Tsuen Wan Town Lot No. 427 will be a magnet for Hong Kong’s residential developers – no land has been sold here for 8 years
On 26 February 2021, the government announced that Tsuen Wan Town Lot No. 427, located along Po Fung Road, would be rezoned from “Green Belt” to “Residential Group (B) 7”. The lot was put in the 2021-22 Land Sale Programme but was never tendered, so it was rolled over into the 2022-23 Land Sale Programme and should be available in the second half.
|Site Address||Po Fung Road, Tsuen Wan|
|Lot Number||Tsuen Wan Town Lot No. 427|
|Zoning||Residential (B) 7|
|Site Area||Approximately 89,879 sq. ft. (8,350 sq. m.)|
floor area (GFA)
|Approximately 314,309 sq. ft. (29,200 sq. m.)|
|Height Restriction||140 mPD|
|General Market Expectation||HK$2.04 billion to HK$2.67 billion
(HK$6,500/sq. ft. to HK$8,500/sq. ft.)
Tsuen Wan Town Lot No. 427 is next to Castle Peak Road, Ting Kau, out of the Tsuen Wan city centre. It is a five-minute drive from Tsuen Wan West and Tsuen Wan MTR stations. The vicinity is dominated by medium-to-high rise residential developments, including the massive Greenview Court, Bayview Garden and Belvedere Garden complexes and smaller developments like One Kowloon Peak. The site is atop a slope and has open sea views towards Tsing Yi.
Under the Approved Tsuen Wan Zoning Plan No. S/TW/35 gazetted on 18 February 2022, Lot No. 427 is zoned as “Residential (B) 7”, primarily intended for medium-density residential developments. Under this zoning, “Flat”, “House”, and “Social Welfare Facility” uses are always permitted.
"Lot No. 427 is primarily intended for medium-density residential developments. Under this zoning, Flat, House, and Social Welfare Facility uses are always permitted."
The site’s maximum gross floor area under the Outline Zoning Plan is 29,200 sq. m., and government, institution, or community (GIC) facilities shall be provided. Any space constructed for the use solely as GIC facilities, as required by the government, may be disregarded in GFA calculations.
Instead, we may look at the price range of new developments to understand the subject site’s potential gross development value. Unit rates of new developments in the vicinity, such as L’Aquatique, The Pavilia Bay, Ocean Pride, Parc City, and The Aurora, range from HK$15,000 to HK$24,000 per sq. ft. based on their saleable area. Although Tsuen Wan Town Lot No. 427 is farther away from the city centre, we believe this price range is achievable due to its open views and green environment.
"Tsuen Wan has always been home to many first-time buyers due to its well-established infrastructure and relatively attractive prices."
Tsuen Wan has always been home to many first-time buyers due to its well-established infrastructure and relatively attractive prices. Furthermore, the site is the first residential site in Tsuen Wan to be sold in eight years. We believe Tsuen Wan Town Lot No. 427 will be a highly sought-after asset for developers as the market craves new units in established areas.
Disclaimer: This article was prepared before the Conditions of Sale were announced by the Lands Department.
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