跳到主要內容 跳到頁腳

Land Sales Programme | July Update

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.)
Maximum gross
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.

Hong Kong blog CIVAS Land Sale 2207 map
(Source: Colliers)
 
The last residential site in Tsuen Wan sold via government tender was TWTL 393 in 2014, which Billion Development Limited bought at a consideration of HKD3.94 billion (accommodation value: HK$3,719/sq. ft.). It was a residential and commercial/hotel site, now developed into The Aurora and Plaza 88. Before that, TLTL 70 was sold to China Metallurgical Group in 2013 at a consideration of HKD500 million (accommodation value: HK$3,788/sq. ft.), now developed into L’Aquatique. These two sites were transacted more than eight years ago, so they do not serve as much reference for the subject site.

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.


Liked what you read? Check out these articles of interest:

---

Article enquiries
Contact us here.


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。

查看專家

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。

查看專家

Michael Ip

Valuer

Valuation & Advisory Services

香港

Michael joined Colliers in August 2020. He is now working in the Valuation and Advisory Services Department and currently focusing on development site, residential, industrial, retail, and commercial property valuations. 

查看專家