The Hong Kong property company has won the bid for the residential land on Haizhu Road in Tuen Mun for HKD 1.089 billion, with a floor price of HKD 3,860 per square foot, exceeding the expected upper limit

The Lands Department announced that a piece of land located at Lot No. 569, Haizhu Road, Tuen Mun, New Territories, has been granted to Tianheng for HKD 1.089 billion, with its parent company being Sun Hung Kai Properties (00083.HK). The lease term is for 50 years.

The company was the highest bidder, while other developers that submitted bids include POLY PROPERTY (00119.HK), Wheelock Properties, China Overseas (00688.HK), Kerry Properties (00683.HK), Cheung Kong (01113.HK), and K Wah International (00173.HK). The bidding for the land closed last Friday (8th), receiving 8 bids.

The land has an area of approximately 47,000 square feet, with a maximum buildable floor area of about 282,100 square feet, expected to provide around 525 units. Market forecasts estimate the land value to be between approximately HKD 420 million to 790 million, equivalent to about HKD 1,500 to 2,800 per square foot. The floor price per square foot this time is about HKD 3,860, which is higher than the market's expected upper limit