"Hong Kong Property" Midland Survey: Residential land in Area 106A of Tung Chung is expected to attract bids from large developers, with an estimated valuation of HKD 960 million and a floor price of HKD 1,800 per square foot

The Lands Department will launch the first residential site located at Lot No. 54 in Tung Chung, Area 106A, and will begin bidding on April 17, with the deadline for bids on May 15.

Lam Tsz-pun, director of Midland Surveyors, stated that this project has a sea view and can align with the opening date of Tung Chung East Station, which is expected to have certain appeal. It is adjacent to the successfully sold project in Area 106B last year, forming a new development site in the area, which is estimated to attract large developers. Based on the land price of the neighboring project sold last year, the estimated floor price for this project is about HKD 1,800, valuing the land at approximately HKD 960 million.

Lam Tsz-pun mentioned that the Tung Chung land being launched can accommodate a buildable area of about 533,200 square feet, providing around 990 units, primarily aimed at small to medium-sized residential units to cater to local upgrading and family branch buyers. However, it is worth noting that the current project is relatively far from Tung Chung town center, so development will take time and is in the "clearing" stage. Nevertheless, the project is close to the expected completion of the MTR Tung Chung East Station in 2029, and after the project's completion, residents will enjoy the convenience of transportation, which is expected to attract large developers to participate in the bidding