the vicinity such as Deerhill Tower, Banyan Villa, and Dragon Fountain range from HK$10,700 per sq. ft. to HK$40,000 per sq. ft. on a saleable area basis. As the supply of low-density luxury housing developments is scarce, and the area offers a quiet neightbourhood which is ideal for such developments, the general market expectation on the tender for the site is approximately HK$1.13 billion to HK$1.76 billion (accommodation value: HK$5,000 per sq. ft. to HK$7,800 per sq. ft. on a gross floor area basis).