Chinachem Wins Sha Tin Wai Residential Site for $1.02 Billion
On October 25th, the plot at the intersection of Sha Tin Wai Road and Siu Lek Yuen Road in Sha Tin was closed for bidding. The plot, with a maximum developable floor area of 304,188 square feet, is designated mainly for residential use and does not require the construction of social welfare facilities.
The Lands Department announced that the plot was awarded to Chinachem Group for HK$1.021 billion, in line with market expectations. The price per square foot of floor area is HK$3,357, which is 15% lower than the plot in Siu Lek Yuen sold in July at HK$3,952 per square foot.
A total of six bids were submitted for the plot, including offers from major developers like CK Asset (1113), Sun Hung Kai Properties (0016), Sino Land (0083), and Wheelock Properties.
Market experts noted that the plot is surrounded by various industrial and commercial properties, and its location is considered average. Additionally, the site is not conveniently located near an MTR station and is relatively large in scale, which likely contributed to the lower number of bids compared to the Siu Lek Yuen plot previously won by Sun Hung Kai. Developers were also expected to submit more cautious offers.
The plot is located near the Swire Coca-Cola factory and is part of Sha Tin Town Lot No. 625. It covers a larger area than the Siu Lek Yuen plot, with a maximum developable floor area almost double in size at 304,188 square feet. The land is primarily for residential development and does not require the inclusion of social welfare facilities.
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